At Hirsch Insurance we want our clients to understand there is more at stake, when you purchase a professional liability policy, than just price. It is our goal to provide you the best Risk Management strategy for your legal needs. By combining education and Risk Management advisory we will help protect your professional investment.
The practice of law is increasingly risky. Suits against lawyers by clients and non-clients are commonplace, as are the multimillion-dollar settlements and verdicts. So are criminal and disciplinary proceedings. And no one, not solo practitioners, not small law firms with a single office, and not megafirms with many offices; can claim immunity.
What is Risk Management?
Risk Management is the establishment of institutional (i.e., firm or practice-wide) policies, procedures, or systems (sometimes referred to as risk management “tools”) designed to minimize risk within the firm and its practice. Ideally, every risk management tool should:
- Establish uniform standards
- Be capable of ready monitoring for compliance
- Involve the minimum of intrusion and expense into other operations of the law practice consistent with maintaining the efficacy of the tool.
Risk Management is a continuous process. Effective Risk Management has three elements:
- Identifying risk management categories (encompassing both firm management and practice oversight categories).
- Knowing what, if any, procedures or systems are already in place in each of the risk management categories.
- Developing strategies to control risk categories, or particular risks identified, but not yet adequately managed.