I. Why It Matters
In recent years, law firms and legal professionals have seen an uptick in the frequency of legal malpractice claims, including significant claims with damages in excess of $50 million. One of the major factors in the increase of legal malpractice claims was the Great Recession. As the economy took a turn for the worse, legal malpractice claims spiked significantly. Importantly, however, while the economy recovered, legal malpractice claims never returned to their pre-Great Recession level. As a result, the risk of legal malpractice claims remains at an all-time high. Consequently, attorneys who fail to address the potential pitfalls that lead to claims of legal malpractice do so at extreme peril. Fortunately, there are several best practices that legal professionals can implement to minimize the risk of falling victim to a malpractice claim.
Originally published in the Professional Liability Update on October 11, 2018.
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