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Posted on: July 13, 2016 by Huntersure
Oftentimes, when an investigation is launched, lawyers don’t have time to figure out how to manage it. Unfortunately, fraud and other illegal conduct are common issues faced by the law sector, and mitigating the risks of an internal investigation are almost inevitable. As we discuss how to prepare for an internal investigation, ensure your firm is protected with Lawyer Professional Liability insurance.
If the allegations that sparked the investigation are regarding a low to mid-level employee, an internal investigation will suffice. However, if they involve high-level executives, it’s wise to enlist the assistance of an outside independent counsel. Likewise, if the allegation relates to a criminal act the company could be liable for, such as violations of the Foreign Corrupt Practices Act or antitrust laws, you’ll want outside counsel- If the allegation amounts to a significant scheme of a high monetary magnitude or could have serious public relations ramifications for your brand, outside counsel is also the way to go, says Inside Counsel.
If the investigators have a personal investment in the outcome, a special committee may be called to mediate and prevent the findings from coming under heavy scrutiny. Bear in mind that attorney-client privilege is a must for these investigations, so ensure a lawyer conducts it rather than a law enforcement officer to maintain the necessary privacies. However, if the company is a victim of fraud or embezzlement, it likely will want to submit an insurance claim and refer the matter to the authorities by disclosing the factual findings of the investigation, says the article.
At Huntersure, we are experts in professional liability coverage and the processes used to identify accountability. We aim to protect each component of your clients’ business with competitive pricing and quality solutions. For more information on our products and services, contact us today at (855) 585-6255.