Legal malpractice suit payouts have reached an “all-time high” despite claims arising with similar frequency year over year, according to a report recently released by risk management advisory firm Ames & Gough.
The firm spoke with 13 global law firm insurers, finding that a majority had paid out claims worth over $100 million over the past two years and were seeing an uptick in claim severity. The survey focused on larger insurers representing the majority of the Am Law 200, according to Ames & Gough senior vice president and equity partner Eileen Garczynski, including companies such as ARGO, Liberty, Crum & Forster, and Berkley Select.
