Insurance Tips Archives - New York City Bar

Forming a Cyber Attack Response Plan

Cyber attacks are common and damaging for law firms and other small and mid-sized businesses. Yet many do not have a sufficient cyber attack response plan of what to do in the event of a cyber attack. Even with the increasing frequency and cost of cyber incidents, as many as 34% of businesses don’t have a formal cyber attack response plan applied uniformly across their entire business.

The lack of a formal incident response plan can create risk for your firm. Confusion over how to respond to a cyber attack could worsen the attack, lead to mistakes by your organization that increase liability and leave you unprepared to address the concerns of your clients and stakeholders.

Developing a plan now before you face a cyber […]

September 25th, 2020|

Professional Liability Insurance FAQs

In the current legal climate, law firms face considerable risk from legal malpractice claims. Even if your firm is extremely diligent in your duty and obligations to clients and you enjoy great relationships with clients today, your firm could still face a stressful claim or costly litigation from an unhappy client in the future.

Legal Professional Liability Insurance can help protect your firm and minimize your risk, but many lawyers still have Professional Liability Insurance FAQs about why it’s needed, what it is and how it works.

Why Is Professional Liability Insurance Needed?

While some law firms may go decades without a problem, others won’t be as lucky. Human errors are easy to make and can be difficult to prevent, and even a small administrative error could lead to costly claim. Yet […]

February 28th, 2020|

Tips for Lateral Moves for Attorneys

Like other members of the legal community, you may one day contemplate a lateral move to a new law firm. Lateral moves are common for attorneys, occurring for several reasons. Some aim to avoid stagnation, while others want to spur professional development or gain new perspective. Yet whatever your reasons, it’s important to plan carefully to minimize the risks to yourself, your clients, your current firm and any future employer.

If you are considering a lateral move, research the process within your own jurisdiction, review all contracts related to your employment with your current firm and have a clear understanding of your client obligations. Due to the sensitive nature of the work, leaving a law firm isn’t as simple as giving notice, so ensure you can thoroughly answer these questions:

Are […]

Lockton Affinity, LLC 2020-02-06T20:08:26+00:00 February 6th, 2020|

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How thorough is your file documentation?
Many malpractice claims are filed because of improper file documentation. Too often, when a ruling is unfavorable to a client, they will deny they ever understood the risks of the plan. If a client denies conversations occurred and there is no documentation, the lawyer is faced with a “he said, she said” scenario.

To prevent a claim being filed against you, always document your file regarding key strategic decisions.

Proper file documentation shows you advised your client of potential risks and allowed the client to make an informed decision on how to proceed.

File documentation at the start of a client relationship

Each new client or project, big or small, should start with an engagement letter that is signed by all associated parties. Though each engagement letter will be different, always include these […]

Lockton Affinity, LLC 2019-06-27T19:53:23+00:00 June 27th, 2019|
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Placing Professional Liability Coverage with a Dependable Carrier
Do you know who your insurance carrier is? As an attorney, not much seems worse than facing a claim against you or your firm. Having a financially sound and dependable carrier, however, can make all the difference during such a stressful time.

Knowing that insurance professionals are managing the defense of the claim and that your carrier will be there to fund any settlement or judgment against you is essential for your peace of mind. Make certain that you can count on your carrier when you need to do so. Consider these three elements before selecting a dependable insurance carrier:

Rating

First, the financial strength rating of the carrier is very important. One rating to examine is a carrier’s A.M. Best Company rating. A.M. Best Company is a global credit rating […]

lbond 2019-06-26T15:02:36+00:00 June 26th, 2019|
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The Importance of Professional Liability Insurance
As an attorney, you know the legal profession has a multitude of risks. From malpractice claims and legal fees to security breaches and lost laptops, your firm faces inherent risks each and every day.

According to the latest ABA Profile of Legal Malpractice Claims*, legal malpractice claims continue to rise. Although less than 15% of cases result in a payment to the plaintiff by trial or settlement, there was a huge increase where claimants received more than $1 million. Unfortunately, even if you win a claim, it is costly to defend yourself. Adequate insurance is more important than ever to protect you against the unexpected.

To protect yourself, your partners and the assets of your firm from the costs of a potential claim, get Professional Liability Insurance from the NYC Bar […]

Lockton Affinity, LLC 2018-06-13T14:51:46+00:00 November 7th, 2017|
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