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 […]
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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. […]
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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 […]
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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 […]
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PHIL’S CORNER: What Differentiates Successful Law Firms
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 good […]
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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: […]
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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 […]
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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 […]
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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 […]
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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 […]
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