Often, the best risk management lessons are simple. This month’s newsletter highlights three simple rules or protocols that law firms should follow to prevent costly claims and/or disqualifications later on. First, call and verify wire instructions from third parties before wiring money. READ MORE
News & Views
The Lawyers’ Lawyer Newsletter with Hinshaw – Halloween 2020 Issue
Hinshaw knows we all love a good scare and always seems to save the most ghoulish scenarios for its Halloween Newsletter. In this edition, we address the always frightful prospect of lawyers within a firm (or corporation) committing fraud, as well as many other interesting topics. READ MORE
From CNA: Are You Ready to Commit? Client Intake and Proper Client Selection
Creating a thorough client intake process is essential in order to establish a strong foundation for an attorney-client relationship. By investing the necessary time and effort at the outset, attorneys may save time, money and even help to avoid legal malpractice claims. READ MORE
Midsize Law Firm Report: Six Months in to Covid-19
Altman Weil spoke with the managing partners and COOs of 30 mid-sized law firms (30-350 lawyers) about the pandemic’s effect on their financial performance, office closings and openings, compensation and staffing adjustments, and more. READ MORE
Lessons in Financial Controls for Law Firms
Law firms often repose trust in their lawyers – and even in non-lawyer employees with roles involving access to the firm’s finances – without having in place the appropriate controls to fulfill the firms’ ethical and fiduciary obligations to “verify.” This lack of oversight policies and procedures can enable law firm employees to steal or embezzle the firm’s or its clients’ funds. READ MORE
Ransomware – Is Your Firm Vulnerable?
It’s one of your worst nightmares: you turn on your computer, and there’s a ransom note on the screen. Since your firm is working from home due to COVID-19, the attacker has used your computer to gain access to the firm’s entire network resulting in a complete lockdown. After you collect yourself and contact your managing partner, what should you do? READ MORE