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Is legal malpractice insurance necessary
Setting up your own legal practice? Finding a good space without much competition in the neighborhood is important. However, it is equally important to have legal malpractice insurance. By definition, malpractice refers to “negligence or misconduct by a professional person, such as a lawyer, doctor, dentist, or an accountant.” For lawyers, it refers to times when their clients are negatively affected due to blunders caused by them, usually unknowingly. Attorneys could not possibly know when they are provided erroneous information; therefore, the moment their license to practice law is obtained, and before any legal advice is provided, is the best time to procure a legal malpractice insurance.
Despite the incredible work that lawyers do to help, protect, and save their clients and cases, lawyers are human and mistakes are bound to happen. It is for times like these that attorneys need indemnity. Moreover, as much as anticipating claims against clients and being well prepared to face them is a good idea, getting legal malpractice insurance after landing in trouble is not. It does not in anyway mean lawyers lack confidence in their work or themselves or reflect the quality of their work or their professional character; however, being aware that despite sincere meticulous work from their side, some clients can be scrupulous and mean. Slapping cases against attorneys and labeling them negligent or accusing them of wrongdoing seldom results in suits being filed or judgments given in favor of the claimant. In fact, what it practically does is consume, or rather waste, time because formulating appropriate responses to the claims involves time and effort. Additionally, the stress that malpractice claims cause, however small or insignificant it is in reality, is not worth the unfavorable effects it might have on other legal cases being handled by the lawyers.
Attorneys have to understand and be aware of the coverage that is offered in the legal malpractice insurance while paying liability premiums. One must possess the fundamental knowledge of how legal malpractice insurance functions in the event of a claim.
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