By Michele Gorman (May 29, 2019, 5:44 PM EDT) -- More complex matters and higher costs for law firms to defend malpractice allegations are top contributors to a surge in claims resulting in larger multimillion-dollar payouts, according to insurer data released Wednesday.
Broker Ames & Gough said 2018 was the first time in nine years when the majority of the 11 major lawyers' professional liability insurers it surveyed made payouts on a claim that topped $150 million. Anecdotally, Ames knows that at least two settlements exceeded $250 million.
"We know this is shaking the insurance industry because many of the insurers that write legal malpractice insurance are pulling back or pulling...
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