Wednesday, June 25, 2014

Report from CNA Risk Management Roundtable Event in New York

"CNA Hosts Risk Management Roundtable for Law Firms" --
  • CNA hosted a roundtable panel yesterday (co-sponsored by Intapp) in New York to address the emerging risks facing law firms. The roundtable began with a discussion of significant claim trends for law firms, such as the expansion of claims by non-clients of the law firm, claims involving allegations of conflicts of interest, fraud and misrepresentation, and claims arising from the Trusts & Estates practice area.
  • In a discussion led by CNA Claims and Risk Control, a diverse group of law firm personnel, comprised of general counsels loss prevention partners, conflicts attorneys, and information technology directors, shared their professional experience with respect to effectively managing the client intake process and handling conflicts of interest at their respective law firms.
  • Participants also heard directly from the general counsel of three prominent law firms on mitigating risk in several key areas: managing the lateral hiring process, compliance with outside counsel guidelines and maintaining law firm data security.
Said Michael Barrett, CNA Director of Risk Control, Professional Services, Lawyers --
  • "Identifying and managing the risks associated with a successful lateral hire is a difficult exercise. With lateral hiring continuing to outpace entry level-hiring, the risk is now commonplace in law firms.  Having general counsel from several prominent law firms lead the discussion about successful strategies to avoid these potential risks was invaluable."
Said Kathryn Hume, -- Intapp Senior Risk Practice Specialist --
  • "We know that to truly help law firms control risk, the new business intake, conflicts management and information security software we deliver must continuously evolve to address real-world priorities. We're proud to partner with CNA and support this event as part of our ongoing investment to stay abreast of industry risk trends and foster peer dialogue on response strategies."
CNA also noted the publication of two of their white papers: Taking Stock of a Potential Fee Collection Suit and Logistics of a Lateral Move Between Law Firms.

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