The complexity of risk management in law firms is rapidly evolving. The breadth of recognized risks is broadening, the occurrence of issues is increasing, and the consequences are more severe. The varying areas of firm wide risk require greater coordination to address comprehensively. Already, the American Bar Association reports that professional liability claims for AmLaw 200 firms are increasing in frequency and amount. Fortunately, a mature approach to risk management can not only reduce losses but can also provide some competitive advantages by improving core business processes. While law firms are dedicating increasing attention (or at least increased expectations) to this critical function, only coordinated activities can ensure positive results. Furthermore, the best policies can be rendered pointless if they can not be implemented and complied with pragmatically. This report, will offer practical advice on how to identify and mitigate the major risks facing law firms in North America. It will act as a guidebook for anyone interested in law firm risk management and provide an outline of the latest best practice. This report is intended for: Managing partners, general counsel, loss prevention partners, ethics partners, conflicts partners, risk managers, business intake managers, and anyone else involved in law firm risk management.
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