Wednesday, March 27, 6:00 – 8:15 p.m.
Why Every Lawyer Should Understand the Basic Concepts of Enterprise Risk Management (Erm) – 2013The FCBA Professional Responsibility Committee will hold a CLE on Wednesday, March 27, 2013 from 6:00 – 8:15 p.m. on Why Every Lawyer Should Understand the Basic Concepts of Enterprise Risk Management (Erm) – 2012. This program will be held at Bingham McCutchen LLP, 2020 K Street, NW.Law firms face a panoply of risks in today's environment, and for that reason they should be proactive in mitigating those risks to safeguard their long term success and survival. This program is intended to give firms an overview of Enterprise Risk Management, so that they can begin to develop their own framework to identify and proactively address risks (including the Federal Communications ability to censure, suspend or disbar attorneys for a variety of offences) and opportunities across their entire firm. Ultimately, you should also be able to come away from the session with ways to make the firm eligible for favorable pricing and coverage of malpractice insurance.Eileen Garczynski is a Vice President at Ames & Gough and an expert on lawyers’ professional liability issues and the risk and insurance needs of law firms around the country. Dennis Quinn, a Member of Carr Maloney P.C., concentrates his practice on professional liability and commercial litigation. He has successfully represented hundreds of clients in legal and accounting malpractice actions and ethical complaints, and has tried cases in most of the state and federal courts in the District of Columbia, Virginia and Maryland. He frequently speaks to bar associations and professional groups on how to avoid legal malpractice claims and bar complaints.Registrations and cancellations are due by 12:00 Noon, Tuesday, March 26, 2013.AGENDA6:00 – 6:05 p.m. Welcome and Introductions6:05 – 7:05 p.m.
I. U.S. Law Firm Risk Environment
A. Overview of 2012 A&G Legal Malpractice Claims Survey
B. Brief overview of some recent concerns facing law firms around the country
C. Top Risks Facing Law Firms (from conflicts to cyber security)
II. WHAT IS ENTERPRISE RISK MANAGEMENT?
A. Identifying Law Firm Risks
B. Assessing the Likelihood and Magnitude of Those Risks
C. Determining a Firm-Wide Response/RM Plan
D. Monitoring and Remediating the RM Plan
III. IDENTIFYING LAW FIRM RISKS
A. Practice Management (Ethics) - Professional Responsibilities including:
o Conflicts/Atty Client Relationship
o Managing the Engagement, Non-Engagement and Disengagement --Limiting the Scope of Engagement
o Litigation support
o Professional Development Risks
o Lateral Issues
o Rogue lawyers
o Bad clients
B. Financial Health - Transparency and Disclosure; Internal Controls; Anti-Money Laundering; Credits; Firm Investments; Portfolio Risks; Audits; Bankruptcy or acquisition of significant clients; Pressure on Fees, etc.
C. Strategic Concerns - Reputational, Marketing, Markets, etc.
D. Firm Governance - Firm processes; customs, policies, committees, management structure, etc.
E. IT/Cyber - Confidentiality, Data Security & Ethical Screens, Data Recovery, Issues with Third Party Suppliers and Outsourcing
F. Operational - Employment (Talent – Lateral and New Hires), Fraud, Damage to Assets, etc.
G. Environmental - Natural Disasters, etc.
7:05 – 7:15 p.m. Break
7:15 – 8:00 p.m.
IV. ASSESSING THE LIKELIHOOD OF RISKS
What are the Key Risk Indicators - (a measurement tool to indicate to potential presence, level or trend of risks) firms can use to help identify the risks identified in Section III.
V. DEVELOPING A FIRM-WIDE RISK MANAGEMENT PLAN
VI. MONITORING THE RISK MANAGEMENT PLAN
VII. BENEFITS OF ERM
8:00 – 8:15 p.m. Questions and Answers
