Stell: The Value of Your Insurance Policy

Have you ever struggled as you tried to help a client understand why they should hire you? Why they should be willing to pay their hard-earned dollars to you? Why their problem is one that is in need of a legal solution?

That’s a struggle faced by all firms or businesses that provide a service. We often don’t have a tangible product. Or if there is a tangible product – such as a will that can actually be printed on paper, the value is much more than the price of the paper.

At Lawyers Mutual we often say, we aren’t selling you an insurance policy – though you certainly have one that can be printed on paper – we are selling peace of mind.

Our peace of mind comes in the form of the many services that we provide. One service is providing CLE speakers for local bar meetings. We have had the good fortune to spend time with the Greensboro Bar at CLE events as well as social events. We always appreciate you inviting us over and we hope you will continue to do so. We are also available for in-house CLE for our insured firms. We offer topics ranging from ethics to professionalism, from risk management to cyber risks and fraud.

Lawyers Mutual’s HELP (Handling Emergency Legal Problems) team is here for you when you need us. Led by our in-house claims attorneys and outside counsel, our team has the training and resources to guide you through difficult professional times. We have helped attorneys with office support during medical emergencies such as heart attacks, as well as helped firms cope after the death of a partner. The features of our HELP team include: Assessment, Action Plan Development, and Client Protection. These services are offered at no cost, and often with no trigger of deductible, although every situation is unique. Our claims counsel can guide you through the process.

Another resource is our Claims Prevention program which includes our education and CLE programs, our risk alerts, and monthly e-newsletters, as well as the many Risk Management resources available on our website including checklists, forms, sample letters and toolkits.

We encourage you to think of our claims attorneys as your partner down the hall. Call our toll-free number at 800.662.8843 and talk with our claims attorneys about how to handle difficult clients, if and when you should fire a client, or how to handle a potential legal problem. Our claims counsel can also guide you through ethics or professionalism dilemmas. We also provide subpoena assistance. If you receive a subpoena, make sure your first call is to one of our claims attorneys to provide guidance and action steps for responding.

One of our most popular resources is our Claims Repair program which begins when a claim is reported.  We determine if the error can be corrected or the damage lessened to avoid a claim by a client. This program is led by an experienced team of in-house claims attorneys and outside counsel. Each day, these seasoned professionals work side-by-side with our insured attorneys on clams repairs large and small. Sometimes, claims can be fully repaired while other times the dollar amount of the loss is significantly reduced. The success of Claims Repair efforts is dependent on a timely claim report.  It is vital that a potential claim be reported to us as soon as the issue is discovered. Of particular note, our claims attorneys spend a great deal of time advising insureds on matters before they become a claim or before an insured would take action that could result in a future claim.

Lawyers Mutual Consulting & Services is a subsidiary of Lawyers Mutual. We will offer business development and marketing coaching to lawyers through a subscription, online platform that we hope to roll out in early 2019. We are also focused on helping lawyers develop succession plans. Succession planning does not mean retirement today, but rather building a plan that allows you to control your future and plan for the health and legacy of your law firm after your retirement. Call us for a lunch and learn program on developing a culture of succession planning in your firm.

I urge you not to think of Lawyers Mutual as an organization you only contact around policy renewal, but as a support system to your firm focused on best practices in risk management and in law practice management. We are always happy to speak with you and offer tips or advice on various situations you might encounter.

The practice of law is challenging. Peace of mind is hard to come by. We hope by supporting your bar-related insurance company through purchase of an insurance policy, you feel our support in your practice.

Camille Stell is President of Lawyers Mutual Consulting & Services. Continue this conversation by contacting Camille at camille@lawyersmutualconsulting.com or 800.662.8843.