Archive for the ‘Risk Management’ Category

The four methods to determine your professional liability insurance limits. The most important but least deliberated annual decision.

What is the most important part of your professional liability policy?  Without exaggeration, the most important part of your policy is your limit.  All the bells and whistles won’t protect your firm and personal assets if you don’t have enough coverage.  We spend many days and hours negotiating with insurance companies over the fine print […]

Law Firm Landlord – 5 General Liability strategies to keep the rent money and avoid the risk – Part II

In our last post about the Law Firm Landlord, we addressed the Law Firm Landlord’s professional liability exposures and in part II below, we will address the general liability insurance risks involved when subleasing your office space to another firm.  While it is tempting to receive the rental income, you must follow certain steps to […]

Law Firm Landlord – 5 strategies to keep the rent money and avoid the liability risk – Part I

It is very common for a law firm to sublease its extra space to a smaller law firm or solo practitioner.  While it is tempting to receive the rental income, you must follow certain steps to insure that you are not exposing your firm to additional costs and liability.  From a risk management perspective, there […]

What’s the most common claim against law firms? Hint: 50% of all law firms think it would NEVER happen to them so they don’t insure against it.

Employment practices liability claims and circumstances are the most frequent legal claims against law firms today.  The insurance policy for these claims, called Employment Practices Liability Insurance, is cheap and with the right law firm industry customization (details below) can protect these headline grabbing cases from turning into your worst nightmare. What is it?  Employment […]

Same Page Risk Management

Over the years, we have noticed that risk management is taken seriously by management.  Managing partners and executive committees discuss with us and know what can get the firm into trouble and what reasonable steps are needed to minimize their exposures.  Simple examples include: monitoring receivables and being responsive to any hints of client dissatisfaction. […]

Are Partners owners or employees of the firm? Don’t bet your firm on this one! PART I

Understand your insurance; Avoid the loss.

What happens when alternative fees benefit the law firm?

Before you suggest an alternative fee, prepare to collect it.

Look before you Lateral – and the tips to do it right

The legal industry is quietly changing the legal employment landscape by adding lateral hires from firms in trouble in a torrid pace. It might be a good business move to take advantage of the times, but you need to look at the whole picture to make the best decisions. Below are 4 risk management areas […]

Come On… You can’t see bad guys coming

How come the ax murderer’s neighbors always say, “he was such a nice guy” and the business competitors always say “I knew there was something fishy” going on. Some times, it’s just a bad guy doing bad things and nothing more.