Insurance is all about risk. Law firms and lawyers need professional liability insurance to help protect them against the risk of frivolous malpractice accusations and to see that clients are protected in the event that a malpractice error ever does occur. For those providing the insurance, it all comes down to managing risk. Insurance companies strive to manage the risks that they take on, in part by working to help insureds minimize the risks that they represent. Today, the greatest risk to law firms, and, by extension, their insurance companies, is malpractice claims that arise due to a calendaring error. The American Bar Association has found in its latest malpractice survey (ABA Profile of Legal Malpractice Claims, 2000-2003) that calendaring and deadline-related errors remain the leading cause of malpractice claims. Failure to calendar properly, failure to react to the calendar and failure to know and ascertain deadlines account for a combined 16.63 percent of all malpractice claims at a national level.Insurance is all about risk. Law firms and lawyers need professional liability insurance to help protect them against the risk of frivolous malpractice accusations and to see that clients are protected in the event that a malpractice error ever does occur. For those providing the insurance, it all comes down to managing risk. Insurance companies strive to manage the risks that they take on, in part by working to help insureds minimize the risks that they represent. Today, the greatest risk to law firms, and, by extension, their insurance companies, is malpractice claims that arise due to a calendaring error. The American Bar Association has found in its latest malpractice survey (ABA Profile of Legal Malpractice Claims, 2000-2003) that calendaring and deadline-related errors remain the leading cause of malpractice claims. Failure to calendar properly, failure to react to the calendar and failure to know and ascertain deadlines account for a combined 16.63 percent of all malpractice claims at a national level. Read More
