Managing legal risk

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This Overview signposts the core resources on managing legal risk within practice management and provides links to guidance, templates and analysis. Managing legal risk has legal and regulatory significance for firms and chambers, informing duties to clients, the court and regulators. Under the SRA Standards and Regulations 2019, firms must maintain effective governance, supervision and risk controls; chambers are subject to comparable requirements in the BSB Handbook. Key issues include establishing risk appetite, registers and reporting lines, with clear roles for the COLP and COFA. Practitioners should address conflicts of interest, confidentiality and legal professional privilege through robust client intake, scoping and supervision. Financial crime compliance remains central: the Money Laundering Regulations 2017 require risk - based customer due diligence, ongoing monitoring and record - keeping; sanctions screening and reporting engage OFSI guidance; the Bribery Act 2010 and the Criminal Finances Act 2017 create corporate offences mitigated by adequate procedures. Data protection risk spans UK GDPR and the Data Protection Act 2018, including breach response, ICO notification and supplier due diligence. Other core areas are client account controls under the SRA Accounts Rules, professional indemnity insurance,...

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