How much is legal malpractice insurance? One of the factors that determines the cost of your legal malpractice insurance is the risk of a claim from your firm. As you take on more complex cases, you have to mitigate your risk so that you do not need to rely on your insurance. Having a lot of claims in one year will probably raise your rates the following year.
When taking on a new client, it is important for the attorney to screen the client and build a relationship that begins with mutual trust. You have to assess the client’s legal needs at the initial meeting, and some believe that it is below the standard of care for a staff member to handle this important step.
Maintain an accurate calendar. The firm should keep a master calendar to assist everyone with staying on top of filing deadlines. However, each individual attorney should maintain their own calendar as well. Missed deadlines is one of the main reasons for malpractice suits.
Another reason for malpractice claims is miscommunication with clients. Respond quickly to client questions to give your client comfort. This doesn’t mean you have to call them back immediately, but you do need to within a reasonable time frame.
If you maintain good client relations and a good calendar, over time you will minimize your risks of malpractice claims. Your insurance company will reward you with lower premiums, so that you do not have to ask how much is legal malpractice insurance?