Monday, June 24, 2013

Ames & Gough on Law Firm Malpractice Trends

  • "Although the frequency of legal malpractice claims appeared to be leveling off a year ago, most insurers of U.S. law firms now report the number of such claims is increasing, including those involving multi-million-dollar payouts."
  •  "A new study by insurance broker Ames & Gough finds most leading legal malpractice insurers had more claims in 2012 than the prior year, including a significant increase in claims in excess of $50 million."
  • "In its third annual survey of lawyers’ professional liability claims, Ames & Gough examined the trend by polling seven of the leading Lawyers’ Professional Liability insurance companies that on a combined basis insure more than 80 percent of the AM Law 250 firms. Five of the seven insurers indicated their company has more than 21 claims of $50 million; one has more than 11 such claims."
  • "Altogether, six of the seven insurers reported a year-over-year increase in the number of claims of $50 million or greater. Of the six insurers, three indicated the number had increased by 11 percent or more; and of the three, one reported a 50 percent in crease in such claims."
  •  "The insurers participating in the Ames & Gough survey were: AIG/Lexington, Alterra, AXIS, Beazley, CNA, Ironshore, and Swiss Re Corporate Solutions. Copies of the survey, Lawyers’ Professional Liability Claims Trends: 2013, may be obtained free of charge by emailing requests to: info@amesgough.com. Those requesting the survey should include their name, title, affiliation, and phone number, and state 'LPL Claims Survey 2013' in the subject line." 

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