Tax and Insurance specialist Karen Eckstein of law firm WBD has celebrated the publication of her first book, Managing Risk – A Guide for Accountants and Tax Advisors, at a launch event on 28 March. Hosted in WBD's London office, the event brought together more than 50 guests including insurers, accountants, brokers, barristers and professional bodies.
Published by Claritax, Managing Risk – A Guide for Accountants and Tax Advisors is a short, practical book that addresses issues that are relevant for all accountants and tax practices. Aimed especially at smaller and mid-sized firms, the book highlights areas where practitioners may be vulnerable to claims and advises how firms can develop processes to reduce risks.
The book includes commentary on, and key extracts from, guidance issued by the Chartered Institute of Taxation and other professional bodies on a broad range of issues, including dealing with client irregularities; conflicts of interest; ceasing to act in particular circumstances; second opinions; keeping proper records, and more. The book also offers practical advice on such topics as engagement letters; liability caps; invoicing; and managing planned and unplanned staff absence.
Karen Eckstein is a qualified Chartered Tax Adviser. She is a market leader in tax related professional negligence claims and joined WBD's Leeds office in July 2016. Karen has built a specialist team around her, advising on complex issues facing clients, in a practical and commercial way. Karen has written extensively for the professional tax press and is a frequent lecturer on risk and tax related topics.
"I am delighted to have celebrated the launch of my first book with such a fabulous group of clients and colleagues. I am passionate about risk management, and have been dealing with claims against accountants and other professionals for over 25 years. It strikes me how many of these claims arise from getting the basics wrong, but if we can work together with insurers, professional bodies, brokers and accountants to reduce the claims that arise from those easy mistakes, we can all benefit.
The book advises on the necessary steps advisers should take to contain and reduce the financial and reputational damage professionals suffer as a result of claims. Using short case studies and real life examples, based on my professional experience of advising clients, I hope it will provide useful guidance to professionals and reduce their exposure to risks."
WBD has a wealth of experience and expertise in the field of claims against accountants and tax advisers, and I believe that the book fits neatly into the range of services that we offer in that arena. Our track record in the sector, together with the mix of specialism and industry knowledge in our team, gives us a unique perspective and insight into the issues facing our clients."
Commenting on the book, Tony Chapman, Partner and Head of Risk Services at BHP LLP, said:
"Eckstein's "Managing Risk" guide should be essential reading for the partners of all accountancy and tax advisory firms. It is easily digestible with practical "real world" illustrations and sets a proper commercial tone for risk management in an increasingly litigious world. It is now required reading for all our internally promoted and lateral hire partners."
WBD won the Legal Business Insurance Team of the Year Award 2017 on the back of its strong insurance offering, advising and defending leading UK and international insurers on complex and high profile claims across key areas including professional risks, construction, casualty and Directors and Officers liability. The firm was also shortlisted for the 2017 and 2018 Legal 500 Award for its specialism in professional negligence.
The firm's insurance practice has been growing from strength to strength with a number of senior lateral hires in both its London and Leeds office, which saw three new partners (Tim Barr, Simon Beckwith and Mark Ratcliff) and an associate (Ian Drew) join the firm.
As part of its service offering, WBD will be running a seminar on 10 July on claims against accountants, auditors and tax advisers on a range of topical issues, with speakers from Willis, 4 New Square, Hailsham and Pump Court Tax Chambers, as well as from WBD's professional risks team.
For more information on the book, click here.