May 26, 2006
Surviving a Malpractice Claim
While doing some research on survival tactics for law firms following a malpractice claim, I can across the insightful comments of Douglas Thompson, managing director of Thompson Flanagan & Company.
Mr. Thompson observed that law firms that have successfully navigated around a large loss usually have taken similar steps:
1. Internal handling of the claim was given to firm lawyers who are not involved with the client or the surrounding work.
2. Handling of the claim was contained within the “claims team” to ensure it did not become a distraction and to reduce inappropriate leaks.
3. Top-producing partners provided reassurance of their commitment to the other firm members.
Thompson notes that “it is a crushing blow when a top producer exits in a situation under such circumstances, as it destabilizes the partnership and threatens the fabric of the firm.”
Douglas Thompson should know. Protecting law firms from Goliath and stone throwers alike is the business of Thompson Flanagan & Company. His comments appeared in the March 2005 issue of Accounting and Financial Planning for Law Firms® from Law Journal Newsletters.
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Filed under Risk managment by Tom Collins