In today’s nonstop hectic world, we are always reading about someone being sued. As a matter of fact this has become so common place that we have become desensitized to the whole issue of lawsuits.
But, we find that all of a sudden we do care about a lawsuit if we are the ones being sued or we happen to be suing someone else. And this is where the concept of liability comes into play and whether someone should have attorney professional liability insurance. And when we think of lawsuits, we almost always have to think about a lawyer and the lawyer’s need to have liability insurance themselves.
The biggest concern of course for any lawyer or law firm comes from the threat of an unscrupulous person bringing a frivolous lawsuit against the firm or a lawyer who has his or her own practice, and with good reason due to a 5 percent rise in lawsuits brought against lawyers reported back in July of 2010.
So of course an individual lawyer or a practicing law firm will have to carry liability insurance. This is a necessity for the lawyers of any law firm to protect themselves against frivolous lawsuits from a dissatisfied or irate client.
Lawsuits brought against a law firm or against a single lawyer, can sometimes run into millions of dollars, and if a plaintiff is actually able to win a lawsuit against a lawyer and his firm, this not only costs the lawyer and his firm money, but it can also ruin a law firms reputation and cost millions of dollars in future lost revenues. And it could in the end, not only tarnish a law firm’s reputation, but it could also cost the firm the loss of its state license to practice law