Risk Management In Law Firms

Risk Management: Survival Tools for Law Firms helps you to establish solid policies, procedures, and systems to minimize your firm's risk. This completely updated and revised edition provides a complete overview of risk management and offers a practical approach to evaluating the state of risk management within your firm.

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 individual 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.

Companies must either properly manage the complex world of legal and corporate risk or suffer the consequences. Author Bryan E. Hopkins, the former general counsel of Samsung Electronics America, identifies the numerous areas of legal and corporate risk that managers and their company counsel face daily. More importantly, he provides concrete examples that demonstrate how to minimize or mitigate legal and corporate risk. He provides case studies, practical information, and insights to help you conduct an initial legal risk assessment; establish a compliance program; retain records that minimize risk; transfer risk;and navigate the discovery process. Legal counsel must take an active effort in developing strategies, systems, and processes that minimize the legal risks faced by the company on a daily basis. Managers must also be involved to ensure the company develops a successful legal risk management program. Many companies don't think about risk management until they're confronted with class-action lawsuits, product liability claims, government investigations, shareholder actions, and fines. Take a proactive approach to protecting your company with Legal Risk Management for In-House Counsel and Managers."

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. 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.

Legal risk covers all areas of business where regulation and the law impact on operations and decisions. From risks arising from contract drafting and management, through to regulators' new focus on conduct, as well as compliance, regulatory and dispute risks, the effective management of legal risk is key for organizations that want to maximise value while minimizing cost and exposure to legal losses. The Legal Risk Management Handbook is a practical guide to making sure your business is legal, protected and making the most of its opportunities. Written by experts in law and risk management, this highly practical guide sets out a clear definition for legal risk and a framework for its management. Covering the full spectrum of legal risks that international businesses can face, it translates legal concepts into clear mitigatory actions. Whether you are an in-house lawyer needing a clear approach to managing risk in your areas of influence, or a member of the risk management function needing a jargon-free guide to your company's legal responsibilities, you will find authoritative insight and guidance. Containing case studies from international businesses and real-life insights from those at the coal-face of legal risk management, The Legal Risk Management Handbook is essential reading for everyone who needs a better understanding of this important business topic. Now includes online resources: author-recorded lectures that align with the book and the Legal Risk Management course at Texas A&M School of Law, U.S.