Tressler Partner and Chicago office Managing Partner, D.J. Sartorio, has authored “Management Playlist: Risky business,” published by the Chicago Lawyer, July 1, 2013. D.J.’s Management Playlist column appears monthly in Chicago Lawyer magazine.
In “Risky business,” D.J. writes that in various ways, “we are in the business of helping our clients manage risk. But what about your risk? Are you managing it effectively?” he asks.
He writes that good risk management requires lawyers to identify their risks, determine available options for controlling, transferring or avoiding each risk, and assessing their level of risk tolerance. Common risks he lists and discusses are:
- Professional liability
- Licensing and CLE
- Client expenses
- Data security
- Records management
- Cooperative agreements
- Lateral acquisitions
- Physical facilities
- Personal property and equipment
- Business interruption
- Lender covenants
- Vendor and landlord obligations
- Employment practices, employee benefits and workers’ compensation
- Crime
- Tax obligations
- Intellectual property
- Kidnap and ransom
- Receivables
D.J. advises lawyers to chart their own risks in writing. “Specifically identify each,” he writes. “Attempt to quantify each. Decide how much of each you are willing to absorb. List the methods, including cost, you select to control, transfer or avoid the remaining risk.
“Remember, the most dangerous risk is that for which you have not accounted,” he concludes.
For a copy of the article, please visit the Chicago Lawyer magazine’s website by CLICKING HERE. Alternatively, you may contact the author directly at djsartorio@tresslerllp.com or 312-627-4093.
About the Author
D.J. Sartorio has more than 30 years experience as an insurance and appellate lawyer. He has extensive experience representing insurance companies in litigation, coverage analysis and underwriting consulting. He has successfully handled appeals throughout the United States, including one that changed Illinois law with respect to expert disclosures. Active in firm management, D.J. has served on Tressler’s four-person Executive Committee, which is the governing body of the firm, since 2001, and presently also serves as Managing Partner of the firm’s Chicago office.