With economic storm clouds brewing, lawyers need to identify where they are exposed and how best to mitigate any weak spots.
DAC Beachcroft partners Clare Hughes-Williams and Patrick Hill, writing in this week’s NLJ outline some of the difficulties typically encountered by law firms during a recession and advise on potential safeguards.
Hughes-Williams and Hill look at the need for strong financial governance (particularly in the wake of the collapse of Hodders Solicitors in September) and also warn of the possibility of ‘another round of claims by mortgage lenders, as we have seen during the last two recessions’. Equity release claims, which solicitors should treat with caution due to the potential risk of abuse, are reportedly on the rise again. Finally, the authors give advice on what to do in the event of cyber and ransomware attacks.
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