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Effective risk management in law firms has never been more
important. Lawyers must contend with the long-standing risks
associated with the practice of law, such as anti-money laundering
and issues of client confidentiality, as well as new risk areas
such as data protection and cybersecurity, and increased regulatory
burdens. Poor handling of these risks can lead to reputational
damage, diminished client relationships, and even regulatory
action, and so it is critical for law firms to remain vigilant and
put in place robust risk management policies, processes and
systems. Risk Management in Law Firms brings together lawyers,
consultants and other risk and compliance professionals to provide
expert and practical guidance on essential risk management topics.
Chapters cover risks relating to clients, internal operations and
law and regulation, and address recent developments including
issues arising from the shift to hybrid working, the increased
focus on ESG and climate change, and the extended influence of
clients through outside counsel guidelines. There is also
consideration of the future of risk management with coverage of the
proposed changes to the SRA Codes of Conduct to address issues
relating to wellbeing and unfair treatment at work, and the
commercial opportunities for law firms and individual lawyers
presented by the increasingly flexible principles-based regulation.
This title aims to help law firm leaders and individual lawyers
understand and prepare for the risks they face - as well
effectively handle them when issues do arise - whether they occur
in the firm's internal operations or its dealings with clients.
In-house counsel and others will also find it useful to understand
their law firm colleagues better, enhancing professional
relationships. With the comprehensive coverage of key risk areas in
this title, lawyers and firms can not only ensure compliance, but
also maintain healthy client relationships, educated staff, a
positive reputation, and continued success and growth.
Strategies for gathering and harnessing knowledge have existed in
law firms for decades. However, knowledge management suddenly found
itself in the spotlight as a result of the COVID-19 pandemic.
Enforced remote working reduced opportunities for knowledge sharing
between colleagues and this gap was filled with knowledge databases
and experienced knowledge lawyers. Now that hybrid and virtual
workforces are here to stay, these new working practices have
combined with technological developments, enhanced demand, and the
transformation of how to access knowledge to drive the advancement
of knowledge management into a new era. Knowledge Management in Law
Firms: Challenges and Opportunities Post-Pandemic is the essential
guide to the evolution of law firm knowledge management. It covers
how to revisit your strategy in light of recent and future changes,
the expansion of knowledge management to encompass legal tech and
innovation, the rise of the importance of data, strategies for
overcoming the challenges hybrid and virtual working pose to
knowledge management, managing knowledge teams, and much more.
Chapters are written by an international group of KM experts from a
range of organisations and leading law firms, including DLA Piper,
Linklaters, and Dentons. Pandemic experiences and lessons learnt
are shared as well as ways to approach the future. Knowledge is at
the heart of the legal profession, and this book provides guidance
on how to prepare for and thrive in the knowledge management
practices of the future, overcoming the obstacles and embracing the
opportunities that have arisen from or been accelerated by the
pandemic. Through demonstrating how effective knowledge management
can help firms exceed client expectations, differentiate themselves
in the competitive market, and, ultimately, improve their bottom
line, this title will be of interest to knowledge management
professionals including professional support lawyers, law firm
leaders, partners and fee earners, and, outside of law firms,
in-house lawyers and consultants.
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