Risk Objectives of the SRA and Law Firms Are Two Sides of the Same Coin
As I read the Solicitors Regulation Authority’s (SRA) recently published Risk Outlook 2013, American author Tom Peters’ famous quote "test fast, fail fast, adjust fast” came to mind.
The sentiment rings true for the legal sector – the rapid pace of change caused by the Legal Services Act 2007 (LSA) has meant that law firms have had to quickly move away from traditional practices to explore and adopt new ways of working.
The Risk Outlook report is a balanced view of the UK legal sector’s risk landscape. Many of the risks highlighted in the report can unequivocally be managed through technology. Interestingly, legal services providers that better manage their business risks, in turn also protect the integrity of the LSA and the SRA’s outcome focussed regulation. Let’s see how....