Assessing and Addressing Risk and Compliance in Your Law Firm
£65, Law Society
The concept of risk management in law firms is a relatively recent one – prior to the Solicitors’ Code of Conduct 2007, there was little mention of the need to assess and manage risks in the management and operation of a law firm. We have come a long way since then and effective risk management is now an essential component of any well-run law practice.
The topic itself can be complex and overwhelming – as can the related subject of compliance – which is why Rebecca Atkinson’s new book, Assessing and Addressing Risk and Compliance in Your Law Firm is essential reading.
The book covers a wide range of risks and how to deal with them. It includes risks relating to complaints and insurance, data protection, cybercrime, anti-money laundering compliance, statutory compliance, and regulatory compliance. There is a comprehensive explanation of how to assess, manage and monitor risks in these areas, as well as a series of template policies and documents to assist with this.
The book also contains an excellent chapter with real-life examples of how different types of law firm deal with risk management. This is useful for firms in terms of existing risk and compliance infrastructures, as they can compare their models with similar types of business. But new firms will find this section invaluable when considering how to implement an effective risk-management function.
As this book was written pre-pandemic, there is no standalone chapter on the risks associated with remote working. It would be useful for the next version to include this because an increased form of remote working looks here to stay.
However, this does not detract from my rating of the book as a five-star publication and essential reading for anyone involved in risk and compliance.
Helen Carr is a risk and compliance consultant at HC Compliance