A legal risk management plan is a tool for business to manage its interactions with the law and legal issues. Its purpose is to minimize the impact of legal risks on the business by identifying and managing threats that could generate negative legal consequences such as fines, penalties, compliance orders, licence suspensions, and liability for the payment of money. Although it is very advantageous for a business to have a risk management plan, not every business does. What are the difficulties in developing a legal risk management plan? Are there any disadvantages to having a legal risk management plan?