Build a Stronger Firm Through Risk Management
William T. McCaffery of L'Abbate, Balkan, Colavita & Contini writes: Law firm managers cannot prevent every possible claim against their firms, but by implementing certain basic practices, many common claims can be avoided.
May 01, 2015 at 11:34 AM
12 minute read
Law firm managers have countless responsibilities to their firms. Among those responsibilities are firm finances, personnel matters, partnership issues, and business development, just to name a few. Another important aspect of any law firm manager's job is that of risk management: protecting the firm, as best as possible, from unnecessary exposure to liability. All too often, such liability can financially damage a firm, ruin a firm's reputation, and in the worst scenarios, destroy a firm altogether.
No law firm manager can fully insulate a firm from exposure to liability, but there are a number of basic steps that can be taken by every firm to minimize exposure to liability that could cause serious damage to a firm. A periodic review of certain fundamental areas of every firm's practice is essential in order for firms and their managers to minimize exposure and ensure best practices are being followed. Attention to basic elements of practice such as conflicts of interest, new matter intake, and client communications can help each firm manager build a stronger firm and protect the firm from liability.
Conflict Checks
According to a 2011 study by the American Bar Association's Standing Committee on Lawyer's Professional Liability, 4.28 percent of all legal malpractice cases arise from conflicts of interest. Such claims can often be avoided by a firm's employment of a routine conflict check system. In fact, the standard use of a conflict check system is mandated by New York's Rules of Professional Conduct.
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