Law firms can be hit by a multitude of crises ranging from widespread systemic lingering issues like an economic recession to more specific financial crises like the Greek debt issue or the US sub-prime mortgage crisis or more increasingly in the internet age to issues that specifically and very directly hit law firms such as targeted hacks and data breaches which perhaps now represent the most significant threat to law firms.
Only this week it was reported in the legal press that that almost 50 well-known law firms were recently targeted by hackers trying to obtain information about mergers and acquisitions and allegedly at least one firm’s system was breached.
But even this news is dwarfed by the revelations about the Panamanian law firm leak.
