A recent study suggests that law firms are failing to identify their risk exposures. Only half of the solicitors researched by accountants and business advisers PKF had considered the risk of reputational damage to their practice, and only 10% had implemented controls to try to reduce potential risks.
Other findings showed that:
According to PKF, a further concern was that a quarter of the law firms said that they had not set strategic objectives. And the majority of those who did have aims and objectives said that they had little confidence that their staff understood what they were.