Numerous effective strategies to identify, address and reduce the risks that accompany a legal practice are outlined in the paper, Reducing Risk Through Effective Practice Management (by George Hendy, Patrick Cassidy and David Paul) published by the Canadian Bar Association in follow up to the 2010 Canadian Legal Conference. Key strategies include:
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The July 2010 decision on a summary judgment motion in Tim’s Meat, Deli & Grocery v. Dubinsky, 2010 ONSC 3829 (CanLII) provides a clear reminder of the dangers inherent in representing friends and acquaintances. The opening sentences of the first three paragraphs tell the basic story:
 The plaintiffs claim against their former solicitor for professional negligence. The defendant moves for summary judgment to dismiss their action on the grounds that it is statute barred...
While the outcome of the claim of professional negligence have yet to be determined (or reported, at least), doubtless the friendship has already suffered greatly.
If you're not yet convinced it's a bad idea to act for friends and family, the article, Should You Have a Friends & Family Rate? published in the Winter 2010 CLIA Loss Prevention Bulletin sets out a few more reasons why you ought to think twice before doing so.