This issue of Worldnotes is about risk — ones that should be obvious but are overlooked, as well as those that lurk beneath the surface of law firm operations.

One of the most important, but also possibly the most subtle and insidious underlying cause of disappointing profitability in many law practices today is weak or, in a surprising percentage of firms, non-existent policies and procedures to identify and manage risks. The risks can be financial, service-related, or professional, but, in the end, they all affect the bottom line.