Risk management within law firms is a rapidly developing area. In the last year economic changes alone (the term 'credit crunch' was as yet unheard of when the second edition was written) have served to highlight the need for your risk management strategy to be under constant review. The credit crunch raises the game for all firms substantially, bringing to the fore issues involving: People; Clients; Regulatory risk; and Insurance. This report, substantially increased in size to deal with the emerging issues, aims to give you a clear understanding of how they will affect your law firm and how you need to respond, in order to manage them effectively. The third edition covers: Solicitors Regulation Authority (SRA) monitoring and enforcement of the Solicitor's Code of Conduct 2007; The Legal Services Act 2007 and the risks it presents; and A review of compliance with the Money Laundering Regulations 2007 - a year after their implementation on 15 December 2007. The report guides you through the distinct requirements of a risk management system including: Responsibility at senior management level; A framework for managing risk across all parts of the business; Integration of risk management processes into firm culture; Accountability in each practice area and support function; A risk evaluation process; External assessment; and Business continuity planning. Subjects covered include: Credit crunch risks; People and culture issues; Client engagement; Finance; Protecting partner assets; Compliance; File auditing; Managing your insurance; Office systems; Location and premises issues; Professional indemnity insurance; And more - Risk Management for Law Firms, 3rd Edition provides an in-depth analysis of key risk areas within the firm and aims to help firms meet new and emerging challenges with clear, practical examples.

FRANK MAHER is a practising solicitor and partner at Legal Risk LLP. He has 25 years' experience defending major professional indemnity claims, including cross-border liabilities and major frauds. He advises major European and UK top 100 law firms, their insurers and other professions on risk management, anti-money laundering, compliance and professional indemnity issues. He is author of Risk Management in the Legal Profession (Ark Group, 2007) now entering its third edition, and co-author of The Money Laundering Reporting Officer's Handbook: A Guide for Solicitors (Legalease). Frank has a diploma in Anti-Money Laundering and has spoken at many events in Europe, Asia and the US on risk management and professional indemnity. Frank is a member of the Association of Partnership Practitioners and advises firms on partnership law including litigation. His expertise covers the areas of: Risk management; Professional indemnity insurance; Insurance policy wording; Anti-money laundering; Undertakings and professional conduct issues; Compliance and disciplinary; Fraud and dishonesty claims; Claims involving international and offshore jurisdictions; Group and other multiple claims and Financial services and regulatory. Legal Risk LLP are practising solicitors who advise many UK top 100, multinational and overseas law firms on risk, compliance, professional indemnity and anti-money laundering issues. For more information on Legal Risk LLP, visit: http://www.legalrisk.co.uk/