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  1. For most firms, the management of risk is an evolving discipline whose elements are at varying levels of maturity. The primary areas of risk relevant to a law firm are: Information technology (IT) risks; Financial risks; Practice management risks; Operational risks; Strategic risks; and Environmental risks.

  2. “risk management” to mean reducing potential liability, primarily through effective use of contracts and insurance, while conducting lawful, profitable activities.

  3. Define legal risk and its boundaries with other risk areas. Assess legal risk using a robust framework informed by data and scenario planning. Define legal risk appetite at an individual risk and organization-wide level prioritizing and focusing resources on risk management activities efectively.

  4. Legal risk can involve a claim, change in law, defective transaction (including bad due diligence, an unconsidered exposure in a contract and poor structuring) or inadequate asset protection (such as not registering a security interest or trademark).

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  5. celebrating business success and being tied up in endless litigation. Yet, of all the risks faced by organizations today, legal risk is among the most difficult to measure, manage and align with an organization’s risk tolerance. This article explores how to define and classify legal risk, so that organizations can develop and implement

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  6. Jan 1, 2015 · There is a need for in-house teams to reflect on the extent to which processes of legal risk engage rigorously in assessment, mitigation, communication, monitoring and overall evaluation of...

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  8. Understand the importance of legal risk management to business strategy. Know how to assess their attitude towards risk. Show how to model legal risk. Identify ways to manage and mitigate liability risks, such as through liquidated damages clauses and insurance.

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