Law Firms Establish Legal Vendor Network™ to Manage Third-Party Vendor Risk

In a recent ILTA survey, over 420 law firms of all sizes were asked what their top 3 technology issues were within their firm (Source: ILTA Technology Survey, 2015). The number one answer they gave was security/risk management. In fact, security and risk management concerns have significantly increased over the last 4 years from 24% in 2012 to 42% in 2015.

As risk management has become a major concern, firms have collaborated to identify solutions to solve their top cyber security risk management concerns as an industry.

Third-Party Risk management is at the top of the list. In January, the top law firms worked with Prevalent to launch the Legal Vendor Network (LVN). These firms now have a capability to assess and monitor third parties in a new model to help improve visibility, reduce risk, and reduce cost.

LVN enables law firms to identify the third parties that help support the firms’ operations, standardize assessment content with Shared Assessments, use evidence in the Prevalent Assessment Vault to improve efficiency, perform risk management, and perform continuous threat monitoring.

The LVN has seen significant growth since its launch as firms are looking to solve this problem.

For more information on the Legal Vendor Network, please click HERE.