There is no question that society is becoming increasingly litigious. As a lawyer, while you might be knowledgeable of the law, you certainly are not exempt from lawsuits. Disgruntled clients are quick to point out mistakes, so you should not skimp on legal malpractice insurance.
Whether from a clear legal error or simple omission in the practice of law, a lawyer’s mistake can cause headaches and stress. Regardless of whether these claims are legitimate or frivolous, malpractice suits can be costly to legal practitioners, both to finances and to reputation. A professional liability policy can help you manage these risks, protect your staff from civil suits, and raise your credibility in the legal community.
As a practicing attorney, you can expect your yearly premium for legal malpractice insurance to vary due to several factors. The size of your firm, your practice area, your experience level, and your geographic location all factor into the cost of your policy. Depending on your policy provider, you might be able to customize your plan to ensure affordable yet adequate coverage. But, when purchasing a policy, make sure you comply with all legal and ethical obligations. Regardless of the cost of your policy, the peace of mind in avoiding a costly malpractice claim is difficult to overstate.