the quarterly magazine of ILTA
43
Peer to Peer
D
espite the growing awareness, complexity and
consequence of risk, risk management is still
challenging to define in the legal environment.
Each person involved has a different perspective
of the situation, probability, severity and the
consequent priorities and scope of responsibilities.
Risk Management Issues
Recent events highlight a variety of issues. A number of law firms,
for example, have been in the news because private information
was leaked to the public. This type of event, as well as multiple
search engine rollbacks (after private information was uncovered
through internal searches) and HIPAA compliance initiatives, have
caused firms to focus on data security, confidentiality and control
across systems. Ongoing management of ethical walls, legal holds,
data transfer agreements and data from lateral lawyers add to the
need for secure systems.
For practice leaders, fixed fee engagements and requirements
to "know your client" are creating a stir around how assertively a
firm manages engagements. For general counsels, an increased
likelihood that clients will "go bad" in these troubled economic
times puts pressure on validating the client's business integrity
upon intake and monitoring it throughout the life of the
engagement. Regulatory compliance obligations are so complex
Trends
Shaping the
Future of
Legal Risk
Management
by Dave Cunningham
and Meg Block
