As the old adage goes, “failing to prepare is preparing to fail”. This saying has never been more apparent than in the legal market today, as the UK faces a major overhaul of regulation brought about by the Solicitors’ Code of Conduct and – even more critically – the Legal Services Act.

Lawyers need to keep their eye on compliance issues if they are to avoid attracting the wrong kind of interest from the regulators. After all, serious claims against an individual or firm can have a devastating effect, going far beyond the actual monetary cost to impact on time, reputation and, crucially, clients.

This Strategic Risk Special Report examines the potential impact of the new rules and regulations. It also highlights the increasing global reach of regulators and the impact this has on increasing risk, as well as the rising risk management burdens on company directors.