RISK MANAGEMENT

What we can do for you...

The UK legal sector is amongst the most highly regulated sectors. 

 

Let’s be honest, risk management isn’t the most interesting topic in the world. But given that law firms operate in one of the most highly regulated sectors in the UK, effective risk management has never been more essential.

Poor risk management can lead to ramifications ranging from complaints and reputational damage, to severe regulatory fines and the SRA revoking firms’ licences to operate, so it’s worth investing in solid risk management practices from the get go.

How can you avoid these issues?

Every firm should pursue a solid risk-based approach to its operations, backed by robust policies, processes and procedures that encourage a culture of quality and propriety that benefits both the firm’s clients and employees. 

Developing, monitoring and ensuring the consistent adoption of clear and effective risk management controls not only reduces the risk of complaints and regulatory intervention, but also improves your insurance risk profile, which can significantly reduce the cost of professional indemnity insurance.​ In fact, without the right controls in place, firms may struggle to secure insurance in the first place, or the firm’s owners may be required to provide personal guarantees. Talk about skin in the game…

How can we help?

Whether your objective is to obtain Lexcel accreditation from The Law Society, or simply improve the firm’s risk profile, our expert compliance consultants are fully accredited by The Law Society and can support the firm’s development of a risk-based approach to its operations, using the Lexcel Standard as a basis for consistency. Rest assured, you’ll be working directly with a Law Society-approved Lexcel assessor and consultant throughout.

 

We start by carrying out an in-depth review of the seven key areas of a legal practice:

  • Strategy and continuity: we’ll help to develop your strategic and business continuity plans.

  • Financial management: we’ll perfect your approach to cash flow management and financial reporting.

  • Information management: we’ll create policies and procedures that address your regulatory obligations.

  • People management: we’ll consult on your approach to building a high performing team,

  • Risk management: we’ll establish procedures designed to safeguard your firm, employees and clients.

  • Client care: we’ll ensure you build and implement a client centric approach.

  • File and case management: we’ll help to drive consistency across the firm in relation to the management and administration of client files.

"As Law Society approved consultants and assessors we are thought leaders in helping law firms to develop new ways of working to improve operational efficiencies."

Paul McCluskey, Managing Director