IBA Annual Conference Toronto | Professional liability, its practical aspects, how to mitigate it with the use of tech, insurance coverage, and the training of the lawyers

Don't miss out on this session during the IBA Annual Conference in Toronto. Our Partner Fabio Trevisan is among the panelists.

This session is intended for those in management, and/or those handling claims against law firms and lawyers, to consider:

1.    Practical aspects of managing risk – what are the sources of liability for solicitors and legal professionals (e.g. negligence, breach of fiduciary duty, confidentiality breaches)

• common causes of professional negligence claims:
  • missed deadlines (e.g. limitation periods)
  • poor communication or advice
  • errors in drafting
  • failure to follow client instructions
  • conflicts of interest and failure to clearly identify who the firm is acting for
• impact of liability on the firm (reputational, financial, regulatory)

2.    Mitigating risk through technology

• document automation and error reduction

• practice management systems for:

  o    key date tracking
  o    time recording
  o    file audits and workflows
  o    client identification and conflict checks

• use of AI for due diligence, contract review and client onboarding (KYC/AML)
• cyber-security and data protection tools
• risk of data breaches as a liability issue
• risk of over-reliance on technology – need for human oversight

3.    The role of insurance coverage - overview of professional indemnity insurance

• what does it cover and what are the limits/exclusions?
• the importance of accurate proposal submissions
• the claims process – what to do if something goes wrong
• cyber-liability insurance is a growing necessity

4.    Training and culture - building a risk-aware culture within the firm

• regular CPD and legal updates for all staff
• supervision structures
• encouraging early reporting of potential issues and near-misses
• the role of knowledge management in reducing avoidable errors

Are you attending the IBA annual conference in Toronto? Do not hesitate to get in touch with our lawyers who are also participating.