"A soon-to-be-released study by the American Bar Association shows that the number of legal malpractice suits lodged against "white shoe" firms has risen dramatically since 1996. While the case volume is still small, this study represents a costly, long-term problem for large corporate law firms." As the Cuban & Reyes blog tells us:
"In the recent ABA study released to Legal Times last week which compared two four-year periods, 1996 to 1999 and 2000 to 2003, the ABA found that legal malpractice cases of $2 million or more jumped 60 percent. The growing severity of claims stems in part from the major corporate scandals of the past five years, which have opened law firms up to new liabilities, insurers and law firm managers say the fallout goes beyond some of the biggest headlines"