Is Your Law Firm Asking the Right Questions?

I’ve been emailing law firms every quarter for a few years now in an effort to get at the heart of what lawyers need and how ALPS can help them. I work hard to listen to lawyers so I can understand what keeps you up at night and share how ALPS can bring you peace of mind in the areas where we excel. Over the course of this past year, I distilled it down to a few simple but important things that I’ve been hearing: 

1. How will the economy affect my law firm? 

The constant economic headwinds of 2022 and now 2023 are no joke. We’re bracing ourselves for the R-word, but we also need to operate our business confidently and serve our clients well. If you’re interested in a resource to help your firm prepare for recession-related claims, we’ve created:  

For ALPS, we were able to negotiate economic headwinds through a combination of consistent level-headed investment decision-making and focus on growing and improving our business. In doing so we increased our AM Best Rating from an A- to an A (Excellent)! Not only does this increase our standing among our peers but this also gives you any firm already with ALPS or considering ALPS for their malpractice coverage an additional level of comfort knowing our financial foundation is strong and that we will continue to keep our commitments to our clients now and far into the future.  

2. I know I need malpractice insurance, but what other types of insurance do law firms need? 

Additional insurance products are dependent on different factors for your firm. For example, if you own the building for your business, you’ll need a Business Owners Policies (BOP). If you employ more than just yourself, you’ll need Workers' Compensation Insurance. ALPS now offers the most common and important Business Insurance coverages for law firms available – all in one place. 

3. How protected is my firm’s data? 

Cyber Security – it's a buzzword that isn’t going away anytime soon. Bad actors are continually using phishing schemes and cyber attacks to access not only major internet server systems and large corporations, but smaller companies and law firms are falling victim to these attacks as well.  ALPS has found that many attorneys overlook the importance of protecting their digital information, so we offer an ever-growing library of resources and timely CLEs to help you stay on top of the risks. We also offer our policyholders a cyber policy to help cover the risk of a cyber attack on your law firm.  

4. There’s so much to do. How can I keep from being overwhelmed?

Take the time to look up and take a breath. Law firms are remarkably busy places and it’s easy to become consumed by the work on your desk. Take a moment every day to step away for just a few minutes. Clear your head and breathe. This is a simple step, but it can help your stress level and give you a moment of solace. Imagine, you come back to the desk and notice an error that could have led to a possible claim had you not taken that short break. You cannot take care of the firm if you do not take care of you. I’d invite you to look at the many resources ALPS offers in the world of attorney wellness.