The following Practice Compliance practice note Produced in partnership with Pam Grover-Mitchell provides comprehensive and up to date legal information covering:
Risk management is a cornerstone of a firm's governance, culture and business strategy. It requires the application of principle to specific circumstances. The challenge for law firms is that they must define their own principles.
Most lawyers easily detect potential weaknesses in day-to-day practice, but strategic management of risks to the entire practice comes less naturally.
This Practice Note sets out practical steps and considerations for law firms in managing their risks.
There is a widely accepted definition of risk, ie:
Risk = probability x impact
So, for any given risk faced by your business, there are two questions:
how likely is it that the risk will materialise, ie what’s the probability?
if the risk does materialise, how bad will it be, ie what’s the impact?
Sound risk management starts with identifying the risks that your firm faces in the first instance. It may help to think of these as falling into some common categories:
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Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
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