It is recorded that 25 percent of legal malpractice cases occur in lawsuits involving personal injury; and the client ends up bringing a legal lawsuit against his negligent lawyer seeking compensation for the damages caused by legal malpractice. It is believed that in the United States approximately 35,000 people are victims of legal malpractice each year.
Even expert witnesses are being sued for legal malpractice after their testimony failed to win a court case. Being a lawyer or an expert witness, given the current circumstances in the United States, it might be advisable to have legal malpractice insurance. As general rule, having legal malpractice insurance is not mandatory but it can be extremely useful if the client sues you.
If you have legal malpractice insurance, the insurance company will most likely come in and negotiate the compensation, if you are required to pay. However, this negotiation is not done directly. Instead the insurance company takes the services of a law firm to represent the defendant and insurance company will allocate the money if the case is judged in favor of the victim.
There have been many cases where expert witness brought in by the plaintiff or defendant is sued because they witness did not do enough for the case. Under these circumstances, having legal malpractice insurance can be very helpful as you will not have to shell the money from your pocket. Instead the insurance will pay for the court case; and if the court decides that you did not give your best as an expert witness, the insurance will pay the money decided by the court as compensation.
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