A law firm, like any business, assumes certain risks. One risk that any law firm can face is an unhappy client suing for professional malpractice. A law firm is dependent on its reputation and even if the case is frivolous the cost to the reputation of the firm can be heavy. To mitigate the risk, law firms and independent attorneys often take out legal malpractice insurance in Texas. There are several important issues that must be taken into account.
Is coverage important?
The simple answer to this question is; yes. Even though you may go through quiet spells with your practice do not overlook or avoid getting malpractice insurance.
In some jurisdictions it is mandatory to carry malpractice insurance while in others, including Texas, the decision is left up to the individual attorney or firm. Regardless of the situation, getting malpractice insurance is a very wise move. When you are protected by legal malpractice insurance you will be:
* Protecting yourself, your associates and your staff against claims
* You will have peace of mind; you can focus on your practice not on your risk exposure
* Client confidence is enhanced
What is the cost?
Like all insurance the premium varies, but chances are the cost of legal malpractice insurance in Texas will not be the most significant expense. However; as the benefits are great, this insurance will still be costly. The cost depends a great deal on which firm provides the insurance, the region in which you practice, the number of years you have been practicing and the size of the practice.
The cost also has a lot to do with the field you practice in. For those who practice in high risk areas such as real-estate or securities the premium will be higher. The same is true with experience; an attorney that has just recently been admitted to the bar can expect to pay more for legal malpractice insurance in Texas than an attorney with many of years of experience. Contact The Kassab Law Firm at www.texaslegalmalpractice.com.
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