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

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...

PHIL’S CORNER: When to Report a Claim

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...

How the Legalization of Medical Marijuana Affects Oklahoma Attorneys

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...

8 Ways to Avoid Legal Malpractice Claims

8 Ways to Avoid Legal Malpractice Claims While legal malpractice claims may not be commonplace for lawyers, according to the American Bar Association attorneys in private practice have a 4-17% chance of being sued for malpractice each year. There is no iron-clad solution for preventing malpractice claims; however, there are several steps you can take to help prevent suits which can result in costly and time-consuming legal battles. 1. USE A CALENDAR SYSTEM AND MEET ALL DEADLINES Missing deadlines is the...

6 Ways OAMIC Has Your Back

6 Ways OAMIC Has Your Back At Oklahoma Attorneys Mutual Insurance Company, we are proud to be the only local provider of legal malpractice insurance in the state. Lawyers professional liability insurance is our core product, not just a side offering. By focusing on providing only insurance lines and products that were designed to protect lawyers, we have built a unique company managed by Oklahoma attorneys for the sole benefit of Oklahoma attorneys. This laser focus allows us to provide benefits...

10 Questions to Ask When Looking for Legal Malpractice Insurance

10 Questions to Ask When Looking for Legal Malpractice Insurance Too often the purchase of insurance – sometimes even legal malpractice insurance – is treated like commodity shopping, weighted heavily on price. Many policyholders only read and research their coverage when faced with a claim, only to find they are unsure how their policy will work. But what should you evaluate when reviewing/comparing lawyers professional liability coverage? Let's go through the basics. 1. What should my limit of liability be? The limit...