New Year Is Good Time for Comprehensive Assessment
While law firms often evaluate the sufficiency of risk management protocols throughout the year, an opportune time to conduct a comprehensive assessment is at the start of a new one.
January 17, 2018 at 10:34 AM
6 minute read
While law firms often evaluate the sufficiency of risk management protocols throughout the year, an opportune time to conduct a comprehensive assessment is at the start of a new one. This allows firms and their attorneys to reflect on the prior year and anticipate what the new year may bring.
One critical component of this process for many firms is assessing whether there are adequate contingency plans in place to cover the unexpected, such as changes in revenue, the nature of the firm's practice, and staffing needs. Each of these areas can be impacted by planned or unexpected attorney departures. In recent years, many attorneys have chosen to delay retirement, while others may practice until their health prevents them from continuing. No matter the cause, each of these events can impact a law practice in ways other than the end of a business relationship.
For attorneys, obligations to clients and courts may not automatically cease due to retirement or even incapacity or death. The attorney-client privilege, for example, typically survives the death of either the client or the attorney. Additionally, legal malpractice claims stemming from services rendered years ago can remain a risk long after an attorney has left the firm.
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