Newsletter – May 2024

From the CEO

This month we published our second Annual Risk Outlook for the profession. Our aim is to help you think critically about what’s coming down the track and plan strategically for the future of your career and wider business. We encourage all Costs Lawyers to take a look and consider what the various developments, risks and opportunities highlighted in the report mean for you and your clients.

The report identifies current drivers of change that are outside the CLSB’s control as a regulator, but which could impact Costs Lawyers’ ability to deliver services to clients in a way that meets their needs. The sources of risk identified in the report are grouped into three broad categories: political, economic and social. Sometimes referred to as “system risks”, these sources of risk mould and shape the costs law market from the outside.

Businesses, individual practitioners and regulators all need to consider the likely impact of these drivers on their activities, and put measures in place to mitigate any negative impacts that might arise. They are risks that you should take into account when planning for the future, being mindful of your own practising arrangements, specialist areas and existing competencies. There will no doubt be other factors and risks that could impact your specific practice, and we hope the report gets you thinking about what those might be.

This is also a good context in which to consider what new skills and knowledge you might need in the coming years to continue to thrive as a Costs Lawyer. Examples of possible gaps in competency relating to the risks and opportunities in the report include:

  • Understanding how to use new technologies and systems, and the risks associated with them
  • Appreciating the changing needs of clients and how to address them
  • Adapting organisational management to changing workplace expectations
  • Grasping how new regulatory and ethical obligations apply to specific practising arrangements
  • Having sufficient technical knowledge of emerging work areas to spot issues, give sound advice and build relevant specialisms

The CLSB’s Ongoing Competency Framework delves deeper into some of these skill areas.

If you would like to discuss any of the developments or risks identified in the Annual Risk Outlook, please contact us.

Kate Wellington


Regulatory News

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