Legal Profession Witnessing More Malpractice Claims

Changing dynamics, including merger and acquisition activity and lateral hires, are contributing to the risk of higher legal malpractice claims, according to a survey released Thursday by specialty broker Ames & Gough. Six of the nine insurers surveyed reported they had more claims with reserves of at least $500,000 last year than in 2013, Ames & Gough said in the survey report. A total of 67% of the insurers identified trusts and estates as the leading practice area for legal malpractice claims, replacing real estate, which had been the single largest source of the claims for the past several years, said the broker.