I hope this finds all of you doing well and thriving as you stay safe and healthy! I am pleased to report that, while we would love to return to more in-person meetings and interactions, The Bar Plan is managing well through this pandemic. Our Underwriting and Claim departments are servicing clients in a timely and robust manner, and our Risk Management team is providing quality and timely ethics and risk avoidance webinars to ensure that lawyers receive the CLE hours they need.
We are also providing a wide range of important and timely resources to help lawyers manage the challenges presented by COVID-19, including resources for those who may have been displaced from their firms.
Now, on to the Annual Report…
I am pleased that we had a profitable year from operations. However, due to a one-time write-off, we had an overall net loss for the year. The Bar Plan is implementing a new integrated administrative software solution to create additional efficiencies and to meet the future technology needs and expectations of our customers. The first software developer we engaged on this project failed to deliver. We ultimately terminated that relationship and hired a new developer who is on track to complete the project in 2021. Although we anticipate a significant recovery of the expenditures related to the first developer, accounting rules require a write-off of these expenditures in the year the project was scrapped. Any subsequent recovery will be recorded as revenue in the year we recover these funds. This write-off had no impact on surplus, which remains strong.
ALL CLAIMS OPENED IN 2019
ALL CLAIMS CLOSED WITH INDEMNITY PAYMENTS IN 2019
The Bar Plan’s Court Bond Program continues its steady growth and profitability. We thank our many marketing partners and the attorneys who have been the backbone of this success. They have come to rely on our commitment to customer service and support, our timely turnaround times, and our attorney-managed underwriting that understands what they need and provides it on the first try. We are fortunate to have had consistent, quality leadership in that program over the years, and the results speak for themselves.
Service to the legal community has always been a hallmark of The Bar Plan, and that commitment has never been stronger. The Bar Plan staff are currently serving in leadership roles in the ABA, and in state and local Bar Associations, and our Corporate Secretary, John Gunn, will serve as President of The Missouri Bar for the 2020-21 Bar year. We congratulate John, an outstanding leader and advocate for lawyers and the legal profession, and we are committed to assisting him in any way we can to advance the Bar’s priorities.
Thank you for your continued support. If you have any questions or comments, please feel free to reach out to me or any member of our leadership team.
Best regards and please stay safe.
CEO & President
The Bar Plan