Pressure points

Risk management is often a question of planning ahead, though unprecedented twists and turns at the start of this decade have made defied all forecasts and predictions. SME law firms have been particularly proficient at staying afloat – and even thriving – through this time, and many will be hoping for more of the same going into 2023.

This supplement pegs SME law firms’ recent suite of risks to the current context of an economic crisis – I spoke to several senior business leaders to understand how the economy is affecting their financial planning, compliance, insurance costs, talent pool and cybersecurity efforts (p4). 

I also spoke to Zarina Lawley, head of solicitors at Miller Insurance, about the changing state of the insurance market and how firms can win themselves a positive outcome this renewal season (p10). 

Plus, Kerri Dearing, vice president of international business, NetDocuments, discusses the evolving cybersecurity landscape, and how governance considerations need to adapt accordingly (p12).

Enjoy this deep dive into the SME legal risk landscape, which puts the most pertinent challenges facing the sector under the magnifying glass. Do get in touch if you have any thoughts to share or questions to ask – I look forward to hearing from you. 

Economy of risk

Rising costs and a looming recession could spell disaster for cash-strapped firms, while indirectly exacerbating the incumbent suite of risks in SME legal – such as cashflow management, compliance, rising PII costs, talent attraction and retention and cybersecurity.

Building firm policies

Demonstrable resilience is the name of the game for law firms navigating a professional indemnity insurance market where stability remains elusive, says Miller’s head of solicitors, Zarina LawleyMaximising value

New world security

The world of tech continues to evolve at a rate of knots, which means security and governance considerations are constantly changing too, says Kerri Dearing, vice president of international business, NetDocuments