In any given year it’s estimated that about six percent, or nearly 55,000 of the 951,000 attorneys in the U.S., are likely to face a professional liability allegation. In fact, claims activity against lawyers has steadily risen in the last 20 years.
Furthermore, it’s estimated that there is a 50% chance that an attorney in private practice for 25 years will be the subject of at least one disciplinary complaint or claim of professional malpractice. And, according to the American Bar Association, the areas of practice with the highest incidence of claims are plaintiff personal injury, real estate, family law, estate and probate and bankruptcy/collection.
In addition, although all types and size practices are undoubtedly vulnerable to a professional liability lawsuit, about 70% of claims are made against lawyers in firms with five attorneys or fewer. We provide attorney professional liability coverage to address these issues.
Insuring All Types of Legal Practices
We specialize in providing legal malpractice insurance solutions for attorneys—from sole practitioners to small law offices to large practices. With our access to unmatched expertise, markets and services, we provide attorneys and law practices with a customized lawyers’ professional liability insurance product that addresses their unique exposures. In addition, our clients will have access through our markets to a portfolio of risk management services to help mitigate professional liability risk.
Our attorney liability insurance products provide protection for the most common allegations made against attorneys, including:
- Missed statutes of limitations
- Clerical errors
- Real-estate transaction errors
- Drafting errors
- Improper advice
- Failure to advise
- Inadequate investigation
- Failure to timely file or respond
Most importantly, our attorneys’ professional liability insurance policies are not designed as one-size-fits-all products. We have the experience and capability to tailor a policy for a particular law firm. For example, prior acts coverage may be necessary for the firm; or an extended reporting period endorsement (ERP) may need to be added to protect attorneys from claims arising after the last policy has expired or under a policy which does not provide coverage for that claim.