Determining why legal malpractice claims occur and how they are resolved can provide an invaluable roadmap to practitioners and insurers. These statistics can help lawyers identify which pitfalls or errors are most likely to lead to a claim and which are most preventable. Data on malpractice claims can also shed light on risks to specific practice areas. To that end, the recently-released American Bar Association Profile of Legal Malpractice Claims (the “ABA Profile”) contains a wealth of information that can help lawyers understand the common sources of legal malpractice claims and the short and long-term trends with respect to such claims.
Compiled every four years by the ABA’s Standing Committee on Lawyers’ Professional Liability (full disclosure: Shari Klevens is the chair of the committee), the ABA Profile gathers data regarding legal malpractice claims from professional liability insurance carriers in the United States and Canada. This survey, which is one of the most comprehensive of its kind, provides actual data across a wide range of categories including claims by area of law, law firm size, the nature of the alleged error and the amount of defense and indemnity payments ultimately made by the insurer. The most recent edition of the ABA Profile, which covers claims from 2012 to 2015 and was only released last month, reinforces certain common themes regarding legal malpractice claims that have been consistent through past studies. There are also a number of interesting trends that may impact how attorneys manage risk. Here are some takeaways from the latest survey data.
The Importance of Calendaring
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
