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It happens all the time.
But being lawyers, there are plenty of "safeguards" that make it a little more difficult/appealing.
For ex., in many states the statute of limitations to bring your claim is very short. Sometimes only a year.
And usually your fee agreement with the lawyer will not have an attorney's fee provision. So if you sue them, and win, you still have to pay your own attorney's fees. So if your claim is $100,000, and you spend $100,000 suing him, and "win," you break even.
And there often are mediation/arbitration provisions in the contract, which are designed to stop you from getting your case heard by a jury.
Not all lawyers carry malpractice insurance. If they don't, you will probably have a hard time collecting, even if you win. But if they do, it usually is a decent sized policy you can collect against.
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