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Mitchell & Mitchell Insurance Blog
Lawyers Program - Legal Liability Insurance
2/8/2012 3:48:27 PM
As the lawyers' program manager for Mitchell & Mitchell's professional liability department (CNA's Professional Liability Program in California), I have the pleasure of speaking with many attorneys and firm administrators each week. One of the more complex issues I deal with is the dissolving law firm and the professional liability ramnifications associated therewith. Over the past few years of California's poor economy, these type calls have easily tripled in volume.
Questions range from the simple, " How much does an Extended Reporting Policy (tail) cost?" to the more technical, "How can I secure prior acts coverage for my portion of work at the dissolving firm?". Fortunately, CNA is an accomodating carrier in many instances whereby we can satisfy the needs of most of our insureds. Lawyers form partnerships for many reasons. Reasons range from a true union of attorneys working together with common goals, to an economic convenience of sharing staff and expenses, onto a theory that a partnership appearance lends more credibility to a sole practioner. Regardless, there will be professional liability issues on the backend that could prove expensive and concerning. My advise is to address those issues before jumping into any relationship with other attorneys.
