Download table of contents and introduction

Risk management within law firms is a rapidly developing area. In the last year economic changes alone (the term ‘credit crunch' was as yet unheard of when the second edition was written) have served to highlight the need for your risk management strategy to be under constant review.

The credit crunch raises the game for all firms substantially, bringing to the fore issues involving:

• People;
• Clients;
• Regulatory risk; and
• Insurance.

This report, substantially increased in size to deal with the emerging issues, aims to give you a clear understanding of how they will affect your law firm and how you need to respond, in order to manage them effectively.

This third edition will cover:

• Solicitors Regulation Authority (SRA) monitoring and enforcement of the Solicitor's Code of Conduct 2007;
• The Legal Services Act 2007 and the risks it presents; and
• A review of compliance with the Money Laundering Regulations 2007 – a year after their implementation on 15 December 2007.

The report guides you through the distinct requirements of a risk management system including:

• Responsibility at senior management level;
• A framework for managing risk across all parts of the business;
• Integration of risk management processes into firm culture;
• Accountability in each practice area and support function;
• A risk evaluation process;
• External assessment; and
• Business continuity planning.

Subjects covered include:

• Credit crunch risks;
• People and culture issues;
• Client engagement;
• Finance;
• Protecting partner assets;
• Compliance;
• File auditing;
• Managing your insurance;
• Office systems;
• Location and premises issues;
• Professional indemnity insurance;
• And more…

Risk Management for Law Firms, 3rd Edition provides an in-depth analysis of key risk areas within the firm and aims to help firms meet new and emerging challenges with clear, practical examples.