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Often when asked this question, it is very interesting as to how the legal malpractice application gets completed.   2 attorneys doing the same thing answer the Lawyers Malpractice application very differently.  Many times the areas of practice are different from attorney to attorney.

 

Even with that stated there are other factors that can impact the cost of lawyer’s malpractice insurance:

 

1.       The prior acts dates may not be the same.  If one attorney one has had coverage for one or 2 years and the other attorney has “full prior acts”, the Lawyers Professional Liability Insurance costs can differ by over 50%.

2.       The limits of liability for the malpractice policies may be different.  One attorney’s malpractice policy as claims expenses outside the limits (CEOL) and the other does not.

3.       The deductibles may be different or one has 1st dollar defense and aggregate deductible and the other does not

4.       The hours worked for the 2 attorneys can differ.

5.       One attorney has great internal controls the other attorney’s procedures are lacking.

6.       One attorney sues clients to collect unpaid legal fees; the other attorney has never sued a client.

7.       One attorney has had claims the other attorney has never had a claim or disciplinary matter.

8.       The attorneys are with different malpractice insurance carriers

 

These all can have a dramatic impact on premium.

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