10 10, 2022

PLUS Podcast: Becoming an LPL “Precog”

By |2022-10-06T14:54:30-05:00October 10, 2022|@PLUS, General Risk Management, Lawyers Professional, PL Insurance|0 Comments

Despite significant transformations in nearly every other aspect of the insurance and legal industries, the approach to preventing, predicting, assessing, and resolving malpractice claims hasn’t really changed. Malpractice insurers and their law firm clients continue to take an old-fashioned approach when it comes to underwriting legal professional liability (LPL) coverage. Most legal malpractice insurers aren’t yet leveraging advancements in technology and legal analytics to forecast risk at an individual level based on behavioral data. Instead, LPL carriers primarily react to actual events or use the broad brush of simple demographics to set rates. In this podcast episode, Professor Nancy B. [...]

12 09, 2022

What to Think About When Deciding on Legal Malpractice Insurance

By |2022-09-09T14:14:17-05:00September 12, 2022|@PLUS, Lawyers Professional, PL Insurance, Uncategorized|0 Comments

Is Lawyers’ Professional Liability Insurance Needed? Lawyers’ Professional Liability (also known as “LPL”) insurance is the more formal name for legal malpractice insurance.  While states vary on what requirements they have for disclosure of LPL insurance, currently only Oregon mandates LPL insurance.  Even if not mandated, the prevalence of legal malpractice cases makes it necessary.  The American Bar Association has reported that in any given year, attorneys have a 4 to 17 percentage chance of being sued and that four out of five attorneys will be sued during their careers.  Defense costs for these matters generally exceed $50,000, and can [...]

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