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 claims is one way we help Oklahoma attorneys secure [...]

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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 exposure is small because you haven’t done much legal work yet. Because of this, your first year’s premium is substantially reduced. This is called step 1. From then [...]

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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 to the the organization’s 2018 Internet Crime Report. Attorneys can be an easy target for cybercriminals because they often wire money to or on [...]

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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 of liability question is perhaps the hardest to exactly [...]

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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 $70,000. However, in some areas of practice [...]

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