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Vol 23 No 5 May/June 2018

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Risk Management in Law Firms: Strategies for Safeguarding the Future

Edited by: Hermann Knott

ISBN13: 9781909416444
Published: September 2014
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £115.00

In stock.

Effective risk management is critical to the successful operation of law firms. Market acceptance and professional reputation established over many years can be destroyed overnight by a major incident. Often such events could have been prevented if appropriate risk management systems had been in place.

This new book has been prepared by a number of well-known and authoritative authors, the majority of whom are from Anglo-Saxon jurisdictions, but with experience in civil law jurisdictions as well. The working method applied throughout the book is based on risk categories, rather than geographic.

This approach allows authors to focus their contributions on workable solutions, rather than country-specific legal analyses. Chapters address financial risks (which have been an important factor in recent collapses of law firms), risks brought by clients as well as risks associated with quality, conflict, hiring and practice integration procedures.

This book aims to help law firm leaders and managers to understand the scope and utility of risk management generally, and to guide them in implementing and maintaining adequate risk management policies, procedures and systems. The book also gives in-house counsel and risk officers a better understanding of the needs of their outside attorneys, thereby improving the partnering between lawyers and their clients.

Legal Practice Management
Part I. Structure and management of law firms
Optimal legal forms
Governance structures
Professional liability insurance

Part II. Client work
Conflicts of interest
Engagement letters (limitation of liability, scope definition)
Risks brought by clients – client risk profile
Precedent databases and knowledge management
Review processes (eg, four-eye principle) and client satisfaction
Confidentiality and disclosure
Managing the client engagement

Part III. Data protection
Outsourcing, risk of losing client privilege

Part IV. Money laundering
Money laundering

Part V. HR issues
Hiring and personal development issues
Due diligence and integration of lateral hires

Part VI. Financial risk
The early indicators

Part VII.
IT related risks

Part VIII. Globalisation
Internationalization of legal services – (governance and insurance)

Part IX. Brand and reputation
The effects of risk management on brand and reputation management