Retainer agreements present an ideal way for law firms to lower their risk profile, according to speakers at the 15th Annual Risk Legal Malpractice and Risk Management Conference.
A law firm must have a solid process for cementing engagement contracts with new clients and should make exceptions or changes only with the approval of someone in the firm other than the lawyer bringing in the business, they said.
Claims dropped significantly at one firm after it began requiring strict compliance with retainer contracts, one panelist said during the March 3 session on “Getting Engaged: A New Look at Engagement Letters ...
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