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Risk test: The risks that create professional liability claims

Matt Humphrey discusses how to test your firm's systems and processes for risks that could lead to professional liability claims

21 June 2013

Over the past year, several law firms have closed because the cost of professional indemnity insurance has made it uneconomical for them to continue. While some of the causes of an expensive premium (such as those relating to the global economy) are outside your control, an effective risk management strategy can dramatically lower costs of all kinds. With the insurance market expected to harden further, it is time to take another look at your firm's risk management efforts.

Firms without effective and documented risk management procedures may be considered high risk by insurers. At worst, this could mean being rejected for cover or, at best, paying ?a higher premium. There are of course the wider implications of not having effective risk management, such as reputational damage to the firm and the knock-on effect to client and ?staff retention.

The challenge for law firm leaders is to strive to make ?risk awareness, both in terms of things that may go w...

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