Why Malpractice Insurance is Necessary For Lawyers

Malpractice insurance for lawyers is vital to guard against potential financial ruin if they are ever sued by a client who loses a case in which they represented them. America is a very litigious society, and the law in many areas is very complex. Normally, this would be good news for the legal profession, in that there is plenty of business to be had for competent lawyers in many different fields. However, there is always the possibility of ending up on the other side of the fence, and facing a lawsuit yourself.


There are many people all too ready to give the irresponsible advice to sue an attorney whenever someone loses a case. The reality is considerably different from the picture painted by these people. In truth, only a very small percentage of lawyer malpractice cases are ever successfully won. Even those that are won may not pay the level of compensation the litigant was hoping for, so anyone thinking of bringing a lawsuit against an attorney just because they lost a case does need to seriously think of the potential consequences. Even the much vaunted 'no win no fee' arrangements are not what they seem, as there are still other expenses you will need to meet.

If you are a lawyer yourself, then you will be only too aware of the current trend of bringing lawsuits against lawyers, often frivolously. Although many of these cases will be brought by people who have been given bad advice, they still end up costing the attorney time which could have been spent on more profitable endeavors. That is not the major problem, however. As with any other form of litigation, there are never any absolute guarantees as to the result. It is quite possible for an apparently frivolous case to go against you, with potentially serious consequences.

Any practising lawyer needs malpractice insurance. Although you should obviously be trying to avoid malpractice suits in the first place by trying to offer the best possible service to your clients, this is sometimes not enough to prevent you from having to defend yourself in a court room. Being thrust into that situation without having the protection you need could even end your career. The law is a serious business. You do not train for years at great expense to become a lawyer so that you can end up broke and chasing another career. Don't take the risk of practising without comprehensive insurance. It is simply not worth the risk.

As with so much legislation in the USA, the laws concerning insurance vary considerably from state to state. There are many insurers whose websites will not even display information until you have clicked a link to confirm which state you operate in. State legislation needs to be understood before you can make an insurance purchasing choice. Many individual insurance policies are only available in certain states, or groups of states. Often this is simply down to the states in which certain companies will operate, rather than any drastic difference in the law between states. A good online broker will have contacts in all of the different states, or you can shop around offline for local malpractice insurance for lawyers.

 

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