OAMIC: Legal Malpractice Insurance - Resources

10 Questions to Ask When Looking for Legal Malpractice Insurance

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...

3 Areas of Practice with High-Cost Malpractice Suits

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...