What is the purpose of law? What is the value of an attorney? It all rests on one word: risk. This has been the case going all the way back to the origins of the first laws. For Hammurabi and the sailors of Rhodes, the management of risk was inherent in both commercial contracts, and the potential for natural or man-made disaster at sea. For today’s legal professionals, there are more sources of risk than ever before. Tax treaties and anti-trust regimes change often. High levels of risk are inherent to self-driving product liability, peer-to-peer insurance, and data privacy.
No matter how skilled or well-staffed an organization is, keeping up with all these changes in the modern world is a never-ending task. Some organizations possess more risk than they are capable of handling. Other organizations don’t have enough of the certain types of risk that they are very well-equipped to handle. In either case, the solution is not to hire or fire personnel on an ad hoc basis. The solution is Legal Risk Transfer and Management.
If you’ve ever used a contingency arrangement, you’ve applied Legal Risk Transfer. If you’ve ever obtained insurance for Worker’s Compensation or Professional Liability, you’ve applied Legal Risk Transfer. If you’ve ever negotiated an indemnification or insurance clause, you’ve applied Legal Risk Transfer. And if you’ve ever purchased or disposed of a company or gone through bankruptcy, you’ve applied Legal Risk Transfer.
We apply Legal Risk Transfer and Management all the time, we just don’t always realize it. Mature, strategic organizations actively practice legal risk transfer and management all the time, by developing capabilities for the identification, analysis, communication, mitigation, and monitoring of risk.
Whether it’s the analysis of risk data, or the management of current or future hazards, we can help. LexPredict offers Legal Risk Transfer and Management services, including:
- Legal Risk Data Review
- Legal Risk Exposure Review
- Legal Risk Hazard Analysis
- Legal Risk Reporting and Visualization
- Current Legal Risk Transfer Programs
- Termed Legal Risk Transfer Programs
- Event-Specific Risk Transfer and Pricing
- Hazard-Specific Risk Transfer and Pricing
- Portfolio Risk Transfer and Pricing
- Brokering and Deal Facilitation
- Post-Deal Support and Valuation
Ready to get started? Let us know.