Network Firm News
Law Firm Malpractice Premiums Rising and More for Larger Firms
Seems Corporate Practice is Now Risky
New York Law Journal, 3/24/03
Professional liability insurance rates for lawyers at large firms are on the rise, with premium increases in 2003 expected to range from 35 percent to 75 percent. The upsurge is attributed, in part, to the number of malpractice claims against lawyers in corporate scandals as well as to the decline in investment income that insurance companies derive from premium dollars since the stock market downturn. More modest increases, from 25 to 30 percent, are likely for smaller firms, reflecting their lower risk of [corporate scandal] litigation.