Lawyers make mistakes. It is not something that most in the field really like to admit, but it is quite true. In addition, when a lawyer makes a mistake, it can often be incredibly costly to the client. As such, many clients choose to bring a suit against their attorney for malpractice. In such a case, it is incredibly helpful to have some form of legal liability insurance. Not only can it help an attorney in a bad situation, but also it can save their career and professional reputation.
It Can Save Your Career
If you are a new practitioner, you should rightfully live in fear of the day when a client is upset with your representation. An uninsured lawyer is a lawyer that will quickly be run out of the business. The first few years of your professional career may very well be spent paying off the significant student loans that most accrue in law school, and adding a judgment against you may make practice untenable. Fortunately, good liability coverage can help reduce your potential costs.
It Can Save Your Practice
If you have taken the (often profitable) leap in to becoming a solo practitioner, you know how fine a line you may often have tread when it comes to finances. An attorney without legal liability insurance is often an attorney that will find him or herself in a great deal of financial trouble if a malpractice suit is brought forward. If your firm exists on a tight budget, its assets may have to be sold off just to cover the costs of the suit. If you have proper coverage, however, you can count on your policy the help stem the losses from a malpractice case.
It Can Save Your Reputation
An attorney, in a solo practice or in a firm, lives and dies by his or her reputation. In a business where “you eat what you kill” tends to be a rule of life, the word of being sued for malpractice can effectively end your career. With a good legal liability insurance policy, though, you can rest a bit easier. This can make it easier for you to settle those claims that have a good chance of actually going to trial, and hopefully will allow you to come out of a bad situation without having to admit to wrongdoing.
Most rarely think of lawyers as being on the wrong side of a lawsuit, but it is sadly becoming more and more common. If you are practicing law, it is absolutely imperative that you purchase some kind of legal liability insurance. Even if this policy is the most standard in existence, it can still be a career saver if and when things go wrong. If you want to practice without having to constantly fear failure, picking up this simple coverage is a great way to start.