Electronic technology can save money by reducing the cost of storing and transmitting information and documents, but it also exposes lawyers to a new ethical and financial hazard: the danger that electronic information will be lost or stolen and the attendant expenses to notify victims.
Unbundling legal services and providing only the assistance clients want and can pay for is acceptable, as long as lawyer and client clearly understand and abide by the representation’s scope.
Some lawyers see opening their own law firms as their only option to gain work, given that there are more lawyers than there are legal job openings. If you’re thinking about going solo, here are a few things to consider.
Suits against clients for unpaid fees are not strictly off-limits, but lawyers should thoroughly evaluate each potential case to determine if the fees at issue justify both the costs and the possibility the attempt will not succeed.
Malpractice insurance policies provide coverage for matters first made against a policyholder and reported in writing to the insurance carrier during the policy period. Don’t hesitate to report a problem; failure to report can mean the loss of coverage.
The economy – although slowly recovering – is still affecting malpractice claims. Not only does the frequency of malpractice claims go up as the economy goes down but different practice areas are more vulnerable to claims than others.
Grievances filed with the Office of Lawyer Regulation are rising. Knowing the practice areas and types of errors most often complained about can alert you to vulnerabilities in your practice so you can prevent mistakes and problems.
Billable time determines your income; nonbillable time determines your future. You cannot afford not to have a disaster-recovery plan. Take it from two of more than 12 attorneys whose office building recently went up in smoke.
Critical information to maintain off premises and key disaster recovery supplies to have on hand.
Jimmy the Groundhog predicts an early spring, which is a good time to open some windows and take a fresh look at your risk management procedures.