ALAS
ALAS is a privately held insurance company founded in 1979, specializing in Lawyers' Professional Liability Insurance and risk management for law firms. Based in Chicago, IL, it insures over 224 premier law firms and provides extensive resources and support to its members.
Company Overview
ALAS is a privately held company founded in 1979 by 35 law firms, representing 5,000 attorneys, with an initial capital of $1 million. Based in Chicago, IL, it operates within the insurance industry, specifically focusing on lawyers' professional liability insurance. The company has grown to employ a team of 126, classifying it as a medium-sized business. ALAS positions itself as a leader in the Lawyers' Professional Liability Insurance market, emphasizing its commitment to serving the legal profession.
Insurance Services
ALAS provides a comprehensive range of insurance services tailored for law firms. It offers the broadest coverage and highest single policy limits in Lawyers' Professional Liability (LPL), cyber, and Management Liability Insurance/Employment Practices Liability Insurance (MLI/EPLI). The company also provides supplemental coverage programs for MLI and EPLI. Additionally, ALAS focuses on collaborative claims management, contrasting with the adversarial approaches of commercial insurance carriers.
Membership and Clientele
ALAS insures over 224 premier law firms and more than 77,000 lawyers globally. Its membership includes over 200 firms, with nearly half of the Am Law 200 represented. The company has maintained a renewal rate exceeding 98% for the past 20 years, indicating strong client retention. ALAS offers dedicated guidance on policy development, renewal, and interpretation, ensuring that member firms receive tailored support.
Expertise and Resources
ALAS boasts a team of experts, including numerous lawyers with experience in both insurance and private practice. The company has developed the largest suite of loss prevention programming and resources in the world. It provides robust resources for firm management and hosts member-only conferences and training sessions. ALAS also maintains the largest library of online loss prevention resources in the legal profession, demonstrating its commitment to supporting its members.
History and Growth
Founded in 1979, ALAS was established as a superior alternative to the commercial insurance market. The company has evolved into the country’s largest lawyer-owned mutual company, setting the standard for comprehensive professional liability insurance in the legal industry. ALAS has achieved a trial and arbitration success rate near 90% and offers comprehensive solutions to help firms understand policy nuances and identify adjustments.