According to a report from specialty broker Ames & Gough, the severity of legal malpractice claims are up dramatically from last year.
Of the leading 11 insurers writing lawyers professional liability insurance surveyed, seven reported claims frequency similar to 2020. However, the report notes that the last several years have been the worst on record for legal malpractice claim payouts.
“In the last two years alone, the insurance market (including mutual insurance companies, Lloyd’s of London; and commercial market insurers) has seen at least five claims settle for over nine figures,” the report says.
The report found that the largest number of claims stem from three key practice areas: trust and estates, business transactions, and corporate and securities. It also states that there have been a rising number of legal malpractice claims against insurance defense lawyers.
If you or your organization are facing a malpractice claim, it is essential that you seek help from an experienced malpractice defense attorney. The team at Eccleston & Wolf has decades of experience representing clients in a myriad of industries. To learn more, contact us today.
Information from this article has been sourced from Business Insurance. To read the article in its entirety, click here.