Counting the cost in 2014: what is the true cost of poor risk management in law firms?

Print This Post

12 February 2015


Lawyer Checker2002014 is well and truly behind us now as 2015 is moving apace. It’s an election year and lots of changes afoot in the conveyancing industry, but one thing remains a constant – the threat of the bogus lawyer and criminal led ‘firm’.

As the Lawyer Checker infographic shows; 2014 saw a huge rise in criminal activity. Firm’s good names were hijacked and staff infiltrated. There does not seem to have been any change in 2015 with more and more firms targeted with high profile law names being beleaguered daily and weekly.

Bogus firms, email hijacking, band fraud and identity theft through cyber-crime continue to be very real threats as we race through 2015.

How do you protect client money and protect your firm and staff?

To view the infographic, please click here.



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Legal Futures Blog

The skills shortage in law firms is the biggest threat to handling cybercrime

CLC Roundtable discussion at Malmaison Hotel, Charterhouse Square

The skills shortage in our businesses is the biggest threat to our industry when looking at cybercrime. Cybercriminals are not just after money but are looking for sensitive information too, so the legal services sector is an obvious target. In the last year we have had reports of around £7m of client money being lost to such crime. This is not an IT issue and it should not be left to the IT teams to sort out. It is a high-level responsibility and a board-level issue that must be taken seriously. We suspect that we will look back on 2016 and ask why we didn’t respond quicker.

March 21st, 2017