Risk management has been a hot topic in the corporate community for about 10 years, springing mostly from scandals such as Enron, Worldcom and more recently the financial crisis of 2008. The devastation that these events wrought forced boards of directors to devote significant resources to managing risk and to keep abreast of what is happening in the world at large.
When one looks at law firms, we see that attention is paid to risk management only in the micro-sense; controls are put in place to prevent lawyers and staff from stealing trust funds, there are some controls over who . . . [more]