Intro - Legal Risk Management

4 important questions on Intro - Legal Risk Management

What is the plan developed by businesses identifying potential legal liabilities and how to mitigate and remediate them ?

Legal risk management plan

What are the 5 steps in developing a Legal Risk Management Plan?

1. Identify potential legal risks; perform a legal audit
2.  Priority each legal risk based on likelihood and magnitude
3. Develop strategies to address each risk; proactive and reactive  
4. Implement the plan
5. Regularly review and update the plan

What are 4 strategies to manage legal risks?

1. Avoid the risk
2. Reduce the risk
3. Transfer the risk
4. Absorb the risk
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What is a litigation lawyer?

Specializes in private (civil) trials

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