With so many new concerns in lawyers professional liability (LPL) claim trends it is important for anyone working within this market to stay in the know. Berkley Select recently hosted a session with Al Roberts, Vice President of Underwriting, Jeff Yao, Chief Claims Officer, and Matt Henderson, Partner at Hinshaw & Culbertson, LLP answering questions about trends they are seeing in claims in the LPL space.
Below are key takeaways of the discussion on LPL claim trends and how to mitigate risks.
Some of the most frequent/common LPL claims today include:
Conflicts of interests
Lawyers suing their clients to collect fees often face counter claims to legal malpractice
Post pandemic issues (failure to communicate timely, mis-calendering, etc.)
Law firms are big targets for social engineering schemes. A common scheme is a hacker posing as a client, prompting the lawyer to open an email attachment. Once that attachment is open, hackers are now in the lawyers computer system and have access to confidential info.
Training lawyers and staff on how to identify suspicious emails and phishing attempts is critical right now to help counteract social engineering. Hackers are becoming more sophisticated.
Attorneys tend to be more vulnerable to phishing/social engineering and are often given resources on some of the top social engineering scams and how to avoid them.
Artificial Intelligence (AI) in law is an evolving issue not without dilemma– there’s a significant likelihood that if an attorney uses AI, they must know the law and fact check all information prior to publishing.
You can learn more by listening to the full recording here.
PLUS has over 35,000 industry professional members from throughout North America and around the world, and is the only association created by and for Professional Liability industry professionals. PLUS is recognized as the primary source of professional liability educational programs and seminars, networking events, educational products, and information regarding professional liability. Membership consists of individuals in the professional liability industry representing thousands of companies active in many industry fields.