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Risk & Compliance

Official Receiver v Wadge Rapps & Hunt (a firm) [2003] UKHL 49

Insolvency - Official Receiver reported to Secretary of State under Company Directors Disqualification Act 1986, s 7(3) that disqualification proceedings should be brought against company’s directors for misconduct - Powers conferred by Insolvency Act 1986, s 236 on Official Receiver included provision of information to Secretary of State for purpose of disqualification proceedings

There but for the grace... Lessons learnt from the Clifford Chance memo

Last month, Managing Partner published the first part of an article examining the impact and lessons that can be learnt from the Clifford Chance memo, which was written by associates at the firm’s New-York office and was published in the international press towards the end of 2002. In this second part, Gerald Riskin, a principal at Edge International and a former managing partner, continues his lessons, focusing on the problems of the billable hour, the importance of communication, and the need to explore and enforce the firm’s values throughout the workplace.

Risk and the rogue partner: Turning hindsight into foresight

In last month’s Managing Partner, articles highlighted the importance of implementing a risk-management strategy in the face of an open-market insurance regime. This month, Frank Maher, a partner in Legal Risk and a consultant at Weightman Vizards, takes us a step further by focusing on the fraudster.

There but for the grace... Lessons learnt from the Clifford Chance memo

Associates at the New York office of Clifford Chance wrote a memo at the end of 2002 that was subsequently reported in the international press. The repercussions were significant for such a well regarded firm, but the lessons are relevant to every law firm that could easily find itself in a similar position. Gerald Riskin, a principal at Edge International and a former managing partner, uses the memo as a basis for a two-part article on the good, the bad and the ugly of law-firm management.

Understanding the perils of the professional-indemnity partner

Failing to meet the complex requirements for professional indemnity can be catastrophic for law firms. Successfully managing the process might be the final responsibility of a particular partner but, as Frank Maher, national head of professional indemnity at Weightman Vizards, explains, it is a duty that must involve the co-operation and understanding of the entire firm.

Risk management: A bird’s-eye view

John Verry, who joined Charles Russell as a risk manager in January of this year, reflects a growing trend to recruit dedicated risk-management professionals who can apply their expertise and involve the entire firm in the risk-management process. In this article, he explains why firms, faced with a changing insurance regime, cannot afford to be laissez-faire when it comes to risk management.

Practical steps to an effective risk-management strategy

Law firms may take a varied view of risk from a wide perspective, including risks to the firm’s reputation to a narrow regulatory approach to managing specific claims. Whatever the approach, all firms must now adopt some kind of risk-management strategy if they are to survive the potentially damaging claims of the current environment. Chris Andrews, a risk partner at Clifford Chance, explains his role and the practical steps firms can take to ensure they are covered against every eventuality.

A risky business: The new perils of law-firm risk management

Risk management has been an area easily overlooked in the annals of law-firm management. The solicitor’s indemnity fund (SIF) provided firms with the security of knowing that they would be covered, but with the demise of the SIF and the advent of an open-market insurance regime, firms are facing a more perilous path in ensuring they are adequately covered against all eventualities.

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