The Advisor's Minefield: Why Professional Firms Are Sued and How to Protect Your Practice

Legal Profession

The Advisor's Minefield: Why Professional Firms Are Sued and How to Protect Your Practice

By Shaun Tracey
Elite Professional Risk September 2025

Specifications

ISBN-13
9798998895104
Publisher
Elite Professional Risk
Publication
September 2025
Format
Hardback
Jurisdiction
U.K. ? Countri(es) for reference only

Details

Testifying in court is every advisor’s worst nightmare, yet liability claims are brought against even the best professional firms. The fallout is always costly: every lawsuit harms the firm’s reputation, client relationships and bottom line. For the ‘accused’ advisors, even a baseless claim threatens their professional success. However, few of the lessons are shared with practitioners.

Through original stories drawn from his 20 years as a defence lawyer for top-tier firms, Shaun Tracey offers a rare insider’s perspective on why advisors are sued, the staggering costs and how to mitigate these risks. How did a billion-dollar claim arise from a single mistaken word? What are the three main reasons clients sue their advisors? And how can you safeguard against scapegoat claims?

Whether you are a lawyer, accountant or other professional advisor, The Advisor’s Minefield is the indispensable guide to protecting your practice.

Table of Contents

Preface
Introduction: The Advisor's Minefield
Chapter 1: 'Purely high level'
Chapter 2: Health Warning
Chapter 3: Who Dropped the Billion-Dollar Ball?
Chapter 4: From Client to Claimant?
Chapter 5: Four Kinds of Claimant?
Chapter 6: Scapegoat Claims
Chapter 7: Preventing Scapegoat Claims
Chapter 8: 'Red Flags' Within Your Work
Chapter 9: 'Red Flags' Within Your Firm
Conclusion: The Advisor's Defence
Appendix 1: Next Steps
Appendix 2: Firm-Wide Implementation
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