The risk debate: Silver linings playbook

The risk debate: Silver linings playbook

The decade since the fall of Lehman has seen some dramatic changes to the profession, not least law firms’ risk teams. Ten years since Legal Business first collaborated with broker Marsh to create our annual risk management and professional indemnity survey, progress has been made but the threats to the key players within the industry have become more ominous.

We gathered together leading risk experts from some of the UK and international firms most affected by increased regulatory scrutiny, geographical cohesion, data security and PR disasters to reflect on the evolution of law firm risk management and look ahead to see how the landscape could develop over the next ten years. Continue reading “The risk debate: Silver linings playbook”

Unstoppable: The Risk Report

Unstoppable: The Risk Report

Our debut risk management and professional indemnity report with broker Marsh in February 2008 featured a timid segue into an unfamiliar topic. We suggested that neither were ‘glamorous subjects’, while observing that firms were ‘thinking harder than ever’ about how to mitigate risks. A necessary evil, if you will.

The risk landscape portrayed then – six months before Lehman Brothers was to collapse – still has a familiar ring: ‘When things are going well, as was the case from 2003 to mid-2007, resources are stretched and clients want every deal done yesterday. Throw in an overheated recruitment market in which the firm that blinks misses out, and the competitive pressure of having to race into every new, emerging market and firms could be forgiven for never thinking about their professional indemnity at all.’ Continue reading “Unstoppable: The Risk Report”

From offshore to Big Law: the Panama Papers’ lasting imprint on the legal landscape

From offshore to Big Law: the Panama Papers’ lasting imprint on the legal landscape

Tom Moore argues profession must deal with changing attitudes on tax and reputation

The offshore market is being redrawn following the leak on 3 April of 11 million documents from Panama law firm Mossack Fonseca & Co, which led to a public outcry about tax evasion. The leak revealed some 12 world leaders, including close associates of Russian president Vladimir Putin and 143 politicians, used the firm to avoid tax in developed countries.

Continue reading “From offshore to Big Law: the Panama Papers’ lasting imprint on the legal landscape”

New year, new privacy and security strategy

New year, new privacy and security strategy

PwC Legal’s Stewart Room argues that 2015 is the year for companies and advisers to stop the denial of the realities of cyber security

New year is traditionally the time to change our ways. As we reflect back on the year just gone, perhaps we see that an inch has gone on to the waistline, or we’re more out of breath as we run for the train, or the savings have diminished even further. All good prompts to change our ways and come up with new life strategies?

Continue reading “New year, new privacy and security strategy”

‘In 2015, we will be talking about cyber security a lot more’: Cyber risk moving up the in-house agenda

‘In 2015, we will be talking about cyber security a lot more’: Cyber risk moving up the in-house agenda

General counsel (GC) are increasingly involved in handling cyber security issues at board level, reflecting a more comprehensive shift towards effective risk management, research from Legal Business and PwC has revealed.

Continue reading “‘In 2015, we will be talking about cyber security a lot more’: Cyber risk moving up the in-house agenda”

Cyber risk moving up the in-house agenda

Cyber risk moving up the in-house agenda

General counsel (GC) are increasingly involved in handling cyber security issues at board level, reflecting a more comprehensive shift towards effective risk management, research from Legal Business and PwC has revealed.

In a survey of corporate attitudes to cyber security risk this autumn, which garnered more than 800 responses from a broad mix of senior corporate managers, owners, legal and IT, nearly half (46%) of all GC respondents said they had delivered advice to the board on cyber and data security matters in the last year. Thirty five percent of GC respondents said this occurs on a quarterly basis.

Continue reading “Cyber risk moving up the in-house agenda”