How to Lower Your Legal Liability Risk

Source: CPA Mutual

Following are excerpts from an article by Bill Thompson, COO of CPA Mutual Insurance Company.

A quick question … does your practice face more or less risk today than it did five years ago?

I think most of you will agree with me without hesitation when I say, “MORE risk.”

What can you do?

Firms need to slow down and remember they only have so many qualified individuals to handle the work load. So before adding that new client, think long and hard and make sure you have the right people working the engagement. And when I say “right,” I mean qualified. There is nothing worse than to hear one of your staff say at deposition: “I had no idea what I was supposed to do, and there was no one on the job to answer my questions.”

Make sure you have a document retention policy that includes electronic documents. Can you imagine a plaintiff attorney discovering a text message from a junior staff person telling a friend that the senior on the job has no clue what he or she is doing? Remind your staff that anything they write—regardless of its form—may be discoverable.

For the complete article, click here.

From William Thompson, CPA Mutual Insurance Company, www.cpamutual.com.

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