Lee NorcrossThe 2018 annual Ames & Gough survey used data provided by nine leading attorney malpractice companies that write approximately 80% of the attorney malpractice sold to law firms.  

The key findings of the survey were:

1.       Conflicts of Interest was leading cause of malpractice claims because of inadequate controls

2.       Defense Costs continue their rise caused by e-discovery and rising defense attorneys fees

3.       While Claim Frequency remains steady Claim Severity increased because of defense costs, complex litigation, and longer Tail (Extended Reporting Period or ERP) claims.  Many of the claims had reserves over $500,000 with some payouts exceeding $50 million.

4.       Cyber/Data Breach claim frequency flattened as a legal malpractice claim.  This was due in large part to more law firms obtaining standalone Cyber Insurance Coverage rather than trying to find coverage under their malpractice policies.

5.       Business Transactions, Corporate  and Securities, Commercial Real Estate, and Trusts & Estates were the leading practice areas for malpractice claims

For more information concerning the findings of this survey

Click LPL 2018 Malpractice Claims Survey

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011


View Mobile Version