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 process:
Know what the core categories of risk are for every law practice
Identify areas of potential risk with a risk assessment checklist.
Manage and control identified risks with policies and processes that mitigate and prevent such risks.
Monitor and review processes to manage the identified risks and track new/ emerging risks.
Building awareness of the 5 core 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:
The end result of good risk management is a successful law practice. Risk management must therefore become part of a law practice’s strategic vision and culture.
Visit the CPD PORTAL for updates on Face-to-Face programmes.
The LawSoc Risk Management Framework and its resources are managed by the LawSoc CPD department alongside the Legal Research and Development (LRD) department. With the support of our consultants Angeline Poon and Yasho Dhoraisingam.
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