Blog - New York City Bar

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 […]

June 27th, 2019|

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 […]

June 26th, 2019|

10 Loss Prevention Tips for Attorneys

From clear communication to proper documentation, there are many ways you can prevent malpractice claims and the associated loss at your firm. Consider implementing these loss prevention tips at your firm:

Be Prepared

Document

Good file management is critical to avoiding malpractice claims due to poor attorney/client relations. Document the file at the beginning of the relationship and throughout the relationship.

Focus on the Workplace

Like any business, a law firm is susceptible to a damaged reputation caused by poor employee morale, work/life balance issues or erratic behavior by staff or attorneys. Oversight of associates and support staff is critical. Watch for signs of excessive stress, alcohol or drug abuse, mental illness or lapses in concentration.

Don’t Assume You Won’t Get Sued

Malpractice claims can happen to any practicing attorney. Reduce […]

April 16th, 2019|

How to Send a Proper Engagement Letter

An engagement letter is a contract between you and your client. Each new client or project, big or small, should start with an engagement letter that is signed by all associated parties. These letters can be used as binding contracts in the event of fee disputes, collection issues and more. Overall, this documentation delivers peace of mind and security to both parties.

Why send an engagement letter?

First and foremost, an engagement letter sets expectations for both parties. Your client will know exactly what to expect from you, as well as what is expected of them. This can help prevent misunderstandings and should strengthen the relationship down the road.

In the rare event of a dispute between you and your client, the legally binding engagement letter can serve as the […]

November 13th, 2018|

5 Reasons Small Law Firms Need Professional Liability Coverage

Professional liability insurance is critical piece of protection for small and large firms alike. In the event a malpractice claim is filled against your firm, a professional liability policy will help cover the cost of certain legal fees, and judgments or settlements your firm may face.

The odds
Even if your practice is small and you are extremely diligent in your work, your firm can be sued. Though you may work in a space where “everyone knows everyone” and you trust that your clients would never sue your firm, you truly never know. An estimated 4-17% of lawyers are sued each year, and of all reported malpractice claims, 70% are made against firms with fewer than five attorneys.
Peace of mind
An error-free representation does not mean you are free from […]

June 4th, 2018|

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 […]

November 7th, 2017|