The Business of the Law Firm: Better risk management to prevent

Operating a law firm is a business.? And like all businesses that demands lots of attention to risk management.? Law firms, for example, have to adopt a defensive stance on what kinds of clients they accept, what kinds of cases, how it handles those cases, and avoiding any appearance or reality of a conflict of interest.?

The number of large malpractice claims against law firms is rising, reports Tom Huddleston, Jr. of THE AM LAW DAILY.? According to a survey by insurance broker Ames & Gough, the overall number of malpractice claims is down for the first six months of 2012.? However those of at least $500,000 have increased.

Responding to what one perceives as subpar service which caused harm with a lawsuit has become commonplace.? The former Norman Rockwell?kind of bond?between a service provider and the customer or client is rare to find.? When a cordial relationship exists it often represents a calculated approach by the customer or client to enhance the odds of getting good service.? That mindset is honed in Dale Carnegie human relations basic courses.

Even in my field of communications more of us are selective in who we agree to work with.? If we smell a "troublemaker" or the possibility of trouble, we?provide a nice cover story for not taking the account.? This goes back to the 80/20 rule, that is, 80% of our revenues comes from 20% of our clients.? The trick is to find and keep the right 20%.? To extend that rule, one might say that 80% of the possibility of a malpractice suit comes from those kinds of clients who represent only about 20% of the kinds of business which are available to us.

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