Phishing Simulations for Legal and Financial Firms are Essential for Cybersecurity

David Bensinger
Jul 24
4 min read

Updated: Aug 11

Understanding the Importance of Phishing Simulations

What Readers Will Learn in This Article:

What phishing simulations are and why they matter
Specific threats law and finance teams face from phishing attacks
Real phishing simulation examples and employee click-through stats
Insights gained from testing employee response
How simulations support compliance and reduce business risk
Next steps to implement a simulation tailored to your firm

Phishing scams might seem simple, but their impact on legal and financial firms can be devastating. What’s worse, they often begin with something deceptively harmless: an email. For industries handling sensitive data and critical transactions, a single click could lead to a breach that exposes client data, compromises financial records, and triggers major compliance issues. Here's why phishing simulations are crucial to strengthening your cybersecurity defenses.

What Is a Phishing Simulation—Really?

Phishing simulations are critical for your business and even more so for those with regulatory requirements. So what is it? A phishing simulation is a controlled security exercise that mimics a real phishing attack to test how employees respond. Think of it as a “safe hack” attempt that helps identify gaps in awareness, behavior, and process—before a real attacker does.

But it’s more than just trick emails. A good simulation shows you how your team thinks—and whether your safeguards are actually working.

Why Law and Finance Firms Need Phishing Simulations Now

Legal and financial firms are top phishing targets—for good reason.

Law offices manage M&A documents, client files, and privileged communications. Financial firms handle wire transfers, investment data, and account credentials.

Cybercriminals count on your team reacting quickly under pressure. That's why phishing emails are often tailored to mimic some of the tools and language your staff uses every day. With AI-generated attacks on the rise, it only takes one click to expose client data, trigger wire fraud, or violate compliance regulations.

Real-World Phishing Simulation Examples

We run phishing simulations for your business to safely test how your team reacts to threats before a real breach happens. Some of the most effective simulations we've deployed include:

A fake DocuSign request from a managing partner
An urgent wire transfer confirmation from a spoofed payment processor
A PACER login failure alert prompting users to reauthenticate credentials

Each one looks convincing, arrives at the worst possible time, and preys on routine behavior. The question isn't if your firm will be targeted, but how ready your team will be. In a recent article from Lewitas Hyman, they discuss recent phishing attacks with messages impersonating a top official at the SEC.

Note: All the numbers below are created to demonstrate typical results from phishing simulations.

Simulation Number One: “DocuSign Request from Managing Partner”

Subject: URGENT: Please Review Engagement Letter by EOD

Body: “Hey Bob—can you review and approve this engagement letter before we send it to the client? I’m on the road but you should be able to e-sign here.” [Review Document]

Results:

68% opened the email
33% clicked the link
11% entered their credentials on a fake DocuSign page

Simulation Number Two: “Wire Transfer Confirmation Alert” or “ACH Payment Confirmation”

Email Subject: ACH Payment Confirmation – Did You Approve This?

Body: “We received confirmation of a $24,800 transfer to [XYZ Partners, LLC]. If you did NOT initiate this transaction, please confirm immediately below.” [Dispute Transaction]

Results:

59% clicked
18% entered login details
Several forwarded to others without reporting

After Seeing These Examples, Do You Think Your Team Would Fall for Any of Them?

According to KnowBe4's 2023 benchmarking report, nearly one-third (31.7%) of legal industry employees are likely to click on phishing emails before completing any security awareness training. That’s a massive risk when client data, case confidentiality, and financial authorizations are at stake.

What These Simulations Tell Us

It’s not about how smart your team is—it’s about how busy they are.

Running phishing simulations for your business reveal:

How fast incidents are reported (or not)
Where to focus your future security and awareness trainings

In fact, many of the teams that performed poorly had strong tech safeguards but lacked awareness and procedures for what to do after something seemed off.

From Insight to Action

A phishing simulation isn’t just a test—it’s a catalyst for improvement. After each simulation, we help you:

Review detailed metrics
Tailor training for high-risk roles
Update response protocols
Optimize email filters and controls

In industries like finance and legal, where regulations run deep, it’s also a key move toward satisfying any compliance or regulatory requirements.

This isn’t about shaming users who fall for a phishing attempt or make mistakes by clicking on a bad link—it’s about strengthening your frontline defense.

Curious how your team would respond to a real phishing attack? We’ll run a custom simulation based on your firm’s daily workflows to reveal hidden risks and strengthen your defenses.

Don’t wait for a real breach to expose the gaps—get ahead of it now and contact us to get started.

About the Author

David Bensinger is a seasoned technology leader with a proven track record of helping businesses grow through smart, strategic IT solutions. After earning a PhD in Brain & Cognitive Sciences from University of Rochester, he made a successful transition from academia to the tech services industry.

In addition to his professional achievements, David is a passionate advocate for technology education and workforce development. He is a regular speaker on careers in technology and offers practical advice to individuals looking to break into or advance within the IT industry.