In 2010, California added Rule 3-410 to the Rules of Professional Conduct making it mandatory for attorneys to disclose to clients if they do not carry malpractice insurance. Since the enactment of the mandatory disclosure law, more and more attorneys and law firms in California are shopping for malpractice insurance.
Contrary to popular opinion, there are things law practices can do to lower the cost of their legal malpractice insurance. The key is to first understand how insurers rate law practices. Then make sure the law practice’s insurance submission is accurate and complete, focusing on avoiding mistakes and ambiguities that unnecessarily cause a higher premium than necessary, as well as taking full advantage of other opportunities, such as credits, to lower the premium.
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