General counsel today face competing pressures and priorities – the increasing importance of managing enterprise risk versus the need to control costs while enhancing efficiency and productivity. Risk management pressures have increased because of a variety of factors, including the proliferation of regulation and regulatory disputes and the wide range of jurisdictions in which companies operate, the information explosion, and more. Cost and efficiency pressures have continued for several years. The first article in this two-part series discussed how those changing pressures and priorities are driving general counsel’s need for a different delivery model from their law firms and other legal service providers. This second article addresses how the same pressures and priorities drive what today’s general counsel want and need from their business clients and from the law departments they lead.
This month we take a cross-topic look at risk management, from how outcomes-focused regulation will affect PII, to how firms can turn processes into compliance. Interview: A&O’s head of risk and compliance, Heather McCallum, talks to Briefing about how risk is changing in today’s top firms, and why globalisation and client needs are driving grander changes than local regulation can ever make. Feature: The first year of the rest of our lives? Philip Hoult reports on how a new regulatory environment is yet another challenge to today’s law firm risk management leader – and how the legal industry is changing to adapt.
Increasingly, attorneys are considering cloud-based legal practice management systems as an alternative to traditional on-premise software. In comparing the two alternatives, they must analyse two different cost models: the monthly subscriptionbased fees of cloud computing offerings versus the up-front purchase and ongoing operating costs of on-premise software.
Is the legal world finally ready for a shift in pricing culture? And what will that mean for strategy and client relationships? It's time to adopt new ways - and fast - according to the experts in this month's issue of Briefing.
The greatest risks posed to the public and consumers of legal services are fraud, dishonesty and serious misconduct and it is the job of the SRA to guard against these risks. The SRA are now a ‘risk based’ regulator which essentially means that it diverts its resources to where there are the greatest risks to clients
While the changes in law firms are creating stresses, they are also creating opportunities. Because corporate clients’ expectations on pricing and process management are not being met, they are actively seeking law firms that are willing and able to meet their expectations.
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