Holding a leg up is an indication of discomfort. It can be caused by anything from a problem with the paw, to kneecaps (luxating patella), to a hip problem.
A vet exam is necessary. If it is LP, a knee problem, the vet can determine the grade (1 - 4) and whether or not surgery is recommended. With LP, the knee can pop out of place. I do not have personal experience with this in my pups, but I believe if the bones are out of place, then the dog is at risk for more serious injury running and jumping.
Definitely needs to be looked at.
__________________ Kristin, Max and Teddy |