Proactive Strategies for Better Risk Management for Law Firms
Risk management for law firms requires proactive policies, consistent monitoring, and the right insurance to reduce liability and protect your practice.| blog.protexurelawyers.com
For attorneys managing risk, knowing what a claims-made policy is can make all the difference when protecting your firm from legal malpractice claims. This type of policy is common in professional liability insurance, yet it is often misunderstood—especially when comparing it to occurrence-based coverage. This blog breaks down how claims-made policies work, their advantages and risks, and what happens if coverage lapses—especially for solo and small-firm attorneys planning their retirem...| Protexure Lawyers Blog
Risk management for law firms requires proactive policies, consistent monitoring, and the right insurance to reduce liability and protect your practice.| blog.protexurelawyers.com
Learn about the factors influencing the cost of professional liability insurance for lawyers, including practice area and firm size. Discover tips to lower insurance costs and compare providers for the best coverage.| blog.protexurelawyers.com
Step-rate is a pricing structure where the cost of professional liability insurance increases incrementally during the first five years of coverage.| blog.protexurelawyers.com
A claims-made policy provides coverage when a claim is made regardless of when the act occurred, as long as the claim is reported during the policy period.| blog.protexurelawyers.com
When purchasing lawyers' professional liability insurance the cost will be partially based on law firm management and the amount of risk you pose.| blog.protexurelawyers.com
When selecting professional liability insurance for your firm there are a number of limit and deductible options out there and all come with an added cost.| blog.protexurelawyers.com
Ever wondered why your lawyers' professional liability insurance costs what it does? We explore the top 8 factors that influence the cost of insurance.| blog.protexurelawyers.com
Claims expenses outside the limits of liability (CEOL) is a coverage option where the limit of liability will only be applied to actual damages paid.| blog.protexurelawyers.com
One of the most important distinctions to understand when purchasing professional liability insurance is admitted vs non-admitted insurance. This classification can affect everything from how your policy is regulated to how claims are handled during insolvency. If you are unsure what these terms mean, or why they matter when choosing a policy, you are not alone. This guide breaks down the differences, advantages, and drawbacks of admitted and non-admitted carriers—so you can make an infor...| Protexure Lawyers Blog
Roughly four out of five attorneys will face a malpractice suit during their careers, and 70 percent of all malpractice claims target firms with five or fewer attorneys. For solo and small-firm lawyers, the risk of a claim is not hypothetical—it is highly probable. Even attorneys acting in good faith and with diligence can be accused of professional negligence. Legal malpractice claims can cause serious damage to a lawyer’s finances, professional reputation, and ability to practice. Whe...| Protexure Lawyers Blog
Self-audits for lawyers are a proactive way to uncover compliance gaps, improve firm operations, and reduce malpractice risk before problems arise.| blog.protexurelawyers.com
Engagement letters are worth the time they take to develop because they can be useful as a risk management tool. The engagement letter is the best place to establish specifically who is your client and who isn't. They can be used to clarify to whom you owe professional responsibility.| blog.protexurelawyers.com
Every lawyer can save on legal malpractice insurance by implementing a central docket system, conflict of interest procedures, engagement letters, and disengagement letters. Each of these strategies make your firm less of a “risk” to insure, therefore, saving you money on your policy.| blog.protexurelawyers.com
Legal malpractice insurance, also known as legal professional liability insurance or errors and omissions insurance, offers valuable protection from unforeseen circumstances.| blog.protexurelawyers.com
AM Best rating is crucial when choosing an insurance carrier for legal malpractice. Discover how this unbiased source evaluates insurance carriers| blog.protexurelawyers.com
The American Bar Association (ABA) estimates 80% of attorneys will defend against a malpractice claim at some point in their careers. And small or solo firms are disproportionately targeted, with 70% of all malpractice suits aimed at firms with five or fewer attorneys. That is why legal malpractice insurance is critical for small and solo firms, even though it is not strictly required in most states.| Protexure Lawyers Blog
The Corporate Transparency Act (CTA), effective January 1, 2024, has reshaped the regulatory landscape for small businesses in the U.S., and law firms are not exempt from its impact. While aimed at curbing illicit finance, the CTA for law firms introduces new responsibilities, raises ethical questions, and brings substantial penalties for non-compliance. Let us unpack what the CTA is, why it exists, the controversies it has sparked, and what it means for attorneys and their clients.| Protexure Lawyers Blog
Discover why many small firms and solo attorneys in California forgo legal malpractice insurance and how affordable, tailored coverage options can help protect your practice from costly claims.| blog.protexurelawyers.com
AI in law firms can save lawyers hundreds of hours annually, allowing them to focus on higher-level priorities such as building client relationships.| blog.protexurelawyers.com
Creating a written cybersecurity policy is not a one-time project. Instead, it should become a living document, frequently reviewed and updated regularly.| blog.protexurelawyers.com
In a profession built on precision, diligence, and trust, lawyers often believe avoiding errors is simply a matter of good practice. But no matter how cautious or experienced you are, risk is part of the job. Malpractice insurance for lawyers is not just a financial safeguard; it is essential protection against the unpredictable realities of legal work. Practicing law involves interpreting complex regulations, managing deadlines, and offering advice that can alter the course of someone’s ...| Protexure Lawyers Blog
Learn how hybrid work for law firms balances flexibility, productivity, and risk. Discover strategies to protect your firm while attracting talent and supporting long-term success.| blog.protexurelawyers.com
Our goal is to provide attorneys with the latest industry updates and practice management tools. Protexure Lawyers knows how to protect small to mid sized law firms.| blog.protexurelawyers.com
Learn how the Corporate Transparency Act (CTA) affects law firms in 2025. Explore reporting duties, applicant risks, and how to protect your firm from legal exposure.| blog.protexurelawyers.com
Selecting professional liability insurance requires careful consideration of coverage limits, deductible structures, and cost implications. With a range of options available, firms must evaluate insurance policies to ensure they align with financial goals and risk tolerance.| Protexure Lawyers Blog
Learn why understanding limits of liability is essential for professionals facing legal risk. Explore how policy structures, deductibles, and claims expenses impact your financial protection.| blog.protexurelawyers.com
This comprehensive guide breaks down how step rate pricing affects professional liability insurance and offers practical insights to help law firms manage rising premiums over time.| blog.protexurelawyers.com
Step rate is a pricing system used in professional liability insurance where premiums increase over time. Learn how this affects law firms and how to manage premium increases effectively.| blog.protexurelawyers.com
Learn about the cost of professional liability insurance for solo attorneys, coverage options, factors affecting premiums, and how to save on malpractice insurance.| blog.protexurelawyers.com
Discover best practices for drafting and using engagement letters to improve client relationships and firm management.| blog.protexurelawyers.com
Discover how augmented reality presentations are transforming legal practices by enhancing evidence and improving jury comprehension in courtrooms.| blog.protexurelawyers.com
Discover key legal trends for 2025, including AI, cybersecurity, mental health, and law firm growth. Prepare for the evolving legal landscape.| blog.protexurelawyers.com
For busy law firms, chatbots can provide various services that drive conversions, such as answering immediate questions for potential clients and scheduling consultations.| blog.protexurelawyers.com
Wire fraud continues to plague real estate attorneys as cybercriminals target an industry known for large transactions involving many different entities.| blog.protexurelawyers.com
