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 […]
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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, […]
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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. […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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What Is Email Wire Transfer Fraud and How To Prevent It
Scamming people for money is not a new concept but it has gotten much more sophisticated as technology continues to advance. Email wire transfer fraud is one of the most common types of fraud. In 2018 alone, the FBI received more than 20,000 email wire fraud complaints with adjusted losses of more than $1.2 billion, according […]
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