Attorneys Too Require Professional Liability Insurance
As an attorney, your duty is to protect your client’s legal interests. However, the truth is that some of your clients may have unrealistic expectations from you and if you don’t meet them, then they’re generally going to file a malpractice lawsuit. What this means is that even if you’re an attorney, you also need someone to protect your very own legal interests and the best way to do that is by getting professional liability insurance or PLI.
No matter how professionally conscientious a person may be, mistakes may happen from time to time. There are also cases when even in the absence of error clients may feel like a mistake has been made if they lose a case. So what happens is that if you are sued, then your finances are going to take a major hit. To prevent that from happening, you need to get PLI as soon as possible.
Behind Legal Malpractice Cases
Based on information from a 2010 study published by the ABA, forty two thousand and seventy six legal malpractice claims filed in Canada and the US ranged from civil rights violations to conflict of interest.
In fact, most of those who filed these lawsuits were people who didn’t receive a favorable resolution for their case and wanted to receive compensation for their losses one way or another. To name these reasons, they are:
- Failure to stick to deadlines.
- Not filing documents in order to effectively protect the client.
- Poor investigation or poor discovery of facts.
- Strategy or planning errors.
- Failing to properly apply the law or know when to apply it.
Legal Costs Can Be Very High
It doesn’t really matter if you’re sued for something that the client is wrong about. What this means is that you’ll eventually be forced to defend your name and this costs a lot of money. And since you’re an attorney, you’re probably aware of the fact that after a lawsuit has been filed, you’re going to continue incurring a wide range of expenses and costs. So while you’re going to be busy organizing evidence and witnesses, your firm’s reputation will take hit after hit and you’re going to lose a lot of money as well. In order to properly defend yourself, it’s always necessary that you hire an attorney outside your firm that isn’t connected to your case in any way.
The Accusations Are False
Even if the accusations are false, you still need to do everything you can in order to defend yourself. What this means is that you’re going to have to pay legal costs until you settle the case, the judge dismisses the case or until you effectively prove that the plaintiff does not have a valid case.
Legal Malpractice Insurance
As an attorney, you probably know that some clients have very high expectations of you and this can make working with them very difficult. If a client expects great things from you and you fail to meet their expectations, then it’s reasonable to assume he may file a lawsuit against you. Because of that, it’s best that you’re properly prepared for anything. While documenting each and every case is a good start, getting PLI is the best way to effectively protect your legal interests and cover possible exposures.