Risk Management & Professional Responsibility
Presenters : Lisa Thomas
Overview
Effective risk management is fundamental to maintaining integrity, trust, and sustainability in legal practice. From managing professional indemnity insurance to mitigating operational and reputational risks, law firms must adopt proactive strategies to protect both the firm and individual practitioners. This webinar explores the key areas of professional risk, the role of mandates in managing exposure, and the practical measures required to uphold professional responsibility and ethical compliance in line with the Legal Practice Act.
Join Lisa Thomas as she unpacks the essential elements of risk management in legal practice, offering practical tools and insights to help legal professionals strengthen internal controls, prevent malpractice, and foster a culture of accountability.
Learning objectives
Attending this webinar will equip you with the following skills:
• Identify and manage the main categories of professional and firm-level risk in legal practice.
• Understand the scope, benefits, and limitations of professional indemnity insurance.
• Implement effective risk mitigation strategies, including internal controls and documentation procedures.
• Apply the principles of professional privilege and client mandate management to reduce liability.
• Develop and maintain a risk-aware culture within your firm through supervision, training, and policy development.
Content
The webinar will cover the following topics:
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Firm Risk & Personal Professional Risk (Including Insurance)
o Types of professional risks in legal practice
o Professional indemnity insurance: coverage and exclusions
o Internal firm risk assessment and management processes
o Financial, reputational, and operational risks -
Risk Aggravation Factors & Risk Mitigation Measures
o Common causes of legal malpractice claims
o Risks arising from client selection, communication, and documentation
o Establishing internal controls and quality assurance processes
o Using checklists, policies, and audit trails to prevent errors -
Professional Privilege and the Client Mandate
o Understanding attorney–client privilege and its limitations
o Proper documentation and defining the scope of mandates
o Managing conflicts of interest
o Maintaining confidentiality and implementing data protection practices -
The Mandate’s Role in Managing Risk
o Drafting clear and effective engagement letters
o Setting appropriate fee arrangements and managing client expectations
o Procedures for reviewing and terminating mandates
o Recordkeeping and compliance with Legal Practice Act requirements -
Candidate Attorneys & Professional Risk
o Supervisory duties and training responsibilities
o Delegation versus accountability in legal work
o Preventing errors and omissions through supervision
o Fostering a culture of professional responsibility within the firm -
Supplementary Resource: Law Firm Risk Policy Template
o Components of a comprehensive risk management policy
o Defining roles and responsibilities in risk oversight
o Risk reporting and incident management processes
o Continuous improvement and policy review mechanisms