What is a Step Rate Credit? Many attorneys have questions about what the Step Rate Credit is and how it works.
Simply put, this is a credit issued to you throughout your first five years on a declining scale.
Over the last couple of years, law firms have moved away from traditional, onsite storage solutions for their data. Instead, many are entrusting their secured documentation to cloud computer services.
Even though the transition to cloud computing services is becoming popular in several industries, law firms should weigh the benefits and risks of remotely hosted services before abandoning their current computer service infrastructure. Other disadvantages in cloud computing include:
With law firms, the most critical aspect would be the potential for data breaches. Because law firms hold private, critical data (confidential client information and evidence); therefore, the need to protect it from potential security breaches is high. In fact, the number one concern for firms is the amount of people who have access to their data, followed by the potential for unauthorized users.
On the other hand, the companies offering cloud computing for law firms and other organizations guarantee that remotely hosted services can offer a higher and more reliable standard for data protection than onsite software.
No matter the type of solution your law firm decides to use, contact The Bar Plan on how to protect your business against the dangers of a data breach. Visit our website, where you will find more details about this coverage and more information regarding legal malpractice insurance.
The Missouri Supreme Court adopted changes to two Missouri Rules of Professional Conduct that went into effect on July 1 which could heighten malpractice risks for lawyers:
1) New subdivision (f) of subdivision 4-1.15, entitled “Client Trust Accounts and
Property of Others,” and
2) New subdivision 4-1.22, entitled