Insurance Lawyer Marketability: How to Stand Out & Grow Your Insurance Law Practice

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Summary

Insurance attorneys specialize in areas such as law and regulations related to property, casualty, and life insurance, as well as other related aspects of the legal system. They possess a great deal of knowledge in the highly regulated field of insurance law and are in demand by clients, firms, and corporations. Insurance lawyers are in high demand and their marketability is growing as more cases related to insurance and the law emerge.

Insurance attorneys are valued by their clients because they offer a wide range of legal services. They have the ability to provide legal opinions on issues related to insurance contracts, settlements, and disputes. Insurance attorneys can provide advice on claims handling, dispute resolution, and policy interpretation, as well as other legal topics. They are also adept at interpreting and applying state and federal laws as applicable to insurance matters.

The unique qualifications and expertise possessed by insurance attorneys make them attractive for jobs in both large and small law firms, as well as in-house legal departments. Insurance attorneys are in demand due to their ability to handle complex legal matters with a deep understanding of the law, as well as their familiarity with the insurance industry and the legal process. Their ability to understand complex documentation and procedures makes them invaluable to their clients and employers.

By specializing in insurance law, attorneys can develop a unique set of skills and knowledge that can be used in a variety of legal contexts. Insurance attorneys also understand the subtleties of state and federal regulations, litigation strategy, and case law. These skills are essential for large corporate clients and organizations, as they are often faced with complex insurance disputes.

In order to maximize their marketability, insurance attorneys must be proficient in the areas of law related to insurance and have a thorough understanding of the industry. Insurance attorneys should also possess strong communication skills and be comfortable in negotiations. These skills are essential in the increasingly complex field of insurance law, as well as in the corporate environment.

Insurance attorneys have become more sought after in recent years and their marketability continues to grow. Insurance attorneys bring a valuable set of legal expertise and knowledge to their clients and employers, including complex legal matters, state and federal regulations, and dispute resolution. As the demand for insurance attorneys increases, their marketability will continue to grow.
 

Understanding the Marketability of Insurance Attorneys

Insurance attorneys are often an essential part of resolving insurance disputes. They can provide valuable insight into the legal complexities of insurance policies and can help to find a resolution that is fair to all parties involved. Insurance attorneys also have a well-developed understanding of the insurance industry, giving them a unique perspective in dealing with insurance-related matters.

The marketability of insurance attorneys can depend on the specific type of legal services they offer and their experience level. Insurance attorneys who practice general insurance law can be highly marketable, while specialist attorneys focusing on specific areas such as workers' compensation or pensions may need to focus more on their expertise in that particular field. Additionally, attorneys who have at least five years of meaningful experience are typically more marketable.

In addition to experience, insurance attorneys must demonstrate a deep understanding of federal and state laws related to insurance. Attorneys with this knowledge and expertise can typically find positions as in-house counsel, a legal advisor to an insurance company, or a defense attorney for an insurance company.

It's also important for insurance attorneys to develop strong communication and negotiation skills. They must be able to effectively evaluate a client's case, properly assess the legal risks associated with an insurer's policy, and make clear and rational arguments in a court of law. As such, they must also be confident public speakers and persuasive advocates. With the right skills, insurance attorneys can become highly marketable in their field.
 

The Marketability of Insurance Attorneys in 2020

Insurance attorneys have become increasingly in demand in 2020. With the outbreak of the novel coronavirus and the resulting legal changes at both federal and state levels, many companies and individuals need legal counsel in order to adjust to new laws and regulations. As a result, there is a higher demand for experienced insurance attorneys who can provide legal services and advice on insurance-related matters.

The marketability of insurance attorneys also depends on the specific specialty they practice. Those who specialize in areas including pensions, workers' compensation, and life insurance are especially sought after. Additionally, attorneys with at least five years of meaningful experience are typically highly marketable. In order to effectively represent their clients, insurance attorneys must also demonstrate a deep understanding of relevant laws as well as strong communication and negotiation skills.

Question
As an insurance attorney, what kind of job market is available to me?

Answer

We are frequently contacted by attorneys whose practices focus on insurance law. The relative marketability of these attorneys depends on the specific nature of their practice. Insurance coverage attorneys are highly marketable, and can transition to challenging new positions with top law firms with relative ease. On the other hand, those who practice insurance defense find it more difficult to make an upwardly-mobile move, notwithstanding their often excellent litigation skills.

What then, is the difference between insurance coverage and insurance defense, and why do attorneys in the former area have an easier time making a lateral move? While a detailed explanation of all of the nuances of insurance law is beyond the scope of this article, the following is an explanation of the basic differences between the two types of practices. Also included is a discussion of how insurance defense attorneys can best position themselves to make a lateral move to a top law firm.

AS A GENERAL RULE, INSURANCE COVERAGE CASES INVOLVE MORE SOPHISTICATED LEGAL ISSUES AND ARE MORE LIKELY TO RESULT IN BINDING CASE LAW THAT WILL DIRECTLY AFFECT FUTURE CLAIMS

The phrase "insurance defense" refers to situations where an insurer hires counsel to defend its insured against an action brought by a third party-typically, an action alleging that the insured has caused the third party to suffer bodily injury or property damage. The parties to the action typically are the insured and the third party claimant. The legal issues revolve around whether the insured defendant is liable to the third party, and if so, for how much.

