The Victorian Legal Services Board’s (VLSB) “2024 Risk Outlook” outlines the major risks facing Victoria’s legal sector in 2024. Cybersecurity remains a critical concern, as the Board has noted the growth of cyber attacks over the past year. Law practices are urged to implement robust security measures like multi-factor authentication and regular software updates whilst…
Solicitors Regulation Authority report looks at the risks and opportunities of AI in the law
A recently published report in the Risk Outlook series sheds light on the transformative impact of artificial intelligence (AI) within the legal services sector. The document underscores potential opportunities, such as the streamlining of administrative tasks through AI, enabling firms to allocate resources more efficiently for intricate assignments. Automation, in this context, offers cost reduction…
Victoria Legal Services Board releases its first annual Risk Outlook
The VLSB+C’s Risk Outlook 2023 highlights five risks for the Victorian profession that will be areas of regulatory focus for the coming year. The publication describes issues and conduct associated with each risk that have the potential to cause consumer harm and explains the planned response to them. These risks include: Cyber security Costs disclosure…
The Law Society of Scotland launches the Innovation Cup 2022 to find the latest idea in risk management
The search for the latest idea in risk management within the Scottish legal profession was launched on 13th June. The Law Society of Scotland launched the Innovation Cup 2022 and has invited Scottish solicitors, paralegals, trainees, cash-room staff and student associates to submit their ideas for risk management products, tools or strategies. The winning idea…
The Solicitors Regulation Authority of England and Wales outlines new online threats in Risk Outlook Report
The Solicitors Regulation Authority’s new Risk Outlook report shows that email remains a significant vulnerability for law firms, involved in more than four out of five of all reported cybercrime incidents. The report outlines new threats as criminals look to exploit new technology. It shows that 83 per cent of cybercrimes reported in 2021 involved email…