Marsh is delighted to have sponsored Legal Business Magazine's Risk Management and Professional Indemnity Survey 2022, specific to law firms in the UK.
The annual survey and report considers the risk priorities which are preoccupying law firms and explores the 'new normal' of hybrid working.
Some of the key findings include:
- Technology and cyber security threats keep their place as the most serious risks facing law firms. However, there are other concerns which are scoring higher than ever before, such as supply chain/third-party service provider failure/breach.
- There is a new focus on environmental, social, and governance (ESG) issues, with 73% of respondents saying that ESG is now firmly part of their firm’s risk management agenda.
- Flexible working is a key part of ESG, with 71% of firms identifying that ESG factors played some part in their firm’s decision over hybrid working arrangements.
- Whilst almost all firms have introduced flexible working policies, 39% do not appear to have updated supervision policies in the last two years, which is likely to be a source of risk if left unaddressed.
To find out more about this year's results, download the report.