"Every lawyer who practices as an LLC, LLP or PC should be in consultation with their insurance broker to be sure they are in compliance," plaintiff counsel Francis Garrity said.
June 10, 2021 at 03:31 PM
4 minute read
Law firms have received a lesson this week about liability insurance: They might be violating ethics rules by not having coverage for theft of client funds.
That’s the upshot of a case where a law firm’s professional liability insurance refused to cover a paralegal’s theft of $800,000 from the firm’s attorney trust account.
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