Practicing law these days can be full of pitfalls. Most types of attorneys are at risk and can possibly face severe financial setbacks in the form of suits filed against them. Insurance companies have begun to provide coverage for law firms similar to the malpractice insurance they provide to doctors. Large law firms are not the only ones in peril. Risks of financial liability can also affect small firms and individual lawyers. Judging by some recent cases, employed lawyers professional liability insurance appears to be a growing need in the coverage marketplace.
Whether a lawyer is a specialist in a particular area or more of a generalist, the threat of a peeved client filing a lawsuit is definitely a reality. Anytime a missed detail occurs in a contract, real estate deal or almost any other legal or commercial transaction, clients might be more apt to go after the individual lawyer in an attempt to recoup any damages they suffer. Sometimes, a large firm is able to absorb these losses as just a part of the cost of doing business. These types of actions, however, might totally wipe out an individual lawyers finances. Employed lawyers professional liability insurance can offer some financial protection and could help attorneys under fire stay financially solvent.