ChatGPT is a natural language-based processing tool via a chatbot that allows users to obtain answers to questions and to gain assistance drafting written communications. Additional benefits of ChatGPT include automating repetitive tasks and conducting comprehensive data searches within seconds.

For attorneys, a commonly stated concern is that they are about to be replaced, in whole or in part, by ChatGPT or other similar Artificial Intelligence (“A.I.) programs, such as Bard, Bing, and others that are not yet widely available. However, there are a host of more immediate practical concerns that lawyers need to weigh when contemplating the use of ChatGPT in their law practice. At a minimum, law firms should carefully balance the risks of employing ChatGPT against any expected benefits and obtain informed client consent before using such artificial intelligence on a client matter.

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A Bad Economy Increases Risks for Lawyers

                Experts may disagree as to whether we are in a recession, but there is no question that our economy has been in a weakened state for a lengthy time period, which may impact professional liability claims for lawyers. For example, virtually all areas of practice for lawyers showed an increase in claims as a result of the 2008-09 recession. As a result, lawyers should be keenly aware of liability exposure as professional liability claims tend to increase during bad economies. Financial concerns may tempt lawyers to engage in precarious behaviors – curtailing risk control procedures, accepting riskier clients, or taking cases in practice areas outside of the customary course of business. Similarly, clients who may more easily forgive an error or perceived bad outcome to a matter may now consider their law firms as a deep pocket that can ease their economic woes.

In this challenging economic environment, law firms must remember the fiduciary duties owed to clients, the ethical duties imposed upon them by the Rules of Professional Conduct, and best practices for avoiding claims. Monitoring and responding appropriately to the following issues will help to minimize a law firm’s exposure.

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May 1-5, 2023 marked the fourth annual Well-Being Week in Law (“WWIL”).

Occurring in conjunction with Mental Health Awareness Month, WWIL is an industry-wide initiative supported through the Institute for Well-Being in Law to address general health, mental health, and problematic substance use in the legal profession, often frequent but unspoken factors in professional liability claims. WWIL provides concrete, actionable ideas and resources to encourage innovation and improved well-being for all involved in the legal profession. In recognition of the importance of these issues, our live webinar includes a section devoted entirely to addressing lawyer well-being and offers helpful resources for our insureds.

Our previously published article also discusses data and resources related to well-being and mental health, and can be found here.

Lawyers serving on a board of directors may derive many benefits from such service, including honing one’s business skills, developing professional relationships, enjoying the prestige and recognition of board membership, and strengthening the lawyer’s ties with an existing or potential law firm client. Lawyers contemplating board service must weigh the potential benefits against the risks inherent in such appointments prior to acceptance and throughout the tenure of any board service. Ambiguity concerning the lawyer-director’s precise role, as well as inattention to conflicts of interest and other liability issues may lead to negative consequences for the company, the lawyer’s law firm, and the lawyer herself.

There is no rule or law that prohibits lawyers from simultaneously serving as legal counsel and board members for an organization. Comment 35 to ABA Model Rule of Professional Conduct [“ABA MRPC”] Rule 1.7 cautions, however, that if “there is a material risk that the dual role will compromise the lawyer’s independence of professional judgment, the lawyer should not serve as a director or should cease to act as the corporation’s lawyer when conflicts of interest arise.” Moreover, if the lawyer contemplating board service determines that conflicts probably would arise frequently and be significant, the lawyer should either decline the offer to serve as a board member or decline to represent the company as legal counsel.

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As with every other aspect of our lives, technology continues to redefine how lawyers practice and how firms operate. In view of that basic premise, the pace of changing technology provides the opportunity for firms to regularly reassess their processes, operations, and systems. Routine system-wide assessments permit greater operational efficiency and productivity, improved client service, increased new client generation, and ultimately improved financial success. Moreover, a systematic reevaluation of law firm operations (which should typically occur at least once a year) is one tool out of many that firms have at their disposal to help minimize the risk of potential malpractice claims or claims of ethical impropriety. With pervasive and ever-evolving ethics rules, opinions, and legal malpractice precedents, this protocol becomes especially important.

This challenge creates a number of questions. The questions lawyers ask themselves should not be “Must I accept electronic payments?” or “Should my solo practice need an incident response plan?” Rather, those questions are better phrased as “How do I improve my practice?” Or “How do I more efficiently track and follow up on my accounts receivable to free up more time to devote to clients?” “How can I organize my documents to be more accessible?” “Drastically reduce mistakes or human-led errors?” Compile large amounts of data while seeing only what I need when I need it without missing a beat?” “How do I more securely communicate with my clients?” “Or keep my firm and clients protected against non-stop cyber risks and attacks?” And of course, “How do I ensure that I get paid, and faster, for my work?”

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Introduction:

People often ask, “When is the right time to retire?” But like so many questions about important decisions, there is no “right” answer. To find a meaningful answer, the questions should be reframed as, “When is the right time for me to retire?” And the only person who knows the right answer to that question is you. The key is to ask yourself that question now and then revisit it from time to time throughout your practice. The earlier you begin to think about it, with an eye toward retirement someday in the future, the more likely you are to be ready for a smooth transition out of practice whenever the time comes.

Lawyers tend to work longer than the general workforce. While some lawyers retire in their 50s, others continue into their 80s and even older. According to the recent ABA report, “Profile of the Legal Profession 2021”, roughly 14% of lawyers are 65 or older, double the number of that age group in the general workforce (7%). The Covid-19 pandemic has caused about a third of the lawyers over the age of 62 to reconsider their retirement plans; of that group, about half decided to accelerate retirement (47%) and the remainder (53%) decided to postpone it.

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