Aon’s Professional Services Practice held its 21st annual Law Firm Symposium in Phoenix, Arizona, from October 23-25, 2024. The Symposium is the premier risk management event for large and sophisticated law firms and the insurers that serve them.

Drawing a record registration of over 500 people, the Symposium offered a unique opportunity for law firm general counsels, managing partners, and other lawyers involved in risk management and insurance purchasing decisions to discuss issues of shared interest and meet with representatives from all major professional liability markets in a relaxed atmosphere.

This year’s Symposium featured an insightful line-up of nine programs, presented by an exceptional faculty, that covered the latest information and trends affecting law firms, including the growing importance of the law firm general counsel office, the continuing evolution of artificial intelligence in law firms, the cyber risk landscape from the perspective of law firm information security experts, expert insights on third party opinion practice and on litigation funding, and best practices for resolving major legal malpractice claims.

Some notable takeaways from these panels included:

• Opinion Letter Practice
  
  If a law firm gets the sense that it is being asked to deliver an opinion letter to bridge a trust gap where a third party is concerned about the client’s ability or willingness to do something, then the law firm should run the other way. That is not the purpose of a legal opinion nor a role a law firm should fill.
  
  
• Cybersecurity
  
  Law firms recognize the critical importance of cybersecurity and are investing significant time, money, and effort to protect firm and client data. Yet information security professionals are still confronted with numerous challenges, including human behavior, workplace culture, and even conflicting client requirements. In satisfying clients’ data security concerns, the firm’s cyber insurance policy can operate as a seal of approval that resonates with clients; the policy demonstrates that the insurers have sufficient confidence in the firm’s security programs to accept the transfer of risk.
  
  
• Major Professional Liability Claims
  
  When faced with a major claim, law firms should get their insurers involved early on and use them as a resource. It is in everyone’s best interest to communicate and work together to reach the best possible resolution. A good day for a law firm is a good day for its insurers.
  
  

Thank you to our attendees, panelists, and sponsors for making this year’s event a huge success. Please mark your calendars for the 2025 Law Firm Symposium at the JW Marriott in Nashville, October 15-17. We hope you will join us.