Risk and Compliance for Law Firms in a Changed World

Learn how key emerging issues will affect your firm and how to respond effectively to ensure the risk is managed successfully

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Description

The practice of law in England and Wales is now one of the most heavily regulated in the world with outcomes-focused regulation beginning to take effect.

Leading authority on legal risk management, Frank Maher, presents Risk and Compliance for Law Firms in a Changed World - the must-have guide for all who deal with risk and compliance within law firms including COLPs and COFAs.

The report demonstrates how key emerging issues will affect your firm and how you need to respond effectively to ensure the risk is managed successfully.

Using clear and practical examples you will be guided through the distinct requirements of a risk management system including:

  • Responsibility at senior management level;
  • A framework for managing risk across all parts of the business;
  • Integration of risk management processes into firm culture;
  • Accountability in each practice area and support function;
  • A risk evaluation process;
  • External assessment; and
  • Business continuity planning.

Key issues covered include:

  • The new SRA Handbook;
  • The appointment of Compliance Officers under OFR;
  • People and culture issues;
  • Client engagement;
  • Finance;
  • Compliance;
  • File auditing;
  • Managing your insurance;
  • Professional Indemnity Insurance;
  • International firms;
  • Alternative Business Structures;
  • Outsourcing; and much more…

Contents

Chapter 1: Law firm risk management – A decade in review

Chapter 2: The draft SRA Handbook

Chapter 3: Clients

Chapter 4: Business management and finance

Chapter 5: People

Chapter 6: Anti-money laundering compliance and bribery

Chapter 7: Professional indemnity

Chapter 8: Alternative business structures

Chapter 9: International practice

Chapter 10: Conclusion

Check our Executive Summary and full table of contents here

Authors

Frank Maher
Frank Maher is a practising solicitor and partner in Legal Risk LLP, Solicitors. He specialises in advising major US, European and UK 100 law firms, their insurers and other professions on professional regulation and professional indemnity. His practice covers transactional advice, litigation and disciplinary proceedings. Frank is author of Risk Management in the Legal Profession, now in its third edition, and co-author with Sue Mawdsley of The Money Laundering Reporting Officer’s Handbook: A Guide for solicitors. He is also a contributor to Ark Group’s Future of Legal Services report. He has over 25 years’ experience of defending many of the largest law firm claims for insurers. His claims experience includes many involving fraud issues here and abroad, property, undertakings, financial services and consumer credit. He is also a frequent contributor to the legal and insurance press and a regular speaker at events worldwide. Frank’s areas of speciality are: Professional regulation;„„ Professional indemnity insurance;„„ Insurance policy wording;„„ Anti-money laundering compliance; and„„ Risk management. Legal Risk LLP are practising solicitors who advise many top 100 UK, multinational and overseas law firms on risk, compliance, professional indemnity and anti-money laundering issues. Frank can be contacted via email at Legal Risk.

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