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Financial Considerations and Pricing
The cost of professional liability insurance for lawyers can vary widely based on several factors, including the size of the firm, the area of practice, and the claims history. On average, solo practitioners might pay between $500 to $3,000 annually, while larger firms could see premiums ranging from $10,000 to over $100,0001. It's important for legal professionals to compare quotes and coverage options from different insurers to find the best fit for their needs.