A Captive Audience
Law firms can opt to self-insure, using offshore companies known as captives. Going down this route can improve risk management and lead to cost savings, as Chris Charman explains
Insurance premiums for professional liability insurance are a way of life for managing partners. However, most managing partners would probably agree that this type of insurance is only really of interest when you need to make a claim. Most of time the annual insurance renewal is something of a routine chore, perhaps even a grudge purchase; and for firms with little or no claims, it is easy to wonder if it is not all a waste of time and money.
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