Presented by:

Todd C. ScottVP Risk ManagementMinnesota Lawyers Mutual Ins. Co.

Your Presenter: Todd C. Scott

• VP Risk Management• Practice Management Advisor, 20 years• MLM is a professional liability company,

exclusively serving small and midsize firms• www.mlmins.com

Basic facts about malpractice:

• Starting a law practice today: 3 malpractice claims likely in career

• Personal injury lawyers: even more• Lawsuit doesn’t always mean the

lawyer did something wrong• Best and the brightest at the lowest

point: It happens to everybody.

Where the data comes from:

• ABA Profile of Legal Malpractice Claims2008-2011

• 4 year, quadrennial study of firms and malpractice

Where the data comes from:

Avoid trouble with trust accounting

• Financial mismanagement: fastest way to ethics discipline

• Off-the shelf accounting programs can work but lack full integrations features

• Know the difference between “available funds” and “check “cleared”

• Internal controls for combating fraud include: shared responsibility, rotation of banking duties, and continuous attorney oversight

Avoid trouble with trust accounting

• Factors in theft of client funds:• Infrequent executive management

• Weak financial management

• Inadequate financial controls

• Decentralized system for payment approval

• Firms with high volume pass-through disbursements

Simplify and automate client onboarding

• It’s all about the basics: have a good system and stick to it

• Conflict checking is simple and it is your duty

• The way you are practice law is changing so your system is more important than ever

16 GB = 1,600,000 Documents

16 GB = 1,600,000 Documents

Eliminate the risk of missed deadlines

• Missed deadlines: the most difficult malpractice claims to resolve

• Personal injury: the most common claim, and the most expensive

• Good docket control goes way beyond ordinary office calendaring software

Close the communication gap

• Lawyer/client communication breakdowns: 15% of all claims

• Client communication is a regularly scheduled event

• Use every opportunity to communicate to the client – in detail

Follow real and virtual paper trails

• Organization is more important than ever before.

• Centralizing firm data: keeps firm organized and safe

• Documenting the files is crucial when clients “misremember” things

• When thinking about data: backup, backup, backup

“Nothing kills paper quicker than mold.”

Establish a routine and adapt to new technology

• What is your vision for the technology in your firm?

• When adopting new technology: plan ahead, and not all at once.

• Budgeting for technology should always include service and support

• Include the staff when choosing software

Establish a routine and adapt to new technology

• What is your vision for the technology in your firm?

• When adopting new technology: plan ahead, and not all at once.

• Budgeting for technology should always include service and support

• Include the staff when choosing software

When you grow, find the tools that fit your firm

• Legal software is not-off-the shelf. Work with the manufacturer or a certified consultant

• Scalability in software platforms will take the sting out of firm growth

• Leading edge software is a good place to be. Bleeding edge isn't.

Generate airtight documents

• How we create and save documents is changing.

• File name configurations should be intuitive and consistent.

• Forms and template creation can streamline your practice like never before.

• Cut and paste: risky and unnecessary.

Generate airtight documents

Document arrives in firm

Photo copy is madeCopy is mailed to client Original goes to file

Incoming Documents

Generate airtight documents

Generate airtight documents

Generate airtight documents

Generate airtight documents

• All Incoming Documents Get Scanned Immediately

• All Outgoing Documents are Printed to PDF

• Store Digital images in Logical Files• c:\work\smith-jo\pleadPDF\150327-complaint

• c:\work\smith-jo\correspPDF\150327-TCS-AMR

• c:\work\smith-jo\pleadDOC\150327-complaint

More Questions?

Todd C. Scott800-422-1370tscott@mlmins.com

www.mlmins.com

Contact:

Additional Resources• The LexisNexis Law Firm Practice Management Resources:

• Blog post: Eight Simple Tactics to Minimize Attorney Malpractice

• Blog post: New Infographic: What Attorneys Need to Know about Malpractice

• Blog post: The Business Case for Law Firm Practice Management ROI

• Blog Post: Infographic: Client Value as a Path to Law Firm Profitability

• Blog Post: The Secret Law Firm Metric Clients Will Pay to Improve

• White Paper: 9 Signs Your Firm May be it’s own Worst Collections Enemy (Reg. Req.)

• White Paper: Seven Secrets for Climbing out of the Underearning Rut (Reg. Req.)

• White Paper: A Practice Owner’s Hierarchy of Tasks (Reg. Req.)

• White Paper: A Lawyer’s 7-Point Plan for Trust Account Management (freely downloadable)

• CLE Webinar: Case Organization, Analysis and Presentation | Tuesday, June 16, 2015 | 2:30 to 3:30 p.m. EDT• Cost:  Complimentary with registration

Where:  Online webinar, register here

• Presenters: 

• Lauren Berry, Esq, of LexisNexis

• David Cowen of The Cowen Group

• Suzanne Dinsmore of Day Pitney LLP

• Social Media:

• Blog: Business of Law Blog

• LinkedIn: LexisNexis Software and Technology Solutions Page

• Twitter: @Business_of_Law

• Facebook: LexisNexis Business of Law

• Google+: +businessoflawblog

• Subscribe to LexisNexis software and technology press releases via RSS