With firms facing a new regime in risk management, highlighted by the SRA ramping up its inspection programme, FD Legal asks Annette Fritz-Shanks, of Taylor Wessing, and Fergal Cathie, of Barlow, Lyde & Gilbert, about their perspectives on changing legal attitudes to risk.
2.
Thought Leader
8 Oct 2007
OWNERSHIP OF the risk-management issue is critical. There has to be someone in your firm who is in charge of managing risk. Appointment of a full-time risk manager has, until recently, been the preserve of a handful of the largest law firms, mainly in the top ten, but there has been a notable increase in recruitment of full-time risk managers in smaller firms in recent times, not even confined to the top 100.
So you have risk management – what do PI insurers make of it?
9 Feb 2009
The current world economic turmoil is causing wide-ranging problems for businesses. Here in the UK we are firmly in recession and comparisons are being drawn to the early 1990s. Well-known high street retailers are in liquidation, the property market has fallen dramatically in value and repossessions are increasing. Business confidence is critically low and increasing levels of unemployment are putting additional pressures on government.
By Colin Taylor
6.
What has the global crisis taught us about risk management?
29 Mar 2010
Expect the unexpected. While most foresaw a recession coming, it had been talked about for months in the press and elsewhere, there are very few that would have predicted the depth and severity of the recession.
Dare to risk
19 Dec 2006
Considering the importance of risk management to a profession that is more exposed to the scrutiny of the insurance industry than ever before, it is still an area that is largely undervalued. To mitigate risks effectively, firms must build a framework and methodology for identifying risk and effectively implement a risk-management strategy across the business. By John Goreing, Fladgate Fielder
9.
Cover story: Welcome back (again)
5 Sep 2008
Twelve months ago, Frank Maher provided some ‘back to school’ planning tips for the regulatory year that lay ahead. One year on, the credit crunch has not gone away, property values have fallen, and recession looms. Francis Dingwall and Frank Maher report.
To limit liability, or not to limit
30 Oct 2008
In the next two issues of FD Legal, Peter Ashford will consider the limitation of liability to the client as part of a risk-management strategy.
12.
Protecting partner assets
10 Mar 2008
While more firms may be looking more seriously than ever at their risk-management strategies, the potential threat of a major claim against your firm is still very real, especially as firms grow and find themselves practising across international jurisdictions.
13.
Back to school - if the building is still standing...
12 Aug 2009
Francis Dingwall and Frank Maher identify some of the challenges law-firm management teams should be addressing on their return from their summer break.
Profile: Neil Woodcock
30 Apr 2008
Having just announced a 37 per cent increase in revenues for 2007, Salans is feeling justifiably pleased with itself, the result of 'marrying prudent judgement with an entrepreneurial spirit', it says. FD Legal talks to COO Neil Woodcock about the firm's financial rise.
16.
Regulatory change - Welcome back: Post-holiday planning
18 Sep 2007
With the summer holidays coming to and end, your thoughts may be turning to your management tasks for this year end, and into 2008. This article provides some 'back to school' planning tips for the regulatory year ahead.
17.
Money laundering: The enemy within
19 Dec 2006
With new money laundering regulations on the horizon, law firms need to update and review their risk-management procedures, and retrain staff to ensure they are on their guard. By Sue Mawdsley, partner, Legal Risk
18.
Liable for change
19 Mar 2007
The individual liability of members of a partnership can make the prospect of a successful claim against the firm a fearful prospect. Many firms have therefore wisely looked to strategies for limiting liability, including converting to LLPs. This may not, however, provide all the answers. By Peter Ashford
Role of a law firm general counsel
18 Sep 2007
In recent times, some law firms have appointed a dedicated general counsel to head up risk management across the business. Edward J. Zulkey, general counsel at Baker & McKenzie International, explains the strategic rationale and organisational requirements of such a move.
21.
Not your basic bean counters
29 Nov 2006
As UK law firms prepare for massive regulatory shake-up and embrace new corporate working practices, the commercial experience of the profession’s current crop of finance directors could not be more welcome. By Jason Schofield, Editor, FD Legal
22.
The Last Word: Client due diligence
8 Oct 2007
As the previous Q&A has shown, the Money Laundering Regulations 2007 will require a far more thorough approach to working with clients. After all, while your firm's clients are your business bread and butter, they also represent your firm's greatest exposure to the risk of damaging claims.
23.
Money Laundering - Defensive manoeuvres
18 Sep 2007
Money-laundering compliance is the responsibility of everyone in the firm - lawyers, risk partners and, of course, the money laundering reporting officer. but finance professionals will also play an essential role in safeguarding their firm's future against the risks of money laundering.
24.
Take heed of new Code, says SRA
17 Apr 2007
Law firms must pay particular attention to the rules on business management in the new Solicitors’ Code of Conduct, Solicitors Regulation Authority chief executive Antony Townsend has warned.
25.
Limiting liability for solicitors – part two
9 Feb 2009
The first part of this article considered the basic structure of limiting liability. As limitation is now commonplace, it should not be difficult to persuade a judge that limiting liability is fair and reasonable. The language of the clause is more likely to be a risky area. Try to resist being a lawyer and drafting against every conceivable eventuality and remember that a simple clause is likely to be more effective1.
By Peter Ashford
26.
Peak performance
19 Dec 2006
DMH Stallard has enjoyed some impressive financial results in recent times, with significant growth paralleled by profit hikes. Here, the firm shares its approach to financial management and cultural change, revealing the strategies used to drive better performance. By Tim Aspinall, DMH Stallard
The survey said?
19 Dec 2006
Now in its 15th year, the PricewaterhouseCooper’s Annual Law Firms’ survey reveals that 2006 has been an exceptional year for many law firms, with average fees per partner and average profits per partner increasing year on year.
Money Laundering Regulations 2007 loom large
19 Mar 2007
For many law firms, the risk of being hit by a fraud may seem remote, but with the draft Money Laundering Regulations 2007 now in consultation, there is little room for complacency. By Frank Maher
32.
Outsourcing comes of age
19 Dec 2006
Law firms have traditionally kept their distance from outsourcing functions, but many are actively reconsidering it as a means of achieving greater cost control and competitive advantage. By Margaret Lang, Intelligent Office UK
The evolving role of technology in law firms
17 Dec 2009
The changing role of technology and how can it help firms to deal with the challenges of the ‘new normal’.
By Damien Behan
Pricing management
9 Jan 2008
Managing pricing structures continues to prove one of the most difficult challenges in the legal profession. A more proactive and structured approach would help firms charge sensibly, creating higher profits and improving levels of client satisfaction.
39.
Limiting liability for solicitors
28 Nov 2008
In the first of two features, Peter Ashford considers the legal and regulatory framework against which limitation can be introduced and examines the application of limitation provisions in practice, as well as the use of more sophisticated limitation provisions.
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