Attorneys going into business by themselves should be sure they’re well-prepared with the resources and information necessary to make their law firm a success. For instance, it’s good to know about malpractice insurance for Austin law firms that have a single practitioner. Learn which details are the most essential for this specific type of coverage.
Mandatory Disclosure Requirements Are More Common
It’s becoming more common for law firms to have to disclose to clients that they don’t have legal malpractice insurance. Depending on the client, a solo practitioner who doesn’t have legal malpractice insurance may lose out on business or fail to gain the client’s trust in her or his abilities.
Inside and Outside Coverage
While looking for malpractice insurance for Austin law firms, solo practitioners should check to see whether the coverage falls inside or outside of the limit. “Inside of the limit” coverage subtracts your legal costs from your overall coverage while “outside of the limit” coverage takes care of legal fees in addition to the actual insurance plan. In most cases, it’s best to choose coverage with “outside of the limit” coverage.
It’s best that solo legal practitioners get malpractice insurance as soon as they go into business. Doing so is sure to help keep unnecessary risks and legal costs at bay.