Tagged: risk-management

Three Law Firm Characteristics to Remain Resilient in a Market Downturn

Erik Schmidt | May 21, 2020

Due to pandemic-related disruption, the legal industry is bracing for a sustained downturn. HBR Consulting and The Managing Partner Forum recently conducted a poll of 75 mid-sized firms (<500 lawyers). Responses revealed that more than 60% of respondents are forecasting up to a 25% decrease in top line revenue for 2020. Fewer than 5% of polled firms are predicting no revenue loss at all. This begs the question, what can firms do now to adjust pre-existing 2020 plans to weather this unprecedented storm and, if possible, emerge stronger on the other side

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Essential Questions Law Firm Leadership Should Ask When Preparing for a Remote Workforce

Erik Schmidt | March 13, 2020

As the economic and social disruption caused by current events continues to mount, law firms and other organizations are beginning to temporarily close offices and require employees to work remotely. The current situation is a reminder of the issues that firms should evaluate when planning for business continuity: its business needs, its users’ needs, and what is required from the IT staff and network to support those needs. Following are some questions firm leadership should ask itself and the firm’s IT organization when planning for business continuity in the event of a situation like we now face.

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Five IT-Related Risks for Law Firms to Prioritize in 2020

Matt Gillis | February 25, 2020

Law firms face a wide range of risks associated with the information technology (IT) operations in their firms. The most obvious tech-related risks are cybersecurity threats and business continuity needs in the event of an IT infrastructure outage. These are indeed high-stakes risks that are deserving of the news headlines and conference keynote addresses in recent years.

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Three Proactive Ways to Combat the Insidious Nature of Contract Risk

Lauryn Haake | February 24, 2020

I was privileged to present on the topic of contract risk at the recent 2020 LegalWeek, along with Lee Matthews of Wolters Kluwer, one of HBR’s technology partners. The presentation centered around the types and sources of contract risk and how to combat them.

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Why Global Law Firms Must Prioritize Anti-Money Laundering Policies

Kristy Safos | August 21, 2017

In 2015, 11.5 million documents referred to as the Panama Papers were leaked from a Panamanian law firm and revealed widespread global tax evasion involving notable individuals (including FIFA soccer officials and the Icelandic Prime Minister). The scandal brought global scrutiny to money laundering and the role law firms play in assisting such actions. Since then, regulators in the U.S., UK and E.U. have vowed to close up loopholes and enforce stricter anti-money laundering rules on intermediaries including banks and law firms to mitigate the issue. With mainstream media reports about money laundering intensifying, global law firms must take anti-money laundering (AML) compliance not as a suggestion, but as a necessity.

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Implementing A Layered Defense to Cybersecurity

Laurie Fischer | June 21, 2017

Earlier this year, Legal IT Professionals featured an article co-authored by my colleague James Britt and me that provides a list of cybersecurity best practices global law firms should prioritize in 2017. More specifically, we discussed specific steps law firms can take to address gaps that previously provided hackers with easy access to sensitive data.

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