According to the American Bar Association, by the end of 2007 there were more than 1,143,358 licensed lawyers in the United States–approximately one lawyer for every 300 people. And although this may appear to be a lucrative market for agents and brokers, specialists caution that working with lawyers can be both rewarding and challenging. American Agent & Broker interviewed Betsy Magnuson, president of Herbert H. Landy Insurance Agency in Needham, Mass., on what it takes to succeed in this unique market.

AAB: Tell us a little about your agency's involvement with lawyers professional liability.Magnuson: Herbert H. Landy Insurance Agency was founded by my father in 1962. Although the agency began by selling standard auto and homeowners, we sold that end of the business in the 1980s and went exclusively to professional liability. We began writing lawyers liability in the early 1990s and today, about 10 to 15 percent of our revenues are derived from that specialty.AAB: What types of lawyers do you specialize in writing?

Magnuson: Because we work with a number of different carriers in Massachusetts, we can write virtually any type of law firm or lawyer: new attorneys, part-time attorneys, corporate, self-employed, large and small law firms and distressed law firms. It's a situation where we have a lot of options.