However, the report said, “The last several years have been the worst on record for legal malpractice claim payouts.”
"Within the last two years, the insurance market (including mutual insurance companies, Lloyd's of London, and commercial market insurers) has seen at least five claims settle for more than nine figures," according to the report.
The most claims are filed in three key practice areas: trust and estates, business transactions, and corporate and securities.
According to the report, there has also been an increase in the number of legal malpractice claims filed against insurance defense lawyers.