5 September 2025
No matter how established your practice is, risk is always in the room. It’s in your client relationships, your technology, your contracts, your finances and even your team culture.
For legal and accounting firms, managing risk well is the difference between staying in business and becoming tomorrow’s cautionary tale.
It’s not unusual for regulations to change and standards to tighten in the legal and accountancy professions.
Not to mention the tolerance for mistakes gets smaller and smaller each year. Whether it’s changes to AML rules, audit standards or new requirements for protecting your team from sexual harassment, it’s crucial to ensure everyone in your firm is up to date.
The danger here isn’t just fines, although of course no one ever wants to be stuck with them.
It’s also the reputational damage that comes with headlines questioning your integrity that can do the real damage.
Top tip: Build a process for tracking regulatory updates and translating them into action points for your team. Make compliance training a rolling programme, not something you do once a year just to check a box and be done with it. It’s one of the easiest ways to make sure that everyone in your team is aware of any recent changes.
Cyber attacks aren’t just for big global corporations. In the last year alone, more than 60 per cent of UK businesses were victims of cyber attacks.
Professional services firms like yours are prime targets because of the sensitive data they hold. Ransomware, phishing scams, and data breaches can bring work to a halt, incur significant costs, and destroy client trust overnight.
Top tip: Have clear and thorough cyber security policies, train staff to spot and stop threats and regularly test your defences. Keep systems updated and back up data in a secure, off-site location. You never know when your firm might be the next target.
From fluctuating interest rates to changing tax policies, financial stability can be harder to maintain than it looks.
Even well-run firms can face sudden cash flow pressures, particularly when clients delay payments or markets turn.
Top tip: Keep a close eye on financial KPIs, diversify income streams where possible and maintain a healthy reserve. Build scenario planning into your budgeting so you can respond quickly to downturns. You can never be too prepared!
Clients are your greatest asset, and sometimes your biggest risk. Unclear expectations, poor communication, or delays can turn loyal clients into vocal critics.
Unfortunately, we now live in a world where bad news spreads faster than you can even say “reputation”.
A few 1-star Google reviews can be enough to deter a potential client from your firm and draw them to your competitor… definitely not ideal.
Not to mention, those reviews are often difficult to get taken down.
Top tip: Set clear engagement terms, communicate proactively and address concerns quickly. Monitor feedback and take it seriously. Make sure you have a clear complaint process, even if you don’t think you’ll need it (it’s better to be safe than sorry). Protect your reputation by delivering consistently high standards and managing expectations.
Even small assignments can go off the rails if deadlines slip, resources are stretched, responsibilities aren’t clear, or if someone leaves the practice.
These risks are often internal, but their impact is external. Your clients (rightly) expect you to deliver the goods, whether that’s a tax return, a business contract, a house purchase or the kind of due diligence that keeps them sleeping soundly.
Top tip: Use project management tools, agree on timelines up front and hold regular progress reviews. Make sure everyone knows who’s responsible for what. To give your team the best chance of meeting client expectations, encourage them to take training in project and time management so they’re better prepared to handle their responsibilities.
The firms that see risk coming from a mile away, assess it quickly and act decisively are the ones most likely to succeed.
That takes a culture where every person understands their role in spotting, reporting and addressing risk.
Our Risk Management course covers everything from recognising risks in the first place to putting plans in place that protect your firm and your clients.
You’ll learn practical strategies, see real-world case studies and leave with tools you can put into action straight away.
In a world where the risks keep changing, your best defence is a team that’s ready for whatever comes next.
So, what are you waiting for? Book your Risk Management training demo today.