Protecting law firms requires far more than just writing a policy. Bill Healey, SVP, Underwriting, Lawyers & Accountants Professional Liability, says the Argo Pro team is anticipating new risks lawyers may face – and helping mitigate them before they occur.
- Artificial intelligence (A.I.): A powerful efficiency booster – if used judiciously. “If lawyers aren’t using A.I. in their work, they’re at a competitive disadvantage,” says Healey. “However, there have been instances where law firms used A.I. in court filings without confirming the authenticity of the output, creating an embarrassing and costly situation.” Healey recommends a measured approach to A.I. adoption, including peer oversight on all work products involving generative A.I., to remain efficient without creating new liabilities.
- Remote work: Missed mentorships and increased security challenges. “Now that more of the workforce expects to work remotely, law firms are struggling with the proper mentorship of younger attorneys,” says Healey. He has seen some firms adopt hybrid schedules with at least partial mandated in-office work to give new attorneys time with experienced colleagues, as well as increased IT safety measures to protect off-site equipment from ever-present cybersecurity threats.
- Social inflation: The hidden toll of rising litigation costs. Social inflation occurs when an increased cost of living leads to higher litigation costs and excessive verdicts awarded by juries. To help mitigate this, Healey’s team partners with clients to determine how at-risk they are for litigation. “We’re big on having in-person and over-the-phone meetings so we can probe beyond what you find on an application,” Healey says. “We might offer advice – it benefits both the firm and us.”
Regardless of the risk, Argo Pro has a solution
Every Argo Pro Lawyers PROtect policy comes with a suite of risk management services including 24/7 access to a customized website with vital information for lawyers, a confidential hotline to speak with a senior risk management lawyer, continuing education resources and a regular newsletter written by legal experts.
Learn more about Argo Pro’s Lawyers Professional Liability coverage and gain a knowledgeable partner in your corner.