Saturday, August 8, 2009

Article: Trends in Risk Management - Understanding and Responding to a Changing Risk Landscape

This article provides an overview of the state of law firm risk management:

 "It’s getting riskier out there. Why? As with most trends, several factors explain the recent surge in concern and heightened interest, but the biggest these has been the long-building global economic downturn."

It explores the specific reasons why a bad economy creates a self-reinforcing cycle that increases risk, describes how recent changes to the practice of law further exacerbates issues, and steps law firms are taking to better identify, evaluate and respond to risk in their environment by leveraging best practices in governance, risk and compliance.

This article, "The Evolution of Law Firm Risk" touches on similar issues -- how firms can learn from corporate practices.

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