Excerpted from LAWPRO Magazine, Student Issue #1, 2012
What is professional liability insurance?
Professional liability insurance is designed to indemnify lawyers against the consequences of a lawyer’s liability for a client’s loss. For this reason, only lawyers in private practice are subject to the mandatory insurance requirement.
What is private practice?
Private practice, for the purpose of LAWPRO’s insurance program, is the delivery of professional services (including advice) to anybody who is not the lawyer’s employer. . . .
What kinds of lawyers are exempt from the mandatory insurance requirement?
In general, lawyers working as in-house counsel, who are employed by the government, . . . [more]