Unfortunately, you can be sued for failing to prevent or not discovering the wrongful conduct of others. Too often it’s what you don't say or don't do that can and will be used against you.
Acting as in-house counsel, whether for a public or private company, is an increasingly complex and vital role. Unfortunately, it also comes with legal malpractice risk. In-house counsel can be at risk for doing any of the following:
- Human resource management work on activities such as downsizing
- Review of advertising, press releases and other communications.
- Reports or opinion letters to outside agencies or regulatory bodies, including the Securities and Exchange Commission (SEC).
- Approval of contract language used with outside vendors or customers.
- Any other legal services for the company that might be relied upon by third parties.
Indemnification agreements and directors and officers liability insurance policies can offer some protection from an allegation of legal malpractice, but often leave gaps, exposing an in-house attorney to a non-indemnified and uninsured loss.
In recognition of our expertise in underwriting coverage for in-house counsel, Chubb is proud to be an ACC Alliance Partner providing employed lawyers professional liability insurance to members of The Association of Corporate Counsel (ACC). ACC members are eligible for coverage enhancements to their Chubb Employed Lawyers Professional Liability Insurance policy and access to loss prevention resources regarding lawyers professional liability exposures.