INCREASING FIRM VALUE
Over the next few years, as law firms become more ‘risk mature,’ the emphasis will shift from compliance to competitive advantage.
The ability to produce management information will become increasingly central to a firm’s ability to obtain lower PI insurance rates and remain on lender panels.
Whilst some regard the need to evidence their risk management as a ‘necessary evil,’ the more forward thinking practice owners are viewing strong management practices as a way of making their firms more attractive.
There can be little doubt that mergers and purchases of law firms will increase within the next five years. Furthermore there is likely to be a rise in the number of law firm networks and associations. The successor practice rules mean that your work-in-progress and business will have little value if your cases have not been well risk managed and you do not have the evidence to prove it.
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