The frequency of claims for legal misconduct remained relatively unchanged last year, but claims continued to increase, says a report released on Monday.
Of the 11 leading insurance companies that write surveyed lawyers’ liability insurance, seven reported injury rates similar to 2020, according to the report issued by specialty broker Ames & Gough.
But the report said: “Recent years have been the worst that have ever been done for payments of legal malpractice.”
“Only in the last two years has the insurance market (including mutual insurance companies, Lloyd’s of London); and commercial market insurance) have seen at least five receivables settle in excess of nine figures, ”the report states.
The largest number of claims come from three key areas: trust and estates; business transaction; and companies and securities.
The report also states that there have been an increasing number of legal malpractice claims against insurance defense lawyers.
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