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Why you should consider Lawyers' Professional Liability Coverage ...
Lawyers' Professional Liability Coverage helps protect law firms from costly malpractice
lawsuits. Law firms that do not carry this coverage leave themselves open to a host of
lawsuit possibilities, the most common being:
- Malpractice (a former client unhappy with the service or judgments they received.)
- Suits that may arise out of a former client’s assertion that the bill is too high, unjust or more commonly overdue.
In some cases, a firm may be named as a defendant in a shareholder lawsuit for work they
did for that client.
Lawyers' Professional Liability Coverage protects firms in the event they are successfully
sued by actions of current firm lawyers; current employees such as paralegals and investigators;
former employees and, in some cases the actions of current employees at a previous firm.
Having LPL coverage is an advantage for your firm.
Law firms in Pennsylvania are not required to have Lawyers' Professional Liability Coverage.
However, if your firm does not carry LPL, Rule 1.4 (c) of the Pennsylvania Rules of Conduct
states that you must disclose this fact to your clients and prospective clients — this may put
you at a disadvantage when compared to covered firms.
Your Bar Association’s plan provides key coverage, including:
- Limits up to $10,000,000 available for qualified firms
- Court attendance expense reimbursement of $500/day to a maximum of $10,000 per claim
- Reimbursement of up to $10,000 for the defense of a disciplinary hearing
- Prior acts coverage for an individual lawyer working at a firm
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