But what is Risk Management? How can you make sense of what can work in your practice without ploughing blindly on and risking failure because you didn’t see that risk coming, or jumping at shadows and not fulfilling your potential?
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Every practice is different but there are lines of latitude and longitude that run through them all and you can put sensible measures in place to manage risk robustly and dare I say, still make a profit.
The Law Society’s Practice Management Standard, Lexcel, is an excellent way to introduce structure, policies and procedures into your business and to ensure that everyone plays their part in making it work well. The fact that you must be independently assessed every year will give you helpful feedback, keep you on track and save you tearing your hair out.
It is a great business management tool.
You may have already achieved membership of other Law Society quality standards such as the Conveyancing Quality Scheme or the more recent Wills and Inheritance Quality Scheme, but you need to be working to the Core Practice Management Standards and be confident that you will make the grade in an assessment.
• The SRA Handbook can be a rather daunting read, and Outcomes Focussed Regulation must be interpreted and applied effectively.
• There are straightforward and practical ways to help you to meet the required quality standards and give you peace of mind that you won’t fall foul of regulation.
You may be a newly authorised ABS who wants structure in place from day one; or a long established Partnership or a Sole Practitioner who has had, for a long time, good intentions of getting a handle on compliance but finding it bewildering so it keeps getting shelved.
You could be a criminal defence solicitor wondering if you dare take on privately paying clients for fear of accepting proceeds of crime; or a practice doing fast track work that only takes fixed fees and you are going dizzy trying to get your invoicing processes and transfers between client and office account working smoothly - do not despair, your business model can work and be compliant.
It is that time of year again when applications to the Professional Indemnity Insurance forms need to be completed and submitted which means your risk profile will be under the spotlight. So don’t exhaust yourself – seek advice, get help, address the issues and continue with confidence.
If you are interested in an initial, no commitment, meeting or desktop review, then contact Patricia Wheatley Burt and her expert team of Consultants and Coaches on: +44 (0)20 8870 9781 - it could save you hundreds of pounds, time and energy.