Things to Consider When Closing Your Law Practice

Things to Consider When Closing Your Law Practice There are many reasons that lawyers may choose to close their practices: a career change, disability, moving out of state, or retirement are the more common ones that we hear. You may be asking yourself, “How do I go about doing this?” Shuttering your practice can be daunting and seem overwhelming; therefore, it needs to be approached thoughtfully. It’s important to make sure that loose ends are tied up and all of...

What Legal Malpractice Is… And What It’s Not

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. 5 things they must prove The claimant/plaintiff must prove the following to establish a legal malpractice claim: 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...

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...

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

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...

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...

Understanding Your Claims-Made Insurance Policy

Understanding Your Claims-Made Insurance Policy In the insurance world, there are two main types of policies -- occurrence and claims-made. You're likely to be most familiar with occurrence policies, as this is how your home and auto insurance work. Legal malpractice insurance is written as a claims-made policy and it's a bit more complex. Read below to learn about claims-made policies, or watch this video: A Quick Overview of Occurrence Policies With occurrence coverage, the policy covers losses that take place during...

6 Areas of Practice with the Most Frequent Malpractice Lawsuits

6 Areas of Practice With the Most Frequent Malpractice Lawsuits Legal malpractice lawsuits can be costly for any law firm, but the potential cost of malpractice claims can vary significantly based upon the areas of law concerned. Some areas have a high frequency of lawsuits filed, while others have more severe costs of defense and settlement. Knowing where your area of practice stands in this regard is important when looking for suitable legal malpractice insurance. Analyzing recent trends in malpractice...

What Is a Step Rate and How It Affects the Cost of Legal Malpractice

What Is a Step Rate and How It Affects the Cost of Legal Malpractice Legal malpractice is priced using what’s called a step rating methodology. But what exactly does that mean? Watch this video to learn more, or continue reading below. Envision your career as a step ladder. When you’re a young lawyer, you’re on the first rung of the ladder. You’re starting to acquire work and your coverage is just starting, too. Your exposure is small because you haven’t done much legal work yet. Because...

3 Areas of Practice with High-Cost Malpractice Suits

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...