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.
“There's no question that the number of large legal malpractice claims is increasing,” said Eileen Garczynski, partner and senior vice president of Ames & Gough. “The key impetus is the recession of 2007 to 2009.”
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