While the frequency of legal claims was leveled last year from 2019, there is a growing concern among lawyers' professional liability insurance companies, but there may be an increase in damages similar to previous recessions, says a survey released Monday. The 11 insurers surveyed by McLean, Virginia-based Ames & Gough in their annual survey saw the injury rate decrease or remain between 2019 and 2020, according to the survey, LPLI 2021 Claims Survey: Frequency of Legal Malpractice Claims Slowakes as Costs Forts to Spiral. The report reflects a survey of trials that accounts for about 80% of the top 250 law firms.
The report said that this was a significant change from 2019, when 80% of the cashiers serving said damage frequency was level with or higher than in the previous year.
Despite this, the last two years were the worst recorded for legal malpractice payments, according to the report, with anecdotally at least four claims paying more than nine figures between 201
The report said that in recent years, business transactions, administrations and real estate, as well as corporate and securities, were the areas of practice that experienced the largest number of legal malpractice applications.  It said that the most common legal errors were conflicts of interest. failure to register incorrect and date-related errors; and failure to know the law.