Claims: Not If but When

The thought of a legal malpractice claim is stressful and unnerving. The truth is, however, lawyers should expect two to three claims in their careers, according to the American Bar Association. It’s not usually a matter of “if” it will happen – but “when.”Even if the claim doesn’t have any merit whatsoever, it still requires attention. The sooner we know about a claim, potential claim or incident, the better off you are. Reporting early allows us to immediately begin our claims process, and often enables us to [...]

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CLAIMS WAR STORIES: Wire Transfer Scams

OAMIC’s Claims War Stories series shares tales from the trenches about real life scenarios we encounter as we defend Oklahoma attorneys in legal malpractice suits. Lately, we’ve had a series of insureds who have called us because they have fallen victim to a wire transfer scam. Read below to learn about the most common scenario we see, what you should look for to prevent becoming a victim, and coverage information. SCENARIO Attorneys are an easy target for wire transfer scams because they [...]

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PHIL’S CORNER: What Differentiates Successful Law Firms

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Have you ever thought about attempting to map out a strategy to achieve guaranteed year-over-year revenue growth for the firm?   Maybe you’ve actually considered ways to attract additional clients to the firm. We read about the increasing need for people and companies who struggle to solve their legal problems. At the same time, a good number of law firms [...]

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What Legal Malpractice Is… And What It’s Not

It’s a myth that only bad lawyers have malpractice claims. In fact, the American Bar Association estimates that each attorney can expect 2-3 claims in their career. But what exactly does a legal malpractice claim entail? Let’s discuss. To establish a legal malpractice claim, the Plaintiff/Claimant must prove these 5 things:The existence of an attorney-client relationship; A breach of the lawyer’s duty to the client; Facts constituting the alleged negligence; The breach of duty caused the damage to the client; “But for the lawyer’s [...]

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PHIL’S CORNER: How Much Legal Malpractice Coverage is Enough?

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.The number one question I get asked by our insureds is, “What limits do I need?” It’s a tough question to answer, because no magical formula exists. I often facetiously tell people that if they can tell me what they’ll be sued for, we can set the limit very accurately. Absent that ability, we have to focus our attention [...]

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The 4 Most Common Types of Legal Malpractice Errors

Lawyers make unintentional errors every day – in hard and easy cases, in trials and transactions, in large and small firms, and across many areas of practice. Deadlines, long hours, demands from clients and more contribute to this, and even the most meticulous lawyer is bound to make a mistake at least once in his or her legal career. These law firm errors are not all equal, and can span across different parts of the business, from operational errors [...]

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PHIL’S CORNER: When to Report a Claim

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month. Has it ever crossed your mind whether you should report a matter that could potentially be the basis of a claim?  You may question the timing and whether there is even a need to report it to OAMIC, since it is uncertain if anything will actually come out of the issue. If you have ever wondered about when to involve [...]

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3 Areas of Practice with High-Cost Malpractice Suits

Legal malpractice lawsuits are both time consuming and costly for all law firms, but the average costs of malpractice suits can and often do vary based upon the area of law. While some areas of practice experience a high frequency of malpractice lawsuits, others have experienced much higher severity in terms of costs for defense and settlement. The average cost of defense and settlement for a legal malpractice lawsuit in Oklahoma is approximately $70,000. However, in some areas of practice [...]

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