When I’m out meeting new firms, writes John Thomas of LawNet, all too often when I ask managing partners about the cost of their PII, they do not know. Not many can tell me to the nearest £10,000 and some have no idea at all, having devolved responsibility to the ‘insurance partner’. But is this acceptable in a world of change and challenge, and constant pressure on costs?

Comparisons between the 2012 Olympics and the compliance officer for legal practice (COLP) nomination process are more obvious than you might think: both were years in the preparation, shrouded in mystery, beset by operational PR disasters and, ultimately, over in a flash. This month’s blog brings you live coverage of the five-month dash: that’s how long your COLP has to get the firm’s house in order before they become responsible for compliance. Like bog-snorkelling and extreme ironing, the five-month dash is a niche sport, unlikely to grace the Olympics, but pundits are predicting there’ll be a least 11,000 participants by the end of the year.

The legal market is in danger of being consumed by the same doom and gloom that taunts the UK economy. For years the media have filled our TVs and newspapers with stories of fear, uncertainty and doubt. While some of the stories may be true, many are fiction. There is a real danger we are consumed by the fiction and allow negative predictions to become a self-fulfilling prophecy, where banks stop lending and consumers stop spending. A familiar story? We end up acting out the very scenario we want to avoid. I see the same pattern emerging in the legal world.

It has been gratifying that both the national and legal media have at last caught up with the series of revelations that Legal Futures has been reporting on since March over problems with the Bar’s disciplinary regime. Last week, suddenly, it featured on the Today programme, as well as in The Times, which in turn woke up some legal rags to what has been happening.

I don’t know how many law firms chart the ‘journey’ that leads clients to seeking their advice, but I would guess that it is very, very few. Magically, or perhaps because of an advert in the Yellow Pages, or maybe the recommendation of a one-time client, clients turn up on the doorstep wanting help. What more do you need to know? In any case, it is probably because of your brilliant local reputation.