In contrast, the parties to insurance coverage actions generally are the insurer and the insured. The insured is seeking to recover under a policy of insurance, and the central legal question is whether the insured's policy covers the loss or liability. Insurance coverage actions also may involve complex issues-including disputes between insurers-relating to matters such as primary/excess coverage, time-on-the-risk, or reinsurance. Such actions also may involve first party claims for coverage (e.g., for a loss suffered by the insured, rather than by a third party, such as fire or earthquake damage to the insured's home, or theft of the insured's personal property) that are never at issue in insurance defense.

Automobile insurance provides a fairly straightforward example of the difference between insurance defense and insurance coverage. Imagine that an insured driver is involved in an automobile accident with another driver. As a result, both cars are damaged, and the other driver is injured. The other driver sues the insured for the injuries and damages allegedly suffered. The insured therefore seeks coverage for the other driver's injuries and property damage, and asks the insurer to defend him in the lawsuit brought by the other driver.

If there are no coverage issues, the defendant's insurer will appoint counsel to defend the insured in the action, and will attempt to resolve the claim for bodily injury and property damage, by settlement or otherwise. The legal issues will be fairly straightforward—how did the accident occur, what was the proximate cause of any resulting injuries and damage, and what is the monetary value of the injuries and damage suffered. If the insured is found liable, or agrees to a settlement within policy limits, the insurer will pay the tab.

But if there are coverage issues, the insurer may refuse to cover the damages suffered by the insured and the third party, and may refuse to defend the insured in the lawsuit brought by the other driver. In that event, coverage litigation may ensue-instigated by either the insured or the insurer-in which the operative question will be whether the insured's policy covers-or potentially covers-the loss or liability resulting from the automobile accident, thereby entitling the insured to a defense and/or indemnity. The legal issues involved in such a suit will not focus on whether the insured is liable to the other driver. Rather, they will focus on matters such as whether the policy was in effect at the time of the accident, whether the driver of the vehicle was in fact insured under the policy, or whether the insured's liability arises from an excluded risk (such as situations where the insured intentionally caused the accident).
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Thus, insurance defense cases tend to focus on the facts of a particular incident or occurrence. Insurance coverage cases tend to focus on the language of the policy and the case law construing the policy language. Such cases can have a much more dramatic impact on the insurer's bottom line, because they can establish precedent that will apply to future claims.

INSURANCE DEFENSE LAW FIRMS ARE LESS LIKELY TO USE LEGAL RECRUITERS THAN FIRMS THAT HANDLE INSURANCE COVERAGE WORK

While insurance defense cases sometimes involve high-dollar claims, the practice generally tends to be high volume/low value. Because insurance defense work tends to be high volume, insurance carriers often assign a lot of cases to a particular firm, but pay a fairly low hourly rate. Insurance coverage cases, on the other hand, can be quite large scale, with multimillion dollar claims that take years to litigate (for example, claims for coverage of liability for environmental contamination that allegedly took place over decades, thereby implicating numerous policies). Carriers generally are willing to pay a much higher hourly rate for these types of cases, because as a general rule, the work is more sophisticated, and, as mentioned above, more likely to result in binding case law that will apply to future claims.

Firms that handle insurance defense work tend to pay their attorneys salaries that are below market. They are often unwilling to recruit lateral attorneys through recruiting firms-which can entail a substantial fee-preferring to hire candidates directly. On the other hand, many of the top law firms in the country handle insurance coverage work. Some handle such matters on behalf of insurers, and some handle them on behalf of well-heeled corporate policyholders. In either event, such firms are able to command very respectable hourly rates for their work, and generate a healthy revenue stream in the practice area. Many such firms are our clients.

INSURANCE DEFENSE ATTORNEYS CAN MAXIMIZE THEIR MARKETABILITY TO TOP LAW FIRMS BY FOCUSING ON INSURANCE COVERAGE WORK TO THE GREATEST EXTENT POSSIBLE, AND HONING THEIR LITIGATION SKILLS

Many law firms that focus primarily on insurance defense work also do a fair amount of insurance coverage work. Attorneys who work at such firms can maximize their marketability to top law firms by handling as much insurance coverage work as they can get their hands on. Attorneys who have done so (including this author) have been able to leverage themselves into better-paying positions at more prestigious law firms, where they have handled more sophisticated and satisfying work. We have had success marketing such attorneys to top law firms by focusing on the strong, hands-on litigation experience that they have gained through their insurance defense work, and the exposure to sophisticated legal issues that they have gained through their insurance coverage work.

Such attorneys should approach a potential lateral move with considerable thought. Some individuals in hiring positions have a bias against insurance defense attorneys, perceiving them to be less careful in their work and to have less sophisticated experience than other candidates. To address any such bias, a candidate should ensure that his or her application is as well-presented and informative as possible. The application should highlight any insurance coverage experience-including a description of the specific nature of that experience (e.g., first-party or third-party, types of coverages/claims, etc.)-as well as the extent of the candidate's hands-on litigation experience. Many insurance defense attorneys have substantially more experience than their counterparts at more prestigious firms in handling depositions, oral arguments, arbitrations, and trial. This experience can be very attractive to firms when presented as part of a strong package.

A final thought to keep in mind is that conflicts can be a major concern in insurance coverage work. While some firms represent both insurers and policyholders, most focus on representing one side or the other. A firm that represents only policyholders may be unwilling to consider hiring an attorney who has represented insurers, simply as a matter of firm policy, or due to actual or perceived conflicts of interest. Your job search should be tailored accordingly.

Any of our BCG recruiters would be happy to discuss your insurance practice with you to determine how you can take your practice to the highest level.
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Jennifer McKee is a recruiter for BCG Attorney Search based in Los Angeles, and she can be reached by calling (213) 895-7300 or by e-mail at jennifer@bcgsearch.com.