Though it was once quite rare for a large law firm to face a lawsuit of its own, the frequency of claims being aimed directly at lawyers is rapidly increasing, and the firms are now boosting their insurance coverage to help to protect themselves against costly liability claims. According to legal experts, suing lawyers and their firms got started in the 1980s. This was also especially the case among the law firms that represented collapsed financial institutions in the Savings & Loan crisis, who were targets for FDIC litigation. Today,…
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Malpractice claims are on the rise, according to a recent survey
According to a recent study, law firms have seen more malpractice and professional liability claims against them so far in 2011 than they had in previous years, which is likely a result of the recent economic recession and the slow recovery of the economy. Ames & Gough, an insurance broker, released the results of their most recent study which found that professional liability claims made against lawyers have risen, leading insurance companies to provide as much as 20 percent more coverage in 2011 for the exposure. The study looked into…
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