Due to the nature of his profession, the practicing lawyer is invariably confronted with significant financial risks. Because of the growing number of claims for professional negligence, coupled with the fact that the monetary risk of claims is largely unmeasurable, a constantly increasing proportion of lawyers is considering the feasibility of professional liability insurance protection. This type of insurance offers not only financial security, but also a means for the advantageous and efficient settlement of just claims without damaging notoriety.
Donald J. Ladanyi,
Lawyers' Professional Liability Insurance,
21 Clev. St. L. Rev.
available at http://engagedscholarship.csuohio.edu/clevstlrev/vol21/iss2/10