Managing Partner Randall Miller was quoted in the article, “Post-recession, Legal Malpractice Claims on the Rise” published by the Daily Journal, discussing how a recovering economy leads to an increase in legal malpractice claims for professional liability lawyers. As more companies go under in a post-recession and deals disappoint, clients look for someone to blame to help recuperate losses. “It’s been an upward trend since 2007-08,” comments Mr. Miller.
While intellectual property has not yet broken into the top five practice areas for malpractice suits, those lawyers are often faced with the biggest claims. Mr. Miller says, “When you see statistics on mega-claims, the ones that are more than $50 million are more likely than not arising out of IP.” Additionally, Mr. Miller contributes the ever-increasing rate of lateral movement within a company as one of the main creators of legal malpractice risk for large firms.