Risk management is important for all legal practitioners and law practices and it goes beyond just avoiding legal claims or lowering costs in terms of professional liability insurance premiums.
The implementation of risk management processes reaps significant benefits that include:
- Improved management and communication;
- Better legal services to clients;
- Enhanced competence and thereby improved competitiveness;
- Lower stress levels for practitioners and staff with improved work efficiencies and protection from risks; and
- Safeguarding of a practice’s reputation.
The end result of good risk management is a successful law practice. Risk management must therefore become a part of a law practice's strategic vision and culture.
The following e-learning will aid law practices in implementing the following key areas of risk management.
- AWARENESS: Know what are the core categories of risks for every law practice.
- IDENTIFICATION: Identify areas of potential risk with a risk assessment checklist.
- MANAGEMENT: Manage and control identified risks with policies and processes that mitigate/prevent such risks.
- REVIEW: Monitor and review processes to manage or mitigate the identified risks and track new or emerging risks.
Understanding and Managing Risks in a Law Practice Part 1 (Total duration: 1 hour)
- Management and Operations of a Law Firm
- People Management
- Supervision and Delegation
By the end of Part 1, participants will have an understanding of the following:
- Rule 35 PCR - Responsibilities in relation to management and operation of law practice
- People Management from hiring to staff career progression and development
- Duty of proper supervision and delegation under Rule 32 PCR
Understanding and Managing Risks in a Law Practice Part 2 (Total duration: 1 hour 30 mins)
- Data and Information Management
- File Retention and Storage
By the end of Part 2, participants will have an understanding of the following:
- Practice Directions on Storage and Destruction
- Duty of client confidentiality and legal obligations under PDPA
- Data protection and best practices in cybersecurity