SHELTER FROM THE STORM: RISKS AND REWARDS
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OF UPDATING NEW BUSINESS INTAKE
by James Edwards and Kathryn Hume
of Intapp
Not a word was spoke between us, there was little risk
involved… "Come in," she said, "I'll give you shelter
from the storm." — Bob Dylan
In today's digital world, IT works increasingly close
with firm risk leaders to manage risks related to
compliance, client confidentiality, lateral departures
and information security. The more serious the risk
the firm is trying to manage, the more important it
becomes that IT execute projects to manage them
quickly and successfully.
New business intake (NBI) is a perfect example
of a particularly important — yet potentially
risky — project because it engages so many firm
departments, addresses the core risk of taking
on bad clients and often results in expensive
and extensive projects that fall short of original
objectives. And yet, with so much at stake, many
firms are actively and understandably updating their
intake processes and systems. The Law Firm Risk
Roundtable's 2012 Law Firm Risk Survey reports
that nearly 60 percent of firms investing in risk
management software this year will focus on NBI.
