Last week’s Top Tip emphasized the importance of having a legal malpractice insurance policy in place from your first day of practice with no gaps throughout the entire time you are practicing law. What is also important is to ensure that claims made after you leave a firm or leave the practice of law for acts, errors or omissions that occurred prior to your departure are covered. If you are closing your firm, retiring from the practice, and/or leaving one firm to go to another, you should consider purchasing extended reporting coverage or “tail” coverage.

Extended reporting or tail coverage is an agreement with the carrier to extend the period of time that you can report a claim after a policy expires.  It mitigates the risk related to claims that arise from past conduct after a policy terminates.  It is usually an endorsement to an existing policy which does…