OAMIC: Legal Malpractice Insurance - Resources

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...

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 ever...

8 Easy Tips to Increase Data Security at Your Law Firm

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 global companies and small business alike -- including law firms. There have been numerous reports over...

What is a Marketing Plan and Why Your Law Firm Needs One

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, especially as it’s continued to increase in complexity over the past decade. Gone are the...

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 when...

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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 malpractice...

8 Ways to Avoid Legal Malpractice Claims

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 in costly and time-consuming legal battles. 1. USE A CALENDAR SYSTEM AND MEET ALL DEADLINES Missing deadlines is the leading...

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 a...