One of the stark new realities facing law firm leaders and managers across the country is a dramatic increase in the risk of significant liabilities that can affect their firms. Although most law firms of any size have for many years had ethics and practice committees or risk management partners charged with broad oversight of risk issues, most such committees or partners have spent their time dealing with more traditional risk questions, such as conflicts of interest, review of fee arrangements, screening of laterals, and dealing with partners with substance abuse problems. They have not generally focused on the more subtle – and arguably more important – risks now confronting their firms. The problems posed by these new risks have, of course, been greatly exacerbated by the rapid growth of law firms and the dispersion of firm lawyers in numerous offices across the country or around the world.Read More
