Thank you for sharing!

Your article was successfully shared with the contacts you provided.
U.S. tort costs dropped last year compared with the prior year for the first time since 1997, declining 5.5 percent to $247 billion, according to a report from Towers Perrin, a global consulting firm. “In 2006, the modest decline in personal tort costs was combined with a significant drop on the commercial side,” Russ Sutter, Towers Perrin principal, said in a press release. Commercial tort costs, including legal, settlement, award and administrative expense, decreased 7.7 percent to $159.6 billion, while personal tort costs declined 1.2 percent to $87.4 billion, the report said. Over the last 20 years, the ratio of tort costs to U.S. gross domestic product has stayed at about 2 percent, but fell below that percentage last year for the first time in six years. In the prior report for 2005, total costs rose about a half percent over 2004 to $261.4 billion. The firm expects the costs to start to rise again in 2007, partly because of the current subprime loan crisis, Sutter said in the release.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

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


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.