Understand the basics of legal malpractice insurance and what you are paying for when purchasing insurance.
Legal malpractice insurance is a significant expense for any law firm, and for good reason. Most law firms understand that when claims arise, they do not want to be left unprotected or with insufficient insurance. But too often, law firms believe that insurance is one size fits all or that there is nothing that can be done about the high premiums paid for their insurance. This topic will provide a background on the key drivers of insurance premiums and provide tips for reducing the cost of legal malpractice insurance while still ensuring that the law firm has the insurance it needs. This includes suggestions that not only impact insurance but that help improve the health of the firm as a whole. This information will help you understand the basics of legal malpractice insurance and what you are paying for when purchasing insurance year after year.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
The Scope of Lawyers' Professional Liability Insurance
- Generally What LPLI Covers
- Defense Considerations
- Common Exclusions
The Insurance Application
- Common Questions and Why They Are Important to Underwriters (Practice Areas, Number of Attorneys, etc.)
- Importance of Answering Truthfully
- Considerations for New Applicants
Key Factors Impacting Insurance Premiums
- Important of Assessing What Coverage Is Important and What Coverage Is Not Important
- Key Policy Provisions: Limits, Deductibles, Retroactive/Prior Knowledge Limitations
- Internal Operations: Using Engagement Letters, File Closing Letters, etc.
Addressing Bad Claims History
- Tips From Underwriters to Limit Impact of Prior Claims
Renewal Considerations
- Importance of Reevaluating Practice Every Year and Advising Insurer of Changes
- Explore the Market for Better Coverage/Premium
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Credit
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 28, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Alanna Clair
Dentons
- Attorney at Dentons US LLP in Washington, D.C.
- Practices in professional liability and law firm defense, as well as commercial litigation and insurance
- Co-author of Georgia Legal Malpractice Law, 2020, and The Lawyer’s Handbook: Ethics Compliance and Claim Avoidance, 2013, published by American Lawyer Media
- Frequent writer and lecturer on issues of attorney ethics, legal malpractice, and claim avoidance
- Capital Pro Bono Honor Roll, 2011-present
- Graduate, Wellesley College and The University of Michigan Law School
- Can be contacted at [email protected]
Craig Giometti
Dentons
- Attorney at Dentons US LLP in Washington, D.C.
- Practices in professional liability and law firm defense, as well as commercial litigation and insurance
- Writes articles on issues of attorney ethics, legal malpractice, and claim avoidance
- Graduate, University of Illinois (undergraduate and law school)
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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