Due diligence is of course a phrase that is used a lot in the industry, however it shouldn’t just stop at the legal services being provided as part of the conveyancing process or due diligence into mortgage applicants. It should also be built in to your firm’s overall business operations to check every potential risk to service delivery – not only for your own team, technology and processes, but also the resilience of your suppliers

As a supplier to law firms, we’re proactively asked about our business resilience. In today’s world, it’s essential that every part of your operational function is checked, including your supply chain. If one part of your service delivery fails, it has the potential to create a domino effect and could impact your business in many ways.

Just think of broadband as one example; we’re all extremely reliant on this and its failure could have a significant negative impact on your operations.  The same level of reliance can be said for your proptech, data, technology and infrastructure suppliers.

Understanding your suppliers’ resilience – such as reviewing their business continuity plan, financial performance and liquidity (for example, HMRC, Companies House submissions or credit checks), cybersecurity credentials and ability to invest – will mean you have a clear picture on the stability of the business.  It can all be done very quickly, mostly for free, and can expose red flags.

In this ‘new normal’, with many firms continuing to operate from remote locations for the foreseeable, the precious commodity will be resiliency. In my opinion, ensuring you have undertaken 360 degree due diligence will certainly pay dividends in the long run.