Legal Question in Business Law in California

Legal Malpractice Insurance

Lawyers in general may have many avenues to guide them on legal ethics issues or their professional conduct as proposed by various sources, such as from the State rules/statutes/and rules of court, ABA model code of professional responsibility, ABA model rules of professional conduct, ABA code of judicial conduct, or via advisory opinions of ethics committees. However, lawyers are presumably required to have some sort of ''malpractice insurance'' in case they are being sued by their clients (for misrepresentations, for example), or because of potential frivolous lawsuits, etc. How does a ''small'' law firm in general obtain this type of insurance policy?....Meaning -- is it based on the total of billable hours per month, by the total revenues received monthly, or by having a generic/umbrella premium paid bi-annually or yearly? Secondly, what is an average premium paid by a small law firm and based on what?......(i.e., $0.02 per every $1,000 revenue received). Your response would be much appreciated.


Asked on 4/13/02, 7:09 am

3 Answers from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Legal Malpractice Insurance

there is no legal requirement that lawyers have insurance. I dont know how the pricing is but many small firms cannot afford it.

Read more
Answered on 4/13/02, 9:53 am
David Pearson Law Offices of David S Pearson

Re: Legal Malpractice Insurance

Malpractice insurance is not required. If you are interested in it, there are numerous companies that offer it. One of the largest in Lawyers Mutual. They will happily discuss costs with you. They look at a wide variety of issues to determine price, including you practice area(s).

Read more
Answered on 4/13/02, 10:54 am
Ken Koenen Koenen & Tokunaga, P.C.

Re: Legal Malpractice Insurance

Go to the California State Bar Web site. They have special arrangements for insurance.

Read more
Answered on 4/13/02, 2:52 pm


Related Questions & Answers

More Business Law questions and answers in California