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Legal malpractice insurance protects against honest mistakes

New York City attorneys sometimes make mistakes that wind up compromising a client’s case. A missed filing date, statute of limitations deadline or other important court filing or event might lead to a default judgment against a client. Failure to obtain an expert opinion on an important matter upon which a case hinges may trigger a malpractice claim against the attorney and law firm representing the client.

Malpractice coverage cures many professional ills

Many attorneys have very full loads of cases and depend on support staff to help ensure that everything is done correctly. Attorneys are human and prone to human error, so mistakes are bound to happen. Legal malpractice insurance can take the sting out of legal errors that compromise cases. Policy limits can vary based on the size and type of practice. For example, a firm that mostly handles administrative cases and contract disputes might not need as much coverage as one that represents securities sellers and others that are more likely to involve high dollar transactions and legal disputes.

Insurance enables quick settlements

When a legal error causes a client to suffer damages and a legal malpractice claim arises, insurance coverage can help to wrap up the matter quickly so that both parties can resume their daily lives. When an attorney or law firm seeks malpractice coverage, it is very important to notify the insurer of any existing issues or potential claims that might arise. A client who is upset and threatens a malpractice action might not have initiated the matter, but knowledge of the potential problem needs to be aired. That helps the insurer know the level of risk and apply an appropriate premium.

When professional mistakes compromise a case and trigger legal malpractice claims, attorneys who are experienced in arguing New York legal malpractice cases may be terrific assets. An attorney with experience handling malpractice cases may provide a client with an effective legal defense and work to reach an amicable solution to the problem.