Malpractice Insurance

When I started my law firm twenty years ago, there were just five things that I knew.

I knew I didn’t have any clients. I knew that my husband and I could scarcely afford the loss of my paycheck, let alone come up capital for me to invest in my practice. I knew that I was way too mortified at having been laid off from my former firm to share the real reason for starting my own firm.  I knew that when I finally opened for business, in truth, I was just putting on a game face every day, biding my time until something else came along or until I got pregnant and could, like some of my other law school classmates, gracefully exit the law.  But I also knew, somewhere deep down, that I had it in me to be a good lawyer.

Those five things are all that I knew for sure when I started my law firm. Clearly I had a lot to learn.  And while there was plenty of information on the black-letter, nuts-and-bolts aspects of starting a firm, the kind of advice that I really wanted to know to jump-start my practice — specifically, whether the solo option was actually feasible — was in short supply.  Moreover, as an attorney with a traditionally big-firm practice (energy regulatory law and litigation), I was even worse off because attorneys familiar with my field and doing what I hoped to were particularly rare.

So to spare those of you starting out from what I went through, here are five things that I wish someone would have told me when I started out:

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For lawyers considering opening up their own shop, malpractice insurance is one of those areas where you’re probably clueless. So you’ll rely on your friend’s recommendation for a carrier, or you’ll just call a few companies who advertise in the Bar publications and see if you can “get the best deal.”

As usual, I’m here to make your life easier with truthful information that you can actually use. No no, don’t thank me. I feel your appreciation.

For purposes of this post, I interviewed Sam Cohen of Attorneys First. Sam is a Florida-based broker. He is licensed in Georgia and has access to other brokers throughout the United States. Now before you gutter dwellers down there in the comment section start hypothesizing (I think that’s the biggest word I’ve used here) about my relationship with Sam, let me burst your conspiracy bubble.

Sam and I are long-time friends and have never done business together.

Some years ago, I was referred to Sam when my policy was up for renewal. He went out and got quotes from a half dozen companies, compared them to my policy, and determined that what I had was the best. So he made zero dollars, and based on his against-his-financial-interest honesty, I refer everyone to him. (There’s a lesson in there somewhere).

Here’s the interview….

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