Note: This story has been updated with comment from DLA Piper.
In light of our recent looks at corporate compliance programs, CorpCounsel.com thought it would be enlightening to check out how top law firms handle compliance issues. But what it found was that either many firms don’t have formal compliance programs, or else they don’t want to share how they do it.
These are firms that certainly know what goes into a strong compliance programimplementing corporate compliance regimes is one of the services they provide. But many of them turn very quiet when asked about their own compliance efforts. "That surprises me," said Kenneth Young, a veteran employment lawyer in Charlotte who now co-heads Young Mayden, a legal research and consulting firm. "They [top firms] can’t look like they’re not on top of it. It’s definitely a compliance world and it’s here to stay."
Young, a member of the American Bar Association’s law practice management section, said he has worked with law firms across the country. "Candidly, I’m not seeing a lot of [formal compliance efforts]," he said.
And it’s not like law firms haven’t had any compliance problemse.g., lawyers charged with insider stock trading for using or leaking confidential client information, attorneys losing their mobile phones or laptops containing crucial data, or firms facing class action law suits for discrimination.
