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Collection Attorney Insurance Needs and Benefits
Clients are becoming more adamant that attorneys carry specific types of insurance policies. At the same time, the cost of insurance and other compliance issues is increasing. One of our attorney members recently said, "Compliance has become one of our fastest growing, non-direct income-producing expenses. On top of that, compliance costs and requirements just keep growing at exponential rates". He specified that their current insurance has increased by $5000/yr. and new insurance that they previously didn't have is costing them an additional $2000/yr.
Whether you are a new or an experienced attorney, you could benefit from a review of the specific types of insurance that you need to safely and profitably do business in the debt collection industry. This article contains general information that we hope will help all readers evaluate their current coverage. You also should review your coverage with an insurance expert to get definitive information.
The two major types of insurance policies that your clients may require you to have in order to do business with them are Legal Malpractice and Fidelity Insurance. The definitions and some of the following information about these policies is from http://legal-dictionary.thefreedictionary.com/malpractice, www.wikipedia.com, www.businessdictionary.com and related searches.
Read the complete article, Collection Attorney Insurance Needs and Benefits.
The Pitfalls of Collecting Canadian Claims
By Jordan W. Charness, Senior Partner
Charness, Charness and Charness, Canadian Attorneys
Neil thought he was a pretty nice guy. He was fairly honest in business and would listen to other people's opinions, if they did not conflict with his own. He was successful and smart, but sometimes he was too smart for his own good.
Even during these difficult economic times, Neil's business was doing better than most. Although he still extended credit to his customers, he was pretty careful not to overextend the courtesy. Neil instructed his salespeople to be sure to follow up on their sales, because he realized that a sale is only a sale if the bill has actually been paid.
Neil hired a new salesman, Warren, who decided to tap the Canadian market. He was sure that Canada was just an extension of the United States, and that Canadians would love to buy their products just as much as his fellow Americans. Neil agreed, and they started The Great Canadian Campaign.
Warren began to spend most of his time soliciting Canadian business, and he was fairly successful. They watched as Canadian sales grew, and they didn't pay much attention to possible differences between Canadian and U.S. sales. After a while, Warren and Neil both grew even more complacent. They assumed that Canada was just like California, only colder. When the economy took another nosedive, they found out they were wrong.
The problem: While most Canadians do speak English, Canadian laws differ from U.S. laws in many different areas.
Read the complete article, The Pitfalls of Collecting Canadian Claims.
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