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Risk managment: from theory to practice

In the April issue of Managing Partner, our authors raised some important issues on the area of risk management. In this article, Bill Kirby, sales and marketing director at Axxia Systems, continues the debate with an assessment of what steps law firms should take once they''ve agreed on their general risk management strategy. In particular, he focuses on the work of the Law Society in its efforts to introduce minimum standards of operation across law firms.

23 July 2002

Risk management: from theory to practice...

In the April issue of Managing Partner, our authors raised some important issues on the area of risk management. In this article, Bill Kirby, sales and marketing director at Axxia Systems, continues the debate with an assessment of what steps law firms should take once they've agreed on their general risk management strategy. In particular, he focuses on the work of the Law Society in its efforts to introduce minimum standards of operation across law firms.

Insurers are already warning of a hardening market, the post-SIF honeymoon period coming to an emphatic close with the prospect of indemnity rates rising by a possible 30-40 per cent this year. But that is not the worst of it. Potentially insurers may not want your business – if they have filled their exposure to capacity, law firms will have to play hunt the insurer. And rare commodities are always expensive.

This whole scenario has giv...

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