In this episode of the Practice Pulse podcast, Matt Beier from Wisconsin Lawyers Mutual Insurance Co. (WILMIC) dives into the complexities of legal malpractice insurance.
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In this episode of the
Practice Pulse podcast, Matt Beier from Wisconsin Lawyers Mutual Insurance Company (WILMIC) dives into the complexities of legal malpractice insurance.
Host Brent Hoeft and Beier discuss the importance of understanding malpractice insurance, the nuances of claims made policies, and the significance of tail coverage, especially for retiring lawyers. The conversation also touches on trends in legal malpractice claims, the impact of cyber insurance, and the necessity of effective communication to prevent claims.
Additionally, they explore the critical aspect of succession planning for lawyers to ensure client interests are protected in case of incapacity or death. The episode concludes with key takeaways emphasizing the importance of communication and proactive risk management in legal practice.
Listen to more episodes of the Practice Pulse podcast at wisbar.org/podcasts or wherever you get your podcasts.
Chapters
00:00 Introduction to WILMIC and Its Mission
04:31 Understanding Legal Malpractice Insurance
10:50 Claims Made Policy Explained
15:22 Tail or Extended Reporting Endorsement and Career Transitions
27:30 Trends in Malpractice Claims
36:17 Data Breaches and Cybersecurity - Cyber Insurance
40:11 Meaning of Claim
46:31 The Importance of Succession Planning
51:56 Guest Takeaway Tip - Communication
