LAW FIRMS IN THE POST-PANDEMIC WORLD
The global pandemic changed everything. Even being a lawyer.
By Jaimee Williams-Caldwell | Broker | Founders Professional
Over the past year life has changed drastically. From our societal issues, to our healthcare, schooling for our children, to the shakeup of our workplaces and our life routines. Nothing is how it used to be.
As a legal professional liability broker in the insurance industry, I’ve seen firsthand the changes taking place with law firms across the United States.
In the height of the pandemic, many law firms were struggling to stay afloat, and they resorted to using whatever cost-cutting measures they could come across. Layoffs and furloughs were prevalent. I did, and continue to see many law firms letting go of their independent contractor relationships, as well as slimming down their staff due to low revenues and reduced client demand.
In addition to saving a few bucks wherever they could, we also saw the inner workings of the law change. Due to social restrictions and closings, many law firms were attending hearings via teleconference, and meeting with clients over zoom. The entire construct shifted, and lawyers were having to rely heavily on digital technology to communicate and work with their clients.
Even now as we are seeing the light at the end of the tunnel, I believe we are going to see some of these changes remain in place. Staying on top of communication and laying out expectations up front will be extremely important in avoiding legal malpractice claims.
As we move towards a greater reliance on digital technologies, law firms must consider how to do so safely and securely – especially as it relates to the privacy rights of their clients. At Founders Professional we’re seeing more and more law firms that are the targets of malicious cyber activity, social engineering fraud, extortion, and phishing attempts. Cyber hackers are targeting almost every industry these days – especially law firms. Law firms are a treasure trove of private information, therefore the target on their back is larger than most.
While law firms are navigating these ever-changing waters, they should consider updating their privacy and security practices and policies, as well as arming themselves and protecting themselves with post breach services by securing a cyber liability insurance policy for the firm.
With any industry and with constant change, it’s always important to continue to listen, learn, make changes, and adapt to the current societal needs. We’re all in this together, and curious to see where this next year takes us.
About the Author
Jaimee Williams-Caldwell is a professional liability insurance broker with Founders Professional, and is based out of Boone, NC. Jaimee assists retail insurance agents across the Country in securing professional liability insurance solutions for their law firm clients. Jaimee can be reached at Jaimee.Williams@founderspro.com