From inaccuracies on forms and misplacing documents to cybercrime, firms are tasked with understanding and mitigating numerous risks to not only safeguard their current operations but also encourage growth.
It is the fine balance of being prepared for the unexpected, while still daring to take strategic leaps, that defines the longevity and the reputation of any law firm.
Identifying potential pitfalls
Before confronting risks head-on, firms must develop a discerning eye to identify them. What might be hazardous for one practice can be a stepping stone for another. So, customisation is key.
In an era where technology is law’s faithful sidekick, every new software integrated should be carefully examined. Failure to do so could lead to data breaches or operational bottlenecks, denting both efficiency and trust. Our Legal Sector Trends Report found 48% say their digital systems are secure, is this due to confidence in their digital systems? Yes, and it comes from assessing their technology and the risks involved before and after taking on new solutions.
Venturing into new areas of law or expanding the practice in terms of headcount and new offices can be pivotal for growth. However, without proper risk management, they might just as easily lead to legal entanglements and financial haemorrhages.
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