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.
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