Prevention is better than cure and leading UK law firms are beginning to take this on board as they follow in the footsteps of their US counterparts by taking on a new breed of lawyer – dedicated in-house advisers to ensure internal regulatory compliance.
As governments around the world ramp up efforts to prevent a repetition of the series of recent collapses and accounting scandals in the US, law firms and the relationships they have with their clients are increasingly coming under the spotlight. Alongside advising their clients about the potential implications of new legislation, law firms are beginning to recognise that they must ensure that their own house is in order.
