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Survey: Legal Malpractice Claims Spiking Due to Recession

Leading legal malpractice insurers experienced a deluge of claims in 2012, including those in excess of $50 million, made up of complex lawsuits that originated during the economic recession of 2007 to 2009.

By Anya Khalamayzer | Updated on June 18, 2013

Leading legal malpractice insurers experienced a deluge of claims in 2012, including those in excess of $50 million, made up of complex lawsuits that originated during the economic recession of 2007 to 2009.

A 2013 study by broker Ames & Gough surveyed seven insurance companies representing a large majorityof the marketplace finds 71 percent of participants had a year-over-year spike in new claims in 2012. Forty percent experienced a 21 percent or more increase in claims frequency, and 20 percent of respondents saw an increase of 11 to 20 percent.

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