In this episode of the Practice Pulse podcast, host Brent Hoeft and guest Matt Beier from Wisconsin Lawyers Mutual Insurance Company (WILMIC) dive into the complexities of legal malpractice insurance. They 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.

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

In the inaugural episode of the Practice Pulse Podcast, produced by the State Bar of Wisconsin, host Brent Hoeft interviews Damien Riehl from vLex about the transformative impact of AI on legal research. They discuss the evolution of legal research tools, the integration of AI in legal practices, and the potential shift from billable hours to flat fee structures. The conversation highlights the importance of leveraging technology to enhance legal services and improve efficiency, while also addressing ethical considerations and the future of legal workflows.

Chapters