Environmental risks have already hit major law firms themselves with, for example, flooding of offices, and firms in some parts of the USA and elsewhere in the world are well used to hurricanes and other extreme weather conditions. It is an issue requiring consideration for firm’s own risks: we know of leading European law firms with IT equipment in the basements of offices adjacent to major rivers.
Many larger firms are establishing Environmental, Social and Governance (ESG) practice areas to serve their clients’ needs. As with any other change in practice areas, they need to consider the impact in relation to their Practice Wide Risk Assessments. Clients, for example, include new entrants to the energy sector with heightened exposure to new industry, country, technology, financing, sanctions and bribery risks. We have advised many firms on their risk assessments and their policies, controls and procedures. Our experience in AML issues over 18 years has been enhanced by our auditing of many leading US and UK firms for AML compliance.
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