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Professional liability insurance rates for attorneys at large firms ' currently averaging $4,000 to $10,000 per lawyer ' are likely to rise 35 to 75% in the next year, some experts say.
Smaller firms, which often participate in pooled insurance plans, will more likely see increases from 25 to 30%. The less drastic increase for these firms would reflect their lower litigation risk, according to Anthony Davis, a New York-based partner at Chicago's Hinshaw & Culbertson. Davis specializes in professional liability issues.
Firms engaged in certain high risk practice areas (eg, patent prosecution and writing opinions on tax shelters) more often face large malpractice claims. Such firms can expect to see the highest rate increases.
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