There is little that can strike the same level of fear in the hearts of lawyers as the threat of a lawsuit against either themselves or their law firm.
Serious claims against an individual and/or firm can have a devastating effect, going far beyond the actual monetary cost. The impact will also include lost time, reputation and, crucially, clients. And if you listen to the Cassandras, the risk of such liabilities is on the increase.
This Strategic Risk Special Report examines this critical threat and effective risk management strategies. In particular it debates whether limited-liability partnership status and professional indemnity insurance provide suitable protection and advocates the trend towards full-time risk managers.
In the wider market, it also questions whether the Compensation Act 2006 will stem the rising tide of speculative claims.