Challenges Faced By The Australian And The Global Legal Landscape

1326 Words Dec 10th, 2015 6 Pages
We do not need anyone to remind us again that the Australian and the global legal landscape has changed and is still constantly evolving, but have we actively turned our minds to the fact that this means the risk a firm or an organisation faces is also changing? In many areas of law and areas of business, these risks are increasing with new or more complex regulation. There was a time when the role of lawyers was to advise on legal matters and nothing more. In those old days, lawyers, especially those who operated in-house, were viewed as a roadblock or a hurdle, preventing progress. As for legal practice managers, while they did have to manage various risks faced by running a legal practice, excellence in risk management often was not a key performance indicator. Nowadays, with the increase in risk faced by many firms and organisations, the natural progression has been for lawyers, together with legal practice managers, to take on a risk management role, as good risk management helps a business, including in the form of a legal practice, achieve key organisational objectives and reach financial targets.
The shift in the role of lawyers and legal practice managers in risk management is also in part due to the 2008 financial crisis. A number of legal commentators have highlighted that the key financial issue for businesses is “outside legal spend”. This financial issue has contributed to the rise of the in-house legal function. Having access to immediate, real-time…

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