Remote Work: Tips for Law Firms

In the last five years alone (and pre-COVID-19), remote work has grown 44%, according to an analysis done by Global Workplace Analytics and FlexJobs. Additionally, 90% of employees say allowing for more flexible work arrangements and schedules would increase employee morale, which directly correlates to employee retention. This drastic increase is largely a result of technology, which makes remote work seamless and desirable.For law firms specifically, there are two common approaches to remote workers. The first is to have [...]

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Real Estate Transaction Errors: What You Need to Know

Even the best attorneys make mistakes, but not all mistakes made by attorneys qualify as legal malpractice. According to the American Bar Association (ABA), 4 out of 5 lawyers will get sued for malpractice in their legal career. The likelihood of being sued is greater for real estate attorneys, as it is one of the high frequency areas of practice. There are many mistakes that can be made during a real estate transaction, such as errors in preparing a deed [...]

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An Attorney’s Perspective: Why Dividends Matter

As you likely know, the OAMIC Board of Directors recently declared a policy dividend for all policies in effect at the end of 2019. The year 2020 marks OAMIC’s 40th anniversary, and we are so proud to issue this dividend, which is our 26th consecutive one. (Checks are in the mail as I write this!) I’m new to OAMIC, joining the claims team in August of 2019, after more than 10 years at a local law firm. And, as an attorney, [...]

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Phone Scam Warning Signs and How to Protect Yourself

A phone scam, also called telemarketing fraud, refers to any type of scheme in which a criminal communicates with the potential victim via phone, including both phone calls and text messages (via Cornell Law School). This method is often effective, as reputable companies do legitimately use telemarketing to conduct business — meaning it can be difficult to distinguish between what’s real and what’s a scam. WARNING SIGNS  There are many different types of phone scams, but they always involve trying to [...]

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OAMIC Celebrates 40th Anniversary in 2020

Oklahoma Attorneys Mutual Insurance Company is proudly celebrating its 40th anniversary in the year 2020. OAMIC was founded in 1980, after a need for the company became clear to members of the Oklahoma Bar Association. In the late 1970s, the number of attorneys in the state of Oklahoma was increasing, but access to legal malpractice insurance was shrinking. This caused gaps in coverage, fluctuating rates and a lack of quality customer service. To solve this problem, a group of Oklahoma [...]

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PHIL’S CORNER: The History and Benefits of Mutual Insurance Companies + 2019 Dividend Info

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.Did you know the formation of mutual insurance companies dates back to the actual roots of modern-day insurance? This is something I couldn’t help but recall when reflecting on the fact that this is the 40th anniversary of OAMIC. I have always found the story interesting. In 1752, Philadelphia was a small town of approximately 15,000 inhabitants. They were cognizant [...]

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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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Common Family Law Errors and How to Mitigate Your Risks

Family law is the area of law that deals with matters of the family. This includes, but is not limited to, prenuptial agreements, separation, divorce, child custody, child support, adoption and surrogacy. Family law is one of the areas of law with a relatively high number of legal malpractice suits. However, these lawsuits are typically low severity cases. About 70% of the claims received in this area close out with no loss payment. Emotions run high in these cases and [...]

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PHIL’S CORNER: Cycles in the Insurance Industry – Here’s How It Affects You (And Us, Too)

Phil’s Corner is a special column from OAMIC’s President & CEO Phil Fraim that is sent in our e-newsletter each month.For nearly 40 years, OAMIC has been the only local provider of legal malpractice insurance that is based in the state of Oklahoma. We take great pride in our local roots and do our best to be your MVP – Most Valuable Partner. Part of that MVP role includes having an open dialogue with our insureds about today’s insurance market, [...]

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Transaction Law: Risky Business for Legal Malpractice Suits

Contrary to popular perception, business transaction and commercial law is a high-risk area of practice for attorneys. It is the ONLY area of practice that is high in both frequency and severity. For attorneys practicing in this area, this should be a concern, as they can be hit by multiple high cost legal malpractice lawsuits. However, these risks can be mitigated be securing lawyers professional liability insurance and integrating risk management techniques. Business transaction and commercial law pertains to the [...]

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