March18 risk supplement image LPM March 2018 risk supplement cover

Facing the storm

How can SME law firms better manage their risk?

FEATURES


ISSUE IN BRIEF

LPM March 2018 risk supplement cover

Firms know all about risk when it comes to helping clients avoid, mitigate, suppress and dodge it wherever possible. But who does that for the law firm itself? The world is becoming increasingly volatile and yet I often get the feeling that firms don’t allocate the resources necessary or spend nearly enough time on preparing their own business for the worst – which is crazy. Not only is there a survival incentive but there is a monetary one too – practices that can show they take risk seriously are more likely to be offered attractive premiums by their PII insurers.

RUNNING YOUR RISK

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It seems that almost every other morning, business leaders wake up to another worrying story about an organisation that’s been hit by disaster. Last month, for example, we saw that the Winter Olympics’ website went offline and TV and internet systems were disrupted for 12 hours after it was hit by a cyberattack. We suspect that there will have been plenty of other disaster stories – or at least articles forecasting catastrophe – since this supplement went to press.

MORE ACCURATE, LESS RISKY

March 2018 risk supplement Thomson Reuters image

Kirsten Maslen, head of small law firms at Thomson Reuters, outlines how firms can reduce risk by ensuring greater accuracy in document production.

COVER TO COVER

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Janice Ward, practice director at Larcomes, reflects on how her firm’s decision to hand its professional indemnity insurance search to Paragon gives it long-term security and stability.


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