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Risk Management in Law Firms: Mitigate Risk and Enhance Firm Success

Risk Management in Law Firms: Mitigate Risk and Enhance Firm Success

Author: William Glynn
Publisher: Globe Law and Business
ISBN: 9781787429161
Published In: October 2022
Format: Paperback , 120 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Effective risk management in law firms has never been more important. Lawyers must contend with the long-standing risks associated with the practice of law, such as anti-money laundering and issues of client confidentiality, as well as new risk areas such as data protection and cybersecurity, and increased regulatory burdens. Poor handling of these risks can lead to reputational damage, diminished client relationships, and even regulatory action, and so it is critical for law firms to remain vigilant and put in place robust risk management policies, processes and systems.

Risk Management in Law Firms brings together lawyers, consultants and other risk and compliance professionals to provide expert and practical guidance on essential risk management topics. Chapters cover risks relating to clients, internal operations and law and regulation, and address recent developments including issues arising from the shift to hybrid working, the increased focus on ESG and climate change, and the extended influence of clients through outside counsel guidelines. There is also consideration of the future of risk management with coverage of the proposed changes to the SRA Codes of Conduct to address issues relating to wellbeing and unfair treatment at work, and the commercial opportunities for law firms and individual lawyers presented by the increasingly flexible principles-based regulation.

This title aims to help law firm leaders and all lawyers understand and prepare for the risks they face – as well effectively handle them when issues do arise – whether they occur in the firm’s internal operations or its dealings with clients. In-house counsel and others will also find it useful to understand their law firm colleagues better, enhancing professional relationships. With the comprehensive coverage of key risk areas in this title, lawyers and firms can not only ensure compliance, but also maintain healthy client relationships, educated staff, a positive reputation, and continued success and growth.

Chapter 1: Managing risk in a remote or hybrid environment

By William Glynn, legal director and Niya Phiri, partner, Clyde & Co

Chapter 2: Climate change and ESG risks for lawyers

By Alexia Howard, senior associate and Simon Konsta, partner,

Clyde & Co

Chapter 3: Data protection

By Nigel Miller, founding partner, Fox Williams LLP

Chapter 4: Cybersecurity

By Simon Chester, counsel and Sandy Gill, associate general counsel,

Gowling WLG

Chapter 5: Criminal finances and investigations

By Anousheh Bromfield, senior associate and Charles Kuhn, partner,

Clyde & Co

Chapter 6: Anti-money laundering – are you doing enough

to protect your firm?

By Brian Rogers, regulatory director, The Access Group

Chapter 7: Professional indemnity insurance

By Rebecca Atkinson, director of risk and compliance,

Howard Kennedy

Chapter 8: Protecting partner assets

By Frank Maher, partner, Legal Risk LLP

Chapter 9: SRA compliance

By Rebecca Atkinson, director of risk and compliance,

Howard Kennedy

Chapter 10: Mitigating risk through your client journeys

and practices

By Peter Noyce, head of legal sector, Menzies LLP

Chapter 11: Outside counsel guidelines

By Noah Fiedler, shareholder and co-leader of the Attorney Risk

Management Practice Group, Barron & Newburger, P.C.

Chapter 12: Conflicts of interest and confidentiality duties –

effective risk management

By Tracey Calvert, founder and director, Oakalls Consultancy Limited

Chapter 13: Complaints

By Rebecca Atkinson, director of risk and compliance, Howard Kennedy

Chapter 14: Effective supervision in remote and hybrid teams

By Jamie Butler, executive coach and facilitator and founder,

Jamie Butler Coaching Limited

Chapter 15: Lateral hiring

By Ruth Bonino, professional support lawyer, Corinna Harris,

professional support lawyer and Chris Holme, partner, Clyde & Co

Chapter 16: Culture matters – a new era for law

firm risk management

By Jessica Clay, partner, Iain Miller, partner and Lucinda Soon,

professional support lawyer, Kingsley Napley

Chapter 17: Innovation and the opportunities in

flexible regulation

By Jonathon Bray, director, Jonathon Bray Limited

Author(s): William Glynn - Clyde & Co, Niya Phiri - Clyde & Co, Alexia Howard - Clyde & Co, Simon Konsta - Clyde & Co, Nigel Miller - Fox Williams LLP, Simon Chester - Gowling WLG, Sandy Gill - Gowling WLG, Anousheh Bromfield - Clyde & Co, Charles Kuhn - Clyde & Co, Brian Rogers - The Access Group, Rebecca Atkinson - Howard Kennedy, Frank Maher - Legal Risk LLP, Peter Noyce - Menzies LLP, Noah Fiedler - Barron & Newburger, P.C., Tracey Calvert - Oakalls Consultancy Limited, Jamie Butler - Jamie Butler Coaching Limited, Ruth Bonino - Clyde & Co, Corinna Harris - Clyde & Co, Chris Holme - Clyde & Co, Jessica Clay - Kingsley Napley, Iain Miller - Kingsley Napley, Lucinda Soon - Kingsley Napley, Jonathon Bray - Jonathon Bray Limited