Be advised! These common legal malpractice insurance claims top the list.
Legal malpractice has become a part of the common vernacular. Every attorney knows that he or she faces the risk that a client would take issue with the given legal counsel, and that issue could result in another lawsuit. That’s why legal malpractice coverage is so important! Need more proof? Check out the most common legal malpractice insurance claims according to the American Bar Association’s Standing Committee on Lawyers’ Professional Liability.
- Much to the dismay of the American Bar Association, we’re sure the top claim is for failure to know and apply the law. This error makes up 11.3 percent of malpractice claims.
- The second most common claim is planning error, accounting for 8.9 percent of claims.
- Following closely behind, inadequate investigation was the reason for 8.8 percent of malpractice claims.
- 8.6 percent of claims arose due to failure to file documents.
- Failure to calendar accounted for 6.7 percent of claims.
- At just .1 percent less, failure to know deadline earned the 6th most common spot.
- We all struggle with this issue, but it’s a lawsuit-worthy offense for attorneys – 5.9 percent of claims named procrastination as the reason for the legal malpractice suit.
- 5.4 percent of claims came about due to the attorney’s failure to obtain client consent.
- Conflict of interest nearly overtook failure to obtain client consent, making up 5.3 percent of claims.
- At an even 5 percent, fraud is named as the 10th most common legal malpractice insurance claim.
Whether you face a common claim or an unusual incident, you’ll need a solid legal malpractice insurance policy behind you. To protect yourself and your legal practice, contact the experts NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California.