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Role of Law Firm General Counsel

Submitted by Rosebella Nyonje on Tue, 07/22/2014 - 01:25
Long title
Enterprise Risk Management - The Expanding Role of LAw Firm General Counsel
Author(s)
Davis, Anthony
Author(s)' contact information
Hinshaw Culberson LLP, New York, USA
Conference title
International Legal Ethics Conference VI
Conference location
City University London
Country
United States
Year
2014
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Abstract
Like other businesses, law firms are beginning to recognize that they must assess and address all the risks that potentially threaten their ability to prosper – or to exist. Understanding and managing the expanded, existential challenges is often referred to as Enterprise Risk Management. As regulators in England and Australia focus on the business and financial viability of law firms, risk management is therefore no longer just about reducing malpractice claims and avoiding fee disputes. General Counsel must wrestle with issues as diverse as technology and data security, the effect of changing pricing models on the viability of the firm's business, determining the appropriate business structure and complying with multiple (and sometimes conflicting) regulatory regimes across different jurisdictions. How will law firm General Counsel deal with this growing list of increasingly thorny and complex challenges? Looking ahead, what will the future Office of General Counsel look like and how will it be staffed? Or will the entire risk assessment and compliance functions be handled by others, leaving law firm General Counsel a much more circumscribed role?