The Wharton School of Business, of the University of Pennsylvania, has published a very interesting podcast today at http://knowledge.wharton.upenn.edu/article/the-biggest-risks-facing-the-world-in-2017/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2017-01-19.
This podcast, along with the recently published Global Risks Report 2017 are "required reading" for every lawyer who is serious about sustaining the financial viability of his or her firm and practice.
In the podcast, Wharton's Howard Kunreuther and Erwann Michel-Kerjan hightlight three of the most important long-term risks that will shape the world over the next ten to twenty years:
- climate change
- social instability produced by widening inequality in wealth
- job security
The key point is the need to design and begin now to implement strategies to address these issues.
To help you start thinking in-depth about the global risks and their impact on your law firm, the World Economic Forum has published an interactive tool, "Global Risks of Highest Concern for Doing Business" at http://reports.weforum.org/global-risks-2017/benchmarking-global-risks-to-businesses-2017/.
My colleagues at Walker Clark and I agree that long-term global risks must become a core component of strategy and business planning for every law firm, regardless of size, practice specialty, or location. It is no longer a "nice to have" option for any firm. Moreover, understanding the global risks, and being able to discuss in an action-oriented way with your clients, can build substantial competitive advantage for your firm.
If your firm's strategic goals and business plan are not risk-aware, they will almost surely fail to produce the results that you need, this year and for the years to come.
Click here to learn more about how Walker Clark can help your law firm understand, anticipate, and manage the risks that your law firm will face in 2017 and beyond.