Supporting Your Firm…One Step At A Time
Risk Ma·nage·ment (’risk ‘ma-nij-mǝnt) n. The identification, assessment, and prioritization of risks, followed by the coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events, or to maximize the realization of opportunities.
Risk management is an integral component of creating and maintaining a healthy law practice. As sports fans know, “The best offense is a good defense.”
Like a tailor crafting a bespoke suit, we measure and calculate your risk. This is based upon the type of law that the various members of your firm practice, the clientele you have, your location and the past experiences of both the firm as a whole and of individual attorneys. We also take a deep dive into your law firm’s specific culture or ethos. Our risk management services never take a “one size fits all” approach. Rather, they are customized to meet your needs and areas of concern.
We work in concert with you to mitigate your risk in the following areas:
- Consulting on conflicts of interest (both business and ethics)
- Improving how the firm handles conflicts, as well as creating a strategy for its use of waivers
- Creating, reviewing, and revising appropriate engagement, disengagement and non-engagement letters
- Understanding your firm’s compensation structure and how that drives lawyer behavior
- Discussing the possibilities of future changes in the firm’s corporate structure, including mergers, expansions, and consolidations
- Conducting “post-mortem” reviews of claims and helping you determine corrective future action
- Helping your attorneys obtain Continuing Legal Education ethics credits
- Analyzing existing insurance policies to ensure you have the strongest possible coverage for your firm’s profile
- Loss prevention: determining other exposures to business loss via a review of the firm’s business practices, including billings, collections and electronic data storage
- Advising on docket and calendar management
- Preparing for crises and creating a crisis management plan
- Discussing the practice management of the firm and how this creates or ameliorates risk
- Training all attorneys and staff in detecting and responding to suspected client fraud and ethical lapses
- Teaching attorneys how to avoid high-risk clients
CYBER INSURANCE FOR LAW FIRMS
Cyber threats to law firms are real. Law firms store highly-sensitive information that is more likely to be of interest to a hacker. As a result, more and more law firms are experiencing cyber security breaches, which are expensive and time-consuming. Many financial losses to a law firm as a result of a security breach are not insurable other than through a cyber insurance policy. Gemini Risk Partners has created its own proprietary product called CyberMate Legal – underwritten by Lloyds of London – to offer your firm an all-inclusive cyber insurance solution and ensure it’s properly covered in the event of a breach. LEARN MORE.