The HOW you operate section...
In order for a true risk assessment, we need to understand HOW your law firm operates.
Select all that apply.
Select ALL that apply
The more info you provide, the more dynamic our assessment will become.
Utilization Rate: How much time is spent on work that is billable to clients.
Realization Rate: Difference between what you record as time and what percentage of that time is paid by clients.
Collection Rate: Percentage of your billed fees that are actually collected.
Having a dedicated legal administrator is proven to have many benefits to the overall production and efficiency of a law firm. It can also lead to savings on your LPL insurance. This role is typically seen in firms with over 5 attorneys, but there is value for any size of a law firm based on workload.
Areas of Practice (AOP) are another crucial aspect driving costs within your malpractice insurance (LPL). Carriers will not bind coverage without this information.