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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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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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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Why Your Law Firm Needs a Social Media Presence and Which Platforms are Right for You

Did you know that 45% of the total world population uses social media? It’s a great way for law firms to both attract new clients and retain current clients. But that doesn’t mean you should have a presence on every platform available to you. In fact, it’s better to select a couple of platforms and put more energy and effort there, rather than spread yourself too thin in order to have a presence on all of them. Four of the [...]

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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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8 Easy Tips to Increase Data Security at Your Law Firm

In 2012, then-FBI director Robert Mueller said, “I am convinced that there are only two types of companies: those that have been hacked and those that will be. And even they are converging into one category: companies that have been hacked and will be hacked again.” Mueller’s observation continues to be true today for large global companies and small business alike — including law firms. There have been numerous reports over the last decade about law firm data breaches in [...]

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What is a Marketing Plan and Why Your Law Firm Needs One

As a lawyer in a solo or small firm, you wear many hats. You’re an entrepreneur through and through – often creating a business from the ground up, soliciting work, marketing your services, managing accounting… oh, and actually doing the legal work, too.Marketing is one area that can overwhelm people who aren’t trained in it, especially as it’s continued to increase in complexity over the past decade. Gone are the days of newspaper ads and billboards being the primary advertising [...]

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What Exactly Is Tail Coverage and How to Know If You Need It

Tail coverage, formally called an extended reporting endorsement, is often the final piece of your legal malpractice insurance. It is used for events like retirement, disability, leaving private practice or even death. Since legal malpractice is a claims-made policy, continuity of coverage is extremely important – and this importance doesn’t end when your circumstances change. In order to be covered, you must have a policy in place both when the incident occurred  and when the claim is reported. That’s where tail coverage [...]

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How the Legalization of Medical Marijuana Affects Oklahoma Attorneys

When Oklahoma voters passed State Question 788 on June 26, 2018, medical marijuana became legal in the state. Questions started flooding in immediately about how the law would actually operate and be enforced, and how soon medical marijuana would be available to consumers. But the law affects more than just those who choose to partake in growing, selling or even consuming marijuana — and that includes lawyers. This blog explores legal malpractice insurance as it relates to medical marijuana [...]

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Will Your Firm Be Ready When It Experiences A Cyber Attack?

In today’s world, law firms must be ever vigilant about cybersecurity – an area in which few firms have a strong competency. Preparations must be made and security protocols must be put in place for when, not if, your firm is the victim of a cyber attack. In speaking to a group of information security professionals in 2012, then-FBI director Robert Mueller said: “I am convinced that there are only two types of companies: those that have been hacked [...]

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