While law firms have built cultures based on risk avoidance, relatively few have embraced the idea of a centralized approach to risk management. It is strategic for a firm to systematically assess the risks their clients and attorneys are most vulnerable to and take formal steps to minimize those risks. A lack of uniform procedures across business teams and even office locations can result in increased monetary and reputational risks for the firm. Law firm administrators and general counsel face potential risk pitfalls related to inconsistent procedures regarding client file transfers, lateral onboarding, client-issued guidelines and conflicts of interest search strategies. By bringing together the largest areas of risk, firms can enact significant protocols and measures to protect their clients and operations. Read More
