The law profession is demanding, long work weeks, possible low pay and health toll are the norm – more common in this period of economic duress. Now, job competition is intense and is seen that lawyers professional liability insurance is a competitive tool unknown to many in debt graduating law students.
The meltdown of the American economy affected many people – especially law practitioners. Expert lawyers have either been laid off or seen a reduction in clients. In either case, jobless well seasoned lawyers now compete with the most recent of graduates for the few remaining jobs available.
Lawyers Professional Liability Insurance is Competitive Advantage
In college, textbook ethics courses and professors may not cover the high risk of a malpractice suit as well as the real, fiscal challenges and implications a malpractice suit wages on a lawyer. What other item of information these courses may not cover is that as soon as a recent grad obtains liability insurance after passing the bar exam, the lower the yearly lawyers professional liability insurance premium will be.
In these hard economic times, recent law graduates encounter major hurdles with debt. In fact the average graduate is in debt about one hundred thousand dollars. Assuming a low figure for debt around sixty thousand dollars, a recent graduate will repay seven hundred dollars a month to the federal government. As a gauge for comparison, seven hundred dollars a month is approximately one fourth of the average income for a not-for-profit or aid attorney.
This information is not typically covered in academia by a textbook, professor or college recruiter and is invaluable to prospective students and soon to be graduates alike. Lawyers professional liability insurance enables the graduate to practice in a highly demanding profession and compete for jobs available today.