Tuesday, October 5, 2010

Wednesday Risk Roundup -- Connecting Risk Management and Revenue, Lateral Hiring News & More

  • At our new partner site, the Law Firm Finance Blog, Brian Lynch considers the intersection between risk and revenue: "Is Your Law Firm Leveraging Compliance to Boost Revenue?" He writes: "Traditionally, risk management has been in the business of saying 'no.; Today, effective risk and compliance measures can enable firms to say 'yes' more frequently," in ways that can positively impact business development, client satisfaction and overall firm financial performance.
  • Another timely article following last week's discussion of lateral hiring trends and associated risk issues. This time, the Legal Intelligencer comments on firm recruitment from government sources: "Government Lawyers Sought After as Law Firm Laterals," noting the skills and experience former prosecutors bring to the firm: "A former AUSA brings a level of inside perspective and credibility to a case that can be attractive to a client, according to Nourian." And, as others note, firms clearly see value here and are willing to pay for it, see another recent online discussion: "Why Do AUSAs Make So Much Money When They Go To Private Practice?" Importantly, firms that hire former government lawyers must take care to screen those resources appropriately, both from matters in which they had involvement, or in cases where firms engage in government relations or lobbying efforts.
  • Finally, from the UK, Legal Risk LLP published it's latest risk newsletter, which comments on insurance renewal and coverage trends in that market, particularly in light of evolving industry professional responsibility (SRA outcomes-focused regulations) and impending alternative firm ownership rules.

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