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Insuring earners: Disability insurance for law firms

Law firms that provide disability insurance can gain an advantage in ?the battle for top talent, says Connie Golleher

1 March 2013

 

As US law firms compete for the best and brightest legal minds, they are also looking to control the soaring costs of benefits. Finding the right balance is the challenge. One way of boosting benefits with little or no cost to the firm is to sponsor insurance plans that associates and partners pay for themselves. Because of the firm’s endorsement, they receive a discount and a better policy from the insurer. It can be a win for everyone.

The most valuable asset a lawyer has is the ability to practice and earn an income. Lawyers are increasingly realising that, if they are unable to work, they risk lifestyle changes unless they have adequate income replacement benefits. The greater the income, the greater the potential loss if they are disabled for an extended period of time.

A disability can happen at any moment and at any...

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