UK law firms increasingly appointing risk specialists

According to a survey by Legal Risk, legal firms in the UK are increasingly employing risk management specialists to deal with business continuity and operational risk issues.

Whereas previously this responsibility tended to fall to an individual partner (86.1 percent of firms surveyed in 2003 and 68.9 percent in 2004 did this); in 2005 only 16.3 percent of firms left risk management in the hands of a partner. Instead responsibility was placed in the hands of a risk specialist (29.3 percent in 2005 compared to 13.5 percent in 2004) and a Partner committee (25.7 percent in 2005, less than 10 percent in 2004).

While the majority of the risk specialists were employed by firms in the top 100, the trend seems to be spreading to smaller firms as well.

RELATED ARTICLE:

Business continuity: helping firms stand out from the crowd
Using the example of the legal industry, Peter Joyce explains how business continuity can help differentiate companies in crowded sectors.

•Date: 21st Feb 2006• Region: UK • Type: Article •Topic: Service sector BC
Rate this article or make a comment - click here