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| Posted By |
WendyNC on 8/26/2008 4:39:23 PM |
| Subject: |
RE: As a Paralegal of a Solo Attorney |
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If you've been with your sole prac for a number of years, you may have an insurable interest in the event of his/her untimely demise. If you do and your attorney is reasonably young and healthy, a small term policy might be a cost-effective purchase. Alternatively, your attorney could name you the beneficiary of the small life insurance policy usually associated with his/her health insurance.
If you're concerned about the attorney's disability, there's a nifty thing called Business Overhead Disability Insurance. This is far less costly than personal disability insurance and is something your sole prac probably should purchase anyway. This normally kicks in after just 30 days and usually runs for six months which would provide enough time either for your sole prac to recover or to keep you employed while you worked with outside counsel to wind down the practice and find another job.
As far as discharge, with your sole prac I suspect that you have far more access to information and influence over the practice and its income and expenses than you ever would in a larger firm. Mid-size can be particularly dicey if money gets tight and partners get to fighting among themselves (been there, done that). Large firms (which I know only from observation) are purely a crap shoot. Last hired, first fired happens, but so does squeeze-out of the higher-paid and more experienced personnel. Mergers happen and so do splits. One can be quite safe in one's small sub-group or a small fish in a shark pool.
I'm quite interested to see what others have to say about this. |
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