What to Think About When Deciding on Legal Malpractice Insurance
Is Lawyers’ Professional Liability Insurance Needed? Lawyers’ Professional Liability (also known as “LPL”) insurance is the more formal name for legal malpractice insurance. While states vary on what requirements they have for disclosure of LPL insurance, currently only Oregon mandates LPL insurance. Even if not mandated, the prevalence of legal malpractice cases makes it necessary. The American Bar Association has reported that in any given year, attorneys have a 4 to 17 percentage chance of being sued and that four out of five attorneys will be sued during their careers. Defense costs for these matters generally exceed $50,000, and can [...]