Half of the UK’s top 20 firms have responded to growing threats of negligence claims by appointing full-time risk managers.
Research conducted by The Lawyer reveals that dedicated risk managers are now in place at 50 per cent of the top 20 firms, with 65 per cent now operating risk management committees.
Fee-earning partners act as risk managers in another 25 per cent of firms, while in the rest, partnership committees continue to oversee the risk management function.
CMS Cameron McKenna was the first firm to appoint a dedicated risk manager back in 1999, but the majority of appointments have been made in the past two years as a response to the demands of professional indemnity insurers. Ashurst became the latest firm to join the trend, appointing a risk manager last month.
The renewal deadline for solicitors professional indemnity has this year been pushed back by a month to 1 October.