January 19th 2018
With only a couple of years away from retirement, 60-year old Ian Smith, a California real estate attorney found to his dismay, that he was being sued for malpractice. He had mishandled a client’s case on a large deal and, incidentally, had made the same mistake with about 20 client cases over the years.
These mistakes made him vulnerable to over $130 million in liability. Mr. Smith only had $1 million in malpractice insurance, which put his personal assets, retirement funds and residence at risk.