Legal Business

Risk management and professional indemnity survey 2013: Getting it Right

Following successive years of regulatory change, including the introduction of outcomes-focused regulation, COLPs and COFAs, risk teams are now in a phase of assimilating those changes. Legal Business tracks progress so far

After five years of reporting on the torrent of regulatory change that has swept through law firms, this year’s Legal Business/Marsh risk management and professional indemnity survey finds risk managers within law firms looking to assimilate those changes. In our sixth annual report on the market, the buzzword is ‘embedding’ – ensuring the upheaval caused by the introduction of outcomes-focused regulation (OFR) and the new high-profile risk management roles (the compliance officer for legal practice (COLP) and the compliance officer for finance and administration (COFA)) are properly implemented.