Finance SIG - Managing Risk in the Practice of Law
Description
Managing Risk in the Practice of Law - Insurance, Awareness and Strategy
Patrick Bourk, LL.B. - Integro Insurance Brokers
Patrick Bourk is a member of the Management Risk Practice of Integro Insurance Brokers. As an insurance coverage and claims expert, and former private practicing lawyer, Patrick provides technical expertise in the analysis, placement and negotiation of executive risk insurance, including lawyers’ professional liability. He also assists clients, and advocates on their behalf, with respect to management risk claims.
Karen Bell, LL.B. - Risk Management Counsel
Karen Bell is an expert in managing both the practice of law and the business of law. With 25 years experience as a lawyer, Karen understands the law firm structure. Today, she guides law firms on risk management, practice efficiency, business development and client service initiatives. For more information, visit Karen’s web site: www.karenbell.ca
Professional liability insurance and an appropriate risk management strategy are important issues for every law firm. The process for ensuring that both of these concepts are properly taken care of can be a complex and sometimes overwhelming task.
This session will discuss the insurance procurement process, including:
· what all is involved in the process of purchasing professional liability insurance for a law firm;
· what forms of insurance coverage exists for law firms; and
· what the roles and responsibilities are for the key stakeholders in the process – the law firm client, the insurance broker, the insurance underwriter and the claims examiner.
Also to be discussed will be an introduction to law firm risk management, including:
· the legal practice landscape through errors and omissions statistics;
· building resilience to risk by being better informed; and
· developing a risk management strategy to promote a healthy business