Yes, if you obtain a “tail policy.” This question comes up a fair amount as attorneys consider retirement on leaving the private practice of law.

A “tail policy” is actually an “Extended Reporting Period” Endorsement that is added to the policy. Tails are fairly restrictive. They only serve to extend the period for reporting of claims; the underlying act, error or omission still must have occurred before or during the “Policy Period” of the underlying policy. Tails do not provide coverage for any “Claim” arising from acts, errors or omissions which occurred after the expiration or cancellation of the underlying policy.Therefore, if you are only partially retiring from the practice of law or are still wrapping up the practice, a “tail” is not for you.

OBLIC’s tails available for purchase, subject to the restrictions in the policy, extend the reporting period for 1 year, 2 years, 3 years, and unlimited years. With no statute of repose and the discovery rule applicable to legal malpractice claims, there is no easy answer to which length of time is best for you.