Panel Counsel
Key Takeaway
Attorneys approved by the insurance carrier to defend malpractice claims. Most carriers maintain a panel of pre-approved defense firms with expertise in legal malpractice defense.
Definition
Attorneys approved by the insurance carrier to defend malpractice claims. Most carriers maintain a panel of pre-approved defense firms with expertise in legal malpractice defense. Some policies allow the insured to select their own defense counsel, while others require selection from the carrier's panel, which can affect the quality and responsiveness of the defense.
Why This Matters for Law Firms
How claims are handled directly impacts your firm financially and reputationally. Understanding the claims process and related terminology helps law firm leadership make informed decisions when a claim or potential claim arises, and ensures you do not inadvertently jeopardize your coverage by failing to comply with policy requirements.
Example Usage in Context
When a partner receives a demand letter from a former client, the firm's risk manager might reference this: "We need to understand the panel counsel requirements under our policy before taking any action. Let me contact our carrier and broker immediately."
Related terms
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