Risk Management Framework
Law practices are not immune to risks from external and internal sources which can further lead to financial loss, reputation damage, and civil, criminal and/or professional liability. Risks can present in various forms and stem from different sources; our clients, staff and lawyers, poor matter management, ineffective controls, and even technology.
It is reckless therefore to ignore common sources of risks that arise in the practice of law. Risk management is important for legal practitioners and practices and it is more than just avoiding legal claims or lowering the costs of professional liability insurance.
The Law Society of Singapore’s Risk Management Framework provides assistance to law practices to implement the following processes:
1. Awareness
Know what the core categories of risk are for every law practice
2. Identification
Identify areas of potential risk with a risk assessment checklist.
3. Management
Manage and control identified risks with policies and processes that mitigate and prevent such risks.
4. Review
Monitor and review processes to manage the identified risks and track new/ emerging risks.
Five areas of risks that impact every law practice
With awareness and understanding, it is possible to manage and mitigate risks by putting in place policies and processes that are straightforward and easily incorporated into daily operations.
The implementation of risk management can reap significant benefits including:
- Improved management and communication
- Better legal services to clients
- Enhanced competence and improved competitiveness
- Lower stress levels for practitioners and staff, with improved efficiencies and protection from risks
- Safeguarding of a practice’s reputation
The end result of good risk management is a successful law practice. Risk management must therefore be part of a law practice’s strategic vision and culture.
Framework and Resources
Click here for The Law Society of Singapore’s Risk Management Framework and Resources.
Relevant Training Available
The Law Society Risk Management Framework and its resources are managed by the Law Society CPD department.
e-Learning
- e-Learning: Understanding and Managing Risks in a Law Practice Part I and II
- e-Learning: Legal Profession (Solicitors’ Accounts) Rules
- e-Learning: Ethics in Practice
- The CPD On-Demand e-Learning (2022 Programmes) inclusive of:
- Anti-Money Laundering Responsibilities of Lawyers – An Introduction
- Res Judicata, Abuse of Process, Issue Estoppel in Litigation and Arbitration
- Understanding, Preparing and Presenting your Case
- Technology Behind Crypto-tracing
Programmes
- Legal Practice Management Course
- AML Seminar
- Day of Conveyancing Highlights
- Challenging Clients, Challenged Lawyers
Visit the CPD PORTAL for updates on programmes.
