Credit: Vitalii Vodolazskyi/Adobe Stock Legal Malpractice Claim Values Reach an 'All-Time High' in Last Year
Insurers surveyed by risk management advisory firm Ames & Gough named conflicts and drafting errors as the two types of claims leading to the largest settlements.
May 15, 2024 at 02:45 PM
6 minute read
What You Need to Know
- Legal malpractice claim verdicts and settlements are at an all-time high, according to a new survey from risk management advisers Ames & Gough.
- The survey, which examined trends at 13 of the world's largest law firm insurers, found that social inflation factors were inflating malpractice settlements and verdicts.
- Insurers expressed further concern about cyber risks and breaches being levied against professional liability insurance rather than cyber-specific policies.
Legal malpractice suit payouts have reached an "all-time high" despite claims arising with similar frequency year over year, according to a report recently released by risk management advisory firm Ames & Gough.
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