OAMIC: Legal Malpractice Insurance - Resources

Common Family Law Errors and How to Mitigate Your Risks

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...

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

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...

Transaction Law: Risky Business for Legal Malpractice Suits

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...

Practical Tips to Improve Efficiency at Your Law Office

Practical Tips to Improve Efficiency at Your Law Office Solo lawyers run their own show and wear many hats, while also facing several challenges. But of all the challenges, time management just might be the most difficult to handle. To give your practice the best chance of success, you must be efficient, meaning you achieve maximum productivity with minimum wasted effort or expense. Here are a few tips to help keep your overhead low and your efficiency high. Batching and Automated Tasks Batching: Doing...

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 your...

PHIL’S CORNER: What Differentiates Successful Law Firms

PHIL'S CORNER: What Differentiates Successful Law Firms Phil's Corner is a special column from OAMIC's President & CEO Phil Fraim that is sent in our e-newsletter each month. Have you ever thought about attempting to map out a strategy to achieve guaranteed year-over-year revenue growth for the firm? Maybe you’ve actually considered ways to attract additional clients to the firm. We read about the increasing need for people and companies who struggle to solve their legal problems. At the same time, a...

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 duty...

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 that...

The 4 Most Common Types of Legal Malpractice Errors

The 4 Most Common Types of Legal Malpractice Errors Lawyers make unintentional errors every day – in hard and easy cases, in trials and transactions, in large and small firms, and across many areas of practice. Deadlines, long hours, demands from clients and more contribute to this, and even the most meticulous lawyer is bound to make a mistake at least once in his or her legal career. These law firm errors are not all equal, and can span across different...

Why Your Law Firm Needs a Social Media Presence and Which Platforms are Right for You

Why Your Law Firm Needs a Social Media Presence and Which Platforms are Right for You Did you know that 45% of the total world population uses social media? It’s a great way for law firms to both attract new clients and retain current clients. But that doesn’t mean you should have a presence on every platform available to you. In fact, it’s better to select a couple of platforms and put more energy and effort there, rather than spread yourself...