From our friends at NW Sidebar, seven steps you should take now to get your 2020 financials organized:
It’s that time again! Not just for holidays and eggnog, but also taxes, 1099s, and other year-end financial must-dos. And after the year we’ve had – what with PPP loans and unplanned expenses – the process will be more complicated than ever. If we set aside just a few minutes to organize our year-end now, we’ll find ourselves much less stressed when the new year and tax deadlines roll around. This practical, step-by-step guide will set you and your firm up for a year-end win and success in 2021.
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Approximately every four years since 1985, the American Bar Association has published a “Profile of Legal Malpractice Claims.” Plaintiffs’ personal injury and family law are the most frequent source of claims, according to the latest profile. Although the Profile does not correlate the severity of claims by practice area, the Profile’s “anecdotal observations” section suggests that business and commercial law have traditionally been higher-risk areas on this score…
In 2019, the most recent year for which data is available, personal injury, domestic relations, and bankruptcy/debtor-creditor law top the list for frequency of claims in our state. They do not, however, represent the biggest payout. In fact, they don’t make the list.
If your concern is cost, look to business transactions, securities, other civil litigation, tax/non profit law, intellectual property, and construction.
Here are the details:
Don’t become a statistic
The risk of a legal malpractice claim can be greatly reduced by taking advantage of practice management resources. HOW you run your practice matters as much – or more – than the area of law you choose. Reading blogs, getting advice, and scheduling a webinar are all ways to educate yourself on malpractice traps.
Learning to manage your workflow and properly track deadlines is a must. So is managing your time. Reach out if you need help or have questions. Take advantage of PLF and OAAP resources. Getting your systems and procedures in order is the single most effective step any lawyer can take to manage the risk of a claim. This applies to those practicing in larger firms too. Your firm supplies the software and procedures, but when it comes down to managing your personal caseload that’s up to you.