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Firm Asset, Liability, Risk & Change Management

By Paula C. Campbell
September 02, 2004

Is it time for your firm to evaluate the often-indistinct lines between assets, liabilities, risks, and the changes that can limit or delineate those boundaries? Consider the following firm components:

  • Partnership or shareholders' agreement;
  • Overall management structure;
  • Mechanics of the practice;
  • Financial management;
  • Firm benefits based upon performance;
  • Case acceptance principles; and
  • Conflicts and ethics considerations.

Does your firm believe that its ASSETS are comprised of:

  • Work product;
  • Client and contact lists;
  • Equipment (leased or owned) and its contents;
  • Trade secrets; or
  • Marketing/brand recognition including copyrights, trademarks, etc?

Has your firm considered making CHANGES to include replacing issues of “trust” with best business practices? More importantly, careful consideration should be given to who owns these assets. Is it the Partners? Employees? Of Counsel? Vendors? Clients? Formal agreements, like those that firms encourage their clients to institute, are a definite deterrent to intellectual and property ASSET theft or misuse. Is it time to do an inventory of your firm's agreements? Time invested in this activity usually yield a number of breaches, exclusions and expirations.

Does your firm affirm its LIABILITIES to include:

  • Malpractice actions;
  • Investment and reporting of escrow monies;
  • Bar license issues (including CLE); or
  • HR practices?

Who represents your firm in disputes with clients, employees and former partners? How is your firm defended against charges of professional or employer negligence? What is the impact of negotiated settlements prior to discovery?

Effects of Malpractice: LLP or Not

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