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Bloomsburry Family law

Risk & Compliance

Using risk management to overcome uncertainty

As law firms have grown, they have taken on many of the characteristics of corporate entities, with sophisticated structures, business and financial controls. And, just as corporates have had to face up to risk-management strategies like never before, so have law firms needed to accept the importance of positioning a risk strategy at the heart of their business. In part one of a two-part article, Julia Graham, director of risk at DLA, assesses the essential emergence of risk management in the legal world.

Money-laundering compliance: A risk-based approach

The Money Laundering Regulations 2004 have recently come into force, extending anti-money-laundering controls across the profession. Failure to implement and document money-laundering procedures may lead to criminal sanctions and an irreparable loss of reputation. Frank Maher, a partner at Legal Risk, considers the impact of the regulations and how a risk-based approach can help protect firms from the dangers of falling foul of the law.

Covering all bases: Implementing a holistic risk-management approach

Where budgets are stretched to cover such essential elements as IT and HR, risk management can fall far down the list of priorities. With risk affecting all areas of the business, however, John Verry, a risk manager at Charles Russell, argues that a risk strategy is essential, especially as new regulations come into force.

Dare to risk

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. John Goreing, finance director at Fladgate Fielder, assesses the risks that the legal profession faces and explains why firms must build a framework and methodology for identifying risk and effectively implement a risk-management strategy across the business.

Fiveminuteswith...

In the last issue of Managing Partner, Damian Griffiths of Addleshaw Goddard, argued that e-mail management has become a major challenge of the law-firm IT department. Daniel Pollick, IT Director at DLA, takes up the debate in this issue, explaining to Caroline Poynton how he has addressed the issue within his firm.  

Risk management for law firms

The Money Laundering Regulations 2003 have just come into force (March 2004), requiring law firms to comply unless they wish to risk prosecution, fines and, most worryingly, irreparable damage to their reputation.

Thought leader

Many personal-injury lawyers may be forced out of business unless they improve risk management when taking on conditional-fee arrangements (CFAs).

Growing, growing, gone

Eighty-three per cent of lawyers say it is important to ditch certain clients to grow the firm, according to a survey conducted by Begbies Traynor, specialists in managing corporate change and development.

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