Insurance for Law Firms
Protecting your firm and your reputation
For law firms, managing and insuring professional liability risk exposures is key to protecting the firm’s reputation and revenue. Law firms operate in an environment of increasing scrutiny, reducing the margins for mistakes and errors that result in claims.
Through tireless advocacy and attention to detail, our Law Firm Practice delivers customized insurance solutions, claims and risk management advice, and loss prevention services tailored around your firm’s specific needs.
Insurance broking capabilities for law firms
Our team has decades of experience serving the nation’s leading law firms, including firms with national and global offices, regional law firms, boutique firms, and firms with niche practices. Lockton provides strategic advice and coordinated placement of insurance programs including, but not limited to, the following lines of coverage:
Professional liability
Employment practices liability
Management liability
Cyber insurance
The Lockton difference
Insurance built around your firm
We create and negotiate bespoke policy wordings to ensure the broadest possible coverage terms and functionality.
Always in your corner
We advocate relentlessly for you in the claims process to obtain a favorable outcome in the resolution of claims.
Striving for the best possible program
We assist you in preparing exceptional submissions and presentations to insurers, and help you anticipate underwriters’ most pressing questions and concerns.
Single-minded focus on your firm
We continually act as your advisor, advocating on all aspects of your firm’s coverage and exposure.
Global reach, local expertise
You benefit from the scale of a global organization, and a team of law firm insurance professionals who are deeply rooted in your local market.
Loss prevention expertise for holistic risk management
Identifying, avoiding, and minimizing professional liability and professional responsibility (legal ethics) risks are all essential for law firms. Even when an allegation is proven to be baseless or the financial implications are minor, risk can remain present and materialize into reputational damage or loss of a client relationship. This is where our expert loss prevention team comes in.
Lockton Associate Doug Richmond is a preeminent authority on the professional responsibility and liability issues that law firm clients face, and strategies for managing the related risks. He partners with our law firm clients to deliver tailored loss prevention services, policies and procedures, and educational programs. Our clients may consult with Doug on any questions or concerns they may have or encounter.
Discover our capabilities
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Insurance for Law Firms – FAQs
What insurance should I be considering as a law firm?
Our specialized team of law firm risk experts customize every insurance program around your unique risk profile and strategic objectives. We do not provide a “one size fits all” approach for any of our law firm clients. Our approach is centered around taking a holistic view of your risk exposures and tailoring the right insurance program to address the varying risk exposures you face. Core lines of insurance coverage law firms might consider include, but are not limited to:
Professional liability
Employment Practices liability
Management liability
Cyber insurance
What is professional liability insurance?
Professional liability insurance, which can also be known as errors and omissions (E&O) insurance or professional indemnity insurance, protects professionals against claims of negligence, malpractice, or errors in their services. The insurance will cover legal defense costs and settlements, ensuring financial security for your law firm.
For law firms, managing and insuring professional liability risk exposures is key to protecting the firm’s reputation and revenue.
What loss prevention capabilities do you provide to law firms?
Our loss prevention capabilities include:
Loss prevention consultations: If you have a question or concern about a risk management issue — whether it be a possible conflict of interest, professional liability matter, partnership or shareholder issue, or lawyer wellbeing situation — a representative of your organization can contact our team to discuss the matter.
Holistic firm reviews: Our team consults with you on sensitive liability and ethics issues in your offices upon request. We also review your risk management policies, practices, and procedures and, if necessary, suggest enhancements or refinements.
Presentations for education: Our team is regularly asked to speak on a variety of legal ethics and risk management topics. Our presentations generally qualify for CLE credit, including special credit for ethics; diversity, equity, and inclusion; and cybersecurity.
Let’s talk insurance for your law firm
Get peace of mind for your law firm - connect with our specialist Law Firm Practice and we’ll be in touch as soon as we can.
Talk to our team