Posts tagged: risk management

How much is your engagement agreement worth?

In case you missed the recent issue of the Pennsylvania Bar Association‘s eNewsletter, I want to call something new and exciting to your attention.

The PBA Insurance Program, offered through USI Affinity, recently announced a risk management policy enhancement for CNA policyholders in Pennsylvania.

A policyholder using an engagement letter in connection with legal services that are subject of a malpractice claim will have the deductible applying to that claim reduced by 50 percent – up to $25,000.

What’s interesting, is that a key provision for this enhancement to apply is that the engagement letter include a statement regarding client file retention.  I have been recommending this be included in engagement letters for many years.  Those who have attended my Records Management seminar can attest.  I even provide sample language to attendees and PBA members.

CNA authored an article entitled Better With a Letter: Why Attorneys Should Use Engagement Letters; An Introduction to Engagement Letters.   Of course, PBA members can get my resource on engagement letters by sending an email request directly or through the PBA website.

Kudos to CNA for putting a value on this best practice!

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