A prominent law firm had drawn up numerous professional and business agreements for their clients over the years – buy/sell agreements, operating agreements, and a wide-range of trust instruments. On a regular basis the firm sent out notices to their clients to have these documents reviewed.
However, the underlying funding instruments, primarily insurance, had not been regularly updated for appropriate amounts of coverage. In addition, ownership provisions and the beneficiary provisions of these documents have never been dealt with appropriately.
Then last spring, after hearing about another law firm having to close because of a professional liability claim for negligence, Concentrix partners were asked to audit the firm’s instruments and coverage. Many potential sources of liability were identified and a systematic updating of all funding instruments was undertaken.
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