The age-old idiom “hope for the best and prepare for the worst” can be applied to assessing risks to a law firm.
To plan for recovery, attorneys should understand what risks threaten their practice, and how to determine their potential impact in order to mitigate risks.
The ISBA’s Risk Assessment Form provides a checklist that identifies and rates potential risks to a law firm. Attorneys can then focus mitigation efforts on risks with higher importance, which is calculated by multiplying probability and impact.
The form is one of many member resources available at Practice HQ, the ISBA’s one-stop microsite for practice management and technology information. Organized by the life cycle of a law practice, Practice HQ can help you start a firm, build, manage, protect, or wind down. Practice HQ content is members-only; you must log in to the ISBA website for full access.