What is the Role of the Risk Management Partner?


ROLE OF THE RISK MANAGEMENT PARTNER

Each member is required to appoint a risk management partner for continued participation in PilotLegis. This appointment is required to insure that each member is cognizant of the benefits, direct and indirect, of risk management. In many firms, the risk management partner is assisted by the administrator in fulfilling the functions of this position.

Members of PilotLegis are convinced that risk management will materially reduce the direct and indirect cost of risk for most, if not all firms.

What is the role of the risk management partner?

  • Focus all risk management functions.
  • Create awareness of the benefits of risk management, with all members of the firm.
  • Motivate everyone in the firm to understand the real risks of malpractice and how they can be reduced with a significant fiscal advantage to the firm.
 
How does the risk management partner accomplish this role?
  • Participate in the firm's annual PilotLegis risk management review, implementing goals and considerations timely.
  • Develop an annual risk management plan including major risk management objectives for completion during the year.
  • Create, publish and update risk management procedures.
  • Initiate periodic reviews of key systems, such as client intake, docket and conflict of interest to ascertain that they are working properly.
  • Develop an impaired attorney assistance program.
  • Arrange for risk management topics to be discussed at various in-house meetings during the year.
  • Attend PilotLegis risk management meetings.
  • Attend bar and other professional programs relating to ethics and law firm risk management.
  • Involve staff in risk management. (Many firms delegate the authority to the firm administrator, but it is the responsibility of the risk management partner to ascertain that this is done effectively.)


RISK MANAGEMENT COMMITTEE
Many firms establish a Risk Management Committee to support the Risk Management Partner. Committee members monitor compliance with established risk management policies and procedures and serve as points of contact for reporting issues related to risk management, and for resolving those issues or concerns.

 
Functions handled by committee members may include:
  • Granting new business approval:
  • Evaluating requests for exceptions to the firm's engagement letter procedure.
  • Evaluating situations in which an attorney believes a conflicts waiver is required.
  • Evaluating situations in which an attorney wishes to sue a client for fees.
  • Evaluating requests for attorneys who wish to:
    Sit on a client's board of directors or
    Accept stock in lieu of fees or establish an equity.