We've recently been discussing things like online legal research for your law firm and necessary law firm businesses licenses, and I thought I might as well move on to malpractice insurance for your law firm. And believe it or not, it does not have to break the bank (assuming, of course, that you don't have a slew of bar complaints following you around).
My search for legal malpractice insurance began, honestly, because I needed it for eligibility for my King County's assigned counsel (indigent counsel) panel. They require a certain level of insurance to be on the panel. No insurance, no panel.
As I start most of my other law firm business searches, I looked to my fellow attorneys in the area for guidance. Most kept coming back to one name - Main Street Financial (I think). They work exclusively with smaller firms and have very competitive rates.
After talking with those people, I consulted my bar association recommendations (really just a list) and sent out emails asking for quotes. Because I practice criminal defense and eminent domain, I don't present a very big threat from an exposure standpoint, so I wasn't worried about having to pay ridiculous premiums (I also have a spotless record, which doesn't hurt). My premium ended up being $719 for the year, payable in installments. I didn't think that was all bad. Plus I have some serious coverage now in case I get in trouble.
Bottom line, when you are starting a law firm and doing your research for legal malpractice insurance, talk to your fellow local attorneys, do some web research, and reach out to several insurers. Then pick the one that is best for you. (I know this doesn't cover at all what type of coverage you should get, because, honestly, I have no idea. My decisions were based on the indigent counsel requirements.)
While I have your eyes, I did want to mention something else, completely off topic. I flew to Omaha this weekend for a wedding and picked up a book called "The E-Myth Revealed" that you must read if you are starting a law firm. A primary reason I started my firm was not only to work for myself and help people out who really need it, but to make a good living for my family. I define making a good living for my family as not only making money, but making myself available to them. Before reading the book I knew that meant streamlining and refining my law firm into a set of systems that can be learned and followed by those in my firm. What I didn't know before reading this book was how to create and implement such a system.
This book discusses and analyzes the major roadblocks to creating and sustaining a successful business (this is a business book, not a law firm book). If you are serious about creating something successful, something you can eventually manage, something you can teach others to do, and maybe even sell (gasp!), I would highly recommend this book.
And one other tangent. I don't want to brag, and I almost feel bad mentioning it because I haven't talked about it on my other blog about law firm website and online marketing, but I launched my website this week, and with the groundwork I've put in over the last few months I am already number one for my main targeted keyword and on page 8 of the second (the second has about 1.4 million pages dedicated to it already, so being in the top 90 after one week is a good start). On top of that, I've already received calls from people who have visited my website. Some of the groundwork is already up over at the other blog. You can definitely get started now making your law firm successful, even if you see yourself months away from opening.
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