Why Your Law Firm Needs Effective Risk Management Strategies with Mark Bassingthwaighte
If you think that your firm isn’t susceptible to a cyber attack, your whole practice is at risk.
Veeam blog columnist Cole Hanks writes that “up to 60% of small businesses fail after a successful cyberattack.” Many firm owners think their practice is too small to be of any importance to cyber attackers and malpractice, but that very thought can be very costly.
Join Moshe Amsel and guest Mark Bassingthwaighte, a seasoned risk management expert with ALPS, as they delve into the crucial topic of risk management for law firms and ensure that you are educated and prepared to keep your firm from the aftermath.
In this episode, you can find:
- Insights into cyber security risks, like wire fraud and ransomware
- Essential tips on selecting the right malpractice insurance
- Vital steps law firms need to take to protect themselves
- The role insurance plays in safeguarding your firm’s future
Listen now to learn how to fortify your law firm against unforeseen risks and enhance your risk management strategies!
Episode Highlights
[00:00] Introduction to Risk Management with Mark Bassingthwaighte
[03:00] Mark’s Journey into Risk Management
[06:22] Cybersecurity Risks in Law Firms
[07:10] It Can Happen to You: Real Life Wire Fraud
[11:23] Understanding Cyber Security Threats
[13:58] How Does Ransomware Apply to Me?
[15:47] Understanding Cybersecurity Threats and How to Prevent Them
[24:18] Malpractice Insurance Coverage Essentials
[26:33] ALPS and What They Can Do For Your Firm
[27:58] Malpractice Insurance: What is it and Why Should I Invest?
[34:14] The Importance of Being Thorough in Your Firm’s Risk Management
[35:49] Closing Thoughts and Key Takeaways
Resources
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Connect with Mark Bassingthwaighte: Email | Website
About Mark Bassingthwaighte
ALPS, the nation’s largest direct writer of lawyers’ malpractice insurance, has hired Mark as a risk manager for the Bar at large. Over the years with ALPS, Bassingthwaighte has conducted over 1,200 law firm risk management assessment visits, presented more than 650 continuing legal education seminars across the United States, and written extensively on risk management, ethics, and technology. He is a member of the State Bar of Montana and the American Bar Association, where he currently serves on the ABA Center for Professional Responsibility’s Conference Planning Committee. He earned his J.D. from Drake University Law School.
Connect with Mark Bassingthwaighte on his Email. You can also check ALPS’ Website to learn more.
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
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