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Article | Risk Management Matters – Legal PI

Risk Management Matters - Winter 2020/21

Financial, Executive and Professional Risks (FINEX)

By Joanne Cracknell and Jonathan Angell | March 11, 2021

Our quarterly publication addressing the latest risks and professional indemnity issues affecting UK law firms.

One year ago, when we published the Winter 2020 Risk Management Matters brochure, we could not have conceived the significant changes that we would all have to make to our working lives and the restrictions that we would be operating under. For all of us, our methods and styles of working have changed considerably since the initial lockdown in March 2020.

Coronavirus (COVID-19) may have been the main area of focus last year, but as we move into 2021 there are other events on the horizon which will no doubt be on your compliance and risk management agendas. The new trading agreement with the EU will see impacts to the movement of goods and services including the protection of data. For insurance buyers, the Lloyds review of cyber insurance will be felt for firms whose professional indemnity insurance renews after 1 January 2021. It is also important to mention the risk of money laundering, which continues to impact on our society and economy as the latest National Risk Assessment makes clear.

Beyond these new or changing areas, the traditional risks continue. Obviously, there is still a need to maintain the high standards that clients and the regulator expect, and we consider these in the article on service standards.

Several firms have asked us about capping liability in recent months and we look at methods of capping or limiting liability whilst staying compliant with the Solicitors Regulation Authority.

We hope that this brochure provides you with some useful content to consider your own risk management approach. Should you have any other risk matters on your agenda, or if you need help with the placement of your professional indemnity insurance policies that you would like to be addressed, then please do let us know.

Table of Contents

  1. 01

    How Brexit has changed DAC6

    Joanne Cracknell | February 23, 2021

    The pre-Christmas UK and EU Trade and Co-operation Agreement (the Agreement) has meant significant changes in the UK’s approach to cross border tax avoidance and specifically DAC6 (Directive on Administrative Co-operation).

  2. 02

    Maintaining service standards in turbulent times

    Joanne Cracknell | February 19, 2021

    This article concentrates on the issue of service standards, what the current concerns are and how standards can be maintained and improved.

  3. 03

    Does the cap fit? Liability for law firms

    Jonathan Angell | March 8, 2021

    In this article we look at whether limiting or capping liability is possible for law firms, how this might be achieved and what might be appropriate steps to take.

  4. 04

    Money laundering Continues to be a priority risk

    Joanne Cracknell | February 23, 2021

    This article looks into how money laundering remains a significant problem for society and the economy.

  5. 05

    National Risk Assessment 2020

    Joanne Cracknell | February 26, 2021

    As one of the most tumultuous years came to a close, the UK government published its Third National Risk Assessment (NRA 2020), which comprehensively assesses the UK’s key money laundering and terrorist financing risks.

  6. 06

    Silent cyber – breaking the silence

    Joanne Cracknell | March 8, 2021

    As the risk of cyber-attacks continues to hit the headlines, we look at the recent changes to professional indemnity insurance and how this impacts law firms.

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Risk Management Matters - Winter 2020/21 PDF 3.4 MB

Associate Director - Finex PI UK Legal Services

Head of Legal Services - FINEX Global

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