Payouts of legal malpractice claims hit an all-time high over the last few years, according to new survey results. And insurance carriers are concerned that both payouts and frequency of malpractice claims will continue to rise within the next couple of years in the wake of any economic downturn.

Escalating lateral competition for talent among law firms and the move to hybrid work could continue to push claims upward, analysts at insurance broker Ames & Gough wrote in a report published this week. With these worries in mind and the increasing claim costs, most insurers to big firms are planning premium rate increases.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]