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.