Several recent articles, including one appearing on July 11, 2011, in this paper, state that insurers have noticed an uptick in legal malpractice claims during the past year. Not surprisingly, plaintiffs are looking for additional deep pockets to fill any financial gaps! Whether the lawsuits are meritorious is another issue. What is immediately important is whether the firm has proper malpractice coverage. The Lawyer’s Professional Liability Policy (“malpractice policy”) responds to all claims resulting from a real or perceived failure to provide adequate legal services by anyone in the firm without regard to whether a fee is charged.
The malpractice policy provides a defense to the firm and indemnity payments to plaintiff, if necessary, for malpractice claims or wrongful acts as they are defined in the attorney’s professional liability policy. The policy is designed to provide coverage to employees of a firm from liability stemming from negligence, errors, omissions, or mistakes of the legal personnel or anyone for whose actions the firm is responsible.
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