Law Firm Risks Archives - New York City Bar

Avoiding Lateral Hire Risks

Changing jobs is quite a bit more complex for lawyers than for other professionals. Besides all the usual challenges of onboarding and adapting to a new company culture, lawyers also have to navigate a variety of professional obligations to their clients and firms. It’s a situation that can often lead to stress, conflict and litigation.

Bringing a new attorney into your firm as a lateral hire comes with a number of risks for the firm, as well, from a high rate of failure to potential malpractice claims. Here’s what to know about avoiding lateral hire risks and setting new hires and your firm up for the best chance of success.

Challenges Faced by Firms Hiring a Lateral

The failure rate for lateral attorneys is surprisingly high — lateral hires fail in as […]

January 21st, 2026|

Buy-Sell Insurance for Law Firms and Its Importance

Note: This article is written in collaboration with Synchronize Insurance Services, powered by Lockton Affinity. In 2022, Lockton Affinity formed Synchronize, combining the specialized expertise of Lockton Affinity, SBG Inc., Blueprint Insurance Services and Freedom Partners to provide one, all-encompassing business solution for clients in the financial professionals industry. Synchronize leads the industry in its specialty, making it more efficient, affordable and accessible to do business.

Buy-Sell Insurance is an important tool for law firms to ensure smooth ownership transitions and protect the firm’s value when a partner departs due to a death, disability or another reason. This type of policy helps firms look beyond the day-to-day tasks of managing cases and clients and protect the future stability and longevity of the business.

What Is Buy-Sell Insurance?

Buy-Sell Insurance is typically tied […]

September 29th, 2025|

The Importance of Key-Man Insurance for Law Firms

Note: This article is written in collaboration with Synchronize Insurance Services, powered by Lockton Affinity. In 2022, Lockton Affinity formed Synchronize, combining the specialized expertise of Lockton Affinity, SBG Inc., Blueprint Insurance Services and Freedom Partners to provide one, all-encompassing business solution for clients in the financial professionals industry. Synchronize leads the industry in its specialty, making it more efficient, affordable and accessible to do business.

Running a law firm involves more than just managing cases and clients — it requires protecting the firm’s financial stability and ensuring its longevity. One critical type of insurance that law firms should consider is Key-Man Insurance. This type of policy safeguards against unexpected disruptions caused by the loss or disability of a vital team member or partner, helping firms maintain continuity and protect […]

September 29th, 2025|

The Importance of Key-Man and Buy-Sell Insurance for Law Firms

Note: This article is written in collaboration with Synchronize Insurance Services, powered by Lockton Affinity. In 2022, Lockton Affinity formed Synchronize, combining the specialized expertise of Lockton Affinity, SBG Inc., Blueprint Insurance Services and Freedom Partners to provide one, all-encompassing business solution for clients in the financial professionals industry. Synchronize leads the industry in its specialty, making it more efficient, affordable and accessible to do business.

Running a law firm involves more than just managing cases and clients — it requires protecting the firm’s financial stability and ensuring its longevity. Two critical types of insurance that law firms should consider are Key-Man Insurance and Buy-Sell Insurance. These policies safeguard against unexpected disruptions caused by the loss or disability of a vital team member or partner, helping firms maintain continuity and […]

June 27th, 2025|

Policy Limit Demands: Could Leaving a Voicemail Lead to a Malpractice Claim?

A claimant’s policy limit demand may set an attorney up to fail in hopes of a larger payday. Small mistakes could constitute a rejection, which opens an attorney up to a malpractice claim.

Prior claims can help offer insight into what to do and what not to do. Here’s what to know about policy limit demands, the most common pitfalls to watch out for and the best practices to minimize risk when engaging with clients.

How a Call Can Turn into a Claim

Imagine you leave the office a bit early on the Friday before a holiday weekend. You return to find a certified letter from the counsel representing a personal injury claimant. Enclosed is a standard procedural demand for payment by your client’s insurer for their policy’s full limit of liability. […]

November 14th, 2024|