I'm listening to a panel of underwriters talk about trends in legal malpractice claims. The point was made that the WWII generation (a generation of savers) is in the process of passing on $8 trillion in wealth to boomers (a spending generation), that much of that wealth is tied up in real estate, and that the assets being passed on have less value than the boomer-inheritees are expecting. The outlook: lots more malpractice claims agasint lawyers in the fields of trusts & estates and real estate.
In a related vein, the ABA Journal reports that malpractice claims agasint lawyers arising from real estate transactions have now topped all other causes, although the report suggests that the typical scenario involves commercial real estate rather than trusts and estates scenarios.
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