The corporate law firm Marsh and Low had been successfully running for 15 years in London when dis-aster struck. In August this year, a devastating fire destroyed the majority of the building. With the office out of action, client work could not be fulfiled and the firm’s clients had to go elsewhere for legal advice. By the time the office was up and running, Marsh and Low had lost many key clients with huge financial implications.
This story is fiction, but it could very easily be true. Lawyers are the first to advise their clients on the issues and affairs that may affect them. However, it is vital that they do not forget the risks that could affect their own working lives. In order to protect against potential risks, more and more law firms are investing an increasing amount of time into this area of business management. By investing in risk management and implementing a business continuity plan (BCP), law firms will gain a competitive advantage. They will have the processes in place to continue ‘with business as usual’ when faced with a disaster.
