study suggests legal malpractice insurers are settling sooner

Legal malpractice insurers may be settling sooner to avoid escalating costs, according to a recent by the American Bar Association's Standing Committee on Lawyers' Professional Liability.

This is one of the takeaways from "Profile of Legal Malpractice Claims 2012-2015," an ABA report that tracks number of claims by practice area, firm size, outcome, type of alleged error, and the time elapsing between the alleged error and closing of the claim, among other data.

According to a story in the ABA Journal, the study "found an increase in claims being closed within six months of the incident that gave rise to the claim."