An Ames & Gough survey of leading Lawyers Professional Liability Insurance Companies found that while the number of new malpractice claims continued to stay steady, claims frequency remains above historical levels. The study 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. Defense Costs continue to rise
2. Conflicts of Interest leading cause of malpractice claims
3. Lateral hire conflict of interest issues continue to rise
4. Claim severity continues to be high
5. Cyber-Data Breach events rise causing more malpractice claims
6. Business Transactions were the leading source of malpractice claims
7. Large numbers of claims continue to stem from corporate work, securities work, estate work and trust work.
For more information concerning the findings of this survey
Click LPL 2017 Malpractice Claims Survey