Re-design Your Legal Malpractice Policy

I have been thinking a lot lately about how lawyers can manage, reduce or eliminate risk, and although I don’t usually describe my services in that way, a lot of what I do with my clients is really risk management:refining the client selection process, systematizing the practice to ensure consistency, using time and calendar tools wisely to keep track of clients and appointments, developing fee structures that increase transparency and likelihood of payment, establishing back up systems, etc.

Thinking about risk naturally leads to thinking about malpractice claims and malpractice insurance. No lawyer likes to think about malpractice claims, and hopefully working on some of the above issues wil reduce the chance of a malpractice claim, but whether a claim is ever brought or not, malpractice insurance is one cost that lawyers can’t afford to eliminate. So you’ve got malpractice insurance – but does your malpractice policy cover what you want it to?

I’m asking lawyers to give me their input about malpractice insurance. If you could re-design your malpractice policy, what would you change? What would you add to your policy? What additional services or information would you like your malpractice insurer to provide? Are there activities that you undertake on a daily basis as a lawyer that aren’t covered by your current malpractice policy? Leave a comment or email me.