Question 1

1. What does legal malpractice insurance cost on average?

Accepted Answer

On average, solo attorneys pay between $2,000 and $5,000 annually, while larger firms may pay anywhere from $50,000 to $250,000+, depending on firm size and practice area.

Question 2

2. How much does legal malpractice insurance cost in New York City?

Accepted Answer

NYC attorneys face some of the highest premiums in the U.S., averaging $4,000 – $10,000 for solos and $25,000+ for firms.

Question 3

3. Is malpractice insurance cheaper for new lawyers?

Accepted Answer

Yes, many insurers offer “new attorney discounts”, making coverage more affordable during the first few years of practice.

Question 4

4. Does every lawyer need malpractice insurance?

Accepted Answer

While not always legally required, malpractice insurance is strongly recommended. In some states (like Oregon), it’s mandatory for practicing attorneys.

Question 5

5. Can I lower my malpractice insurance premium?

Accepted Answer

Yes. Choosing a higher deductible, focusing on low-risk practice areas, maintaining a clean claims record, and joining bar association programs can all reduce costs.