California | Business Law
Legal Question
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.
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