Have you received a request for a wire transfer? Before moving forward with disbursement of any funds entrusted to you, consider the following:
Step 1: Red flags
- Receiving an urgent email to disburse funds.
- Communication that does not match original wire instructions.
- Slight variations on an email address of the sender.
- Communication request via email only (without verbal instructions).
- Messages from the sender using incorrect spelling or odd phrases.
- Incoming phone call requests from an unfamiliar contact number.
- Request for urgent wire transfer after receiving an unexpected check from your client.
Wire fraud generally involves an attempt to defraud your firm, your client and could damage your reputation; therefore consider implementing the following:
Step 2: Preventative measures
- Ensure well-defined protocols are in place for all wire transfers.
- Initiate verbal authorization no matter the urgency of the request.
- Institute electronic security and authentication controls.
- Educate employees on the risks associated with phishing schemes.
- Refer back to your clients’ primary contact information.
- Regularly update spam filters and firewalls.
- Before initiating any wire transfer, always call your client.
Cyber criminal schemes are complex, convincing and creative. Protect yourself and your clients by verbally confirming all wire transfers prior to disbursement of funds.Read More
Lawyers’ Mutual is happy to close the 2019 year with a thank you to our members.
Along with this year’s 17% average rate decrease, Lawyers’ Mutual Board of Directors is proud to announce an 8%* dividend payment to our qualifying members.**
Lawyers’ Mutual appreciates your continued support; keep an eye out in November for the arrival of your dividend check.
Serving our members is at the core of everything we do, and we are very excited for what the future of our partnership holds with our members.
Our strength is your insurance.
*Dividends are paid at the sole discretion of the Company’s Board of Directors and past dividends do not guarantee the payment or amount of future dividends.
**Members of record as of November 1, 2019, who paid premium on a one-year policy with an effective date between November 1, 2017 and October 31, 2018.Read More
Last month we premiered “Family Law Fiascos – Avoiding Legal Malpractice Claims” (click now!.) As noted, family law attorneys are in the top three practice areas for malpractice claims. Estate planners are #4 according to the most recent ABA study. In our continuing efforts to help our members achieve their best practices, we are launching “Risk Management for Estate Planning Attorneys.” California Certified Specialist (Estate Planning, Trust & Probate and Taxation Law) John Hartog succinctly explains how to avoid the top ten mistakes in this practice field. Additionally, Mr. Hartog guides you through a challenging, but all too common scenario involving elderly clients, joint representation, multiple marriages, undue influence and competency issues. Click here now for 1.0 hrs. General Credit. As always, Lawyers’ Mutual’s on demand MCLE is free to our members.Read More
For the first time in nearly three decades, California’s Rules of Professional conduct have undergone a COMPREHENSIVE change. Alison P. Buchanan, a recognized leader in California ethics, guides you through this daunting topic in a brisk 45 minute (.75 Ethics) on-demand seminar. Click here to view “What Every Lawyers Must Know About the NEW California Rules of Professional Conduct” at your convenience before the rules become effective on November 1, 2018. Meet all of your MCLE requirements at www.lmic.com, always at no charge to our members.Read More