Risk Management in Law Firms

Strategies for Safeguarding the Future

Edited by Hermann Knott

Publication date:

01 September 2014

Length of book:

303 pages

Publisher

Globe Law and Business

Dimensions:

240x160mm
6x10"

ISBN-13: 9781909416444

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.

Part I. Structure and management of law firms Optimal legal forms 7 Richard Turnor Maurice Turnor Gardner LLP Governance structures 19 Anthony E Davis Hinshaw & Culbertson LLP Jaime Fernández Madero Fernández Madero Consulting Markus Hartung Bucerius Center on the Legal Profession Richard Turnor Maurice Turnor Gardner LLP Professional indemnity insurance: practical considerations in an increasingly international market 33 Janet M Henderson Brit Syndicate 2987 Ernst Millaard Aon Global Risk Consultants Part II. Client work Conflicts of interest 51 Anthony E Davis Hinshaw & Culbertson LLP Frank Maher Legal Risk LLP Andrew Scott Clyde & Co LLP Confidentiality and disclosure 71 Frank Maher Legal Risk LLP Andrew Scott Clyde & Co LLP Engagement letters 85 Heather Hibberd Legal Practitioners’ Liability Committee Andrew Scott Clyde & Co LLP Client risk 97 Simon Chester Heenan Blaikie LLP Anthony E Davis Hinshaw & Culbertson LLP Frank Maher Legal Risk LLP Precedent databases and knowledge management 117 Martin Schulz German Graduate School of Management and Law Luis Felipe Mohando SORAINEN Review processes and client satisfaction: handling high-risk cases 129 Tracey Calvert Oakalls Consultancy Limited Anthony E Davis Hinshaw & Culbertson LLP Richard Harrison Clyde & Co LLP Managing the client engagement 143 Tracey Calvert Oakalls Consultancy Limited Abhijit Joshi AZB & Partners Frank Maher Legal Risk LLP Angeline Poon Rajah & Tann LLP Part III. Data protection Data protection and privacy in the United States 157 Steven M Puiszis Hinshaw & Culbertson LLP Data protection and privacy in Europe 167 Silvia C Bauer Silke Gottschalk Luther Part IV. Money laundering Money laundering 175 Sue Mawdsley Legal Risk LLP Suzie Ogilvie Freshfields Bruckhaus Deringer LLP Part V. HR issues Hiring – identifying the key risks 189 Ruth Bonino Chris Holme Clyde & Co LLP Lateral hiring of partners – the hiring process 197 Ruth Bonino Chris Holme Clyde & Co LLP Integration of lateral hires 205 Anthony E Davis Hinshaw & Culbertson LLP Personal development policies 209 Jaime Fernández Madero Fernández Madero Consulting Part VI. Financial risk Financial risk management in law firms 213 Anthony E Davis Hinshaw & Culbertson LLP Frank Maher Legal Risk LLP Wolfgang Weiss University of Applied Arts, Coburg Non-lawyer ownership of law firms and outsourcing of legal services 227 Anthony E Davis Hinshaw & Culbertson LLP Heather Hibberd Legal Practitioners’ Liability Committee Frank Maher Legal Risk LLP Part VII. Cyber risk Mitigating law firms’ cyber risk 239 Steven M Puiszis Hinshaw & Culbertson LLP Part VIII. Globalisation The globalisation of legal services 255 Friedrich R Blase Holland & Knight Julia Graham DLA Piper James W Jones Georgetown University Law Center Part IX. Brand and reputation The effects of risk management on brand and reputation management 271 Georg-Christof Bertsch Bertsch.Brand Consultants Simon Chester Heenan Blaikie LLP Jane Hunter Aon Risk Solutions About the authors 295

This book, one of the latest titles from Globe Law and Business is a veritable treasure trove of sage advice on risk management, succinctly and clearly expressed.