IBA Professional Wellbeing Commission Webinar Series: The regulators are watching you! – Understanding the risks of not taking action

Session five in a webinar series presented by the IBA European Regional Forum and the IBA Professional Wellbeing Commission

In recent years, regulators (both industry-wide and professional bodies at a state and federal level) have been increasingly prepared to introduce guidelines and codes of conduct in support of employees’ well-being.
 
In the UK, for example, the Solicitors Regulatory Authority has recently introduced into its existing Code of Conduct a positive obligation on law firms to treat those who work for them “fairly and with respect”. Under these new provisions, managers are also required to challenge behaviour that does not meet this standard.
 
The first global international standards (ISO 45003) were published in June 2021 giving practical guidance on managing psychological health and psychosocial hazards in the workplace and improving employee well-being.
 
These international standards are intended to help organisations seeking to enhance their ESG profile in alignment with the UN's sustainable development goals. They can also potentially send a powerful message that the organisation cares for its people.
 
At the same time, professional indemnity insurers are increasingly requiring law firms to incorporate employee wellbeing within their risk management strategy.
 
In this webinar we will look at this changing regulatory landscape and the implications for the legal workplace in building a wellbeing strategy.
 
In response to this changing regulatory environment, the webinar will also consider the new approaches recommended by organisational psychologists in devising wellbeing strategies and some of the wide-ranging implications for the legal workplace.  These strategies are no longer based primarily on supporting the individual focusing instead on an organisation centred, more risk-based approach.