Regulation

Without guidance the SRA's compliance regime is a heavy burden on small firms

By Legal Week | January 14, 2014

Before 2011 even well-managed firms sometimes got into hot water with the Solicitors Regulation Authority (SRA), perhaps by straying over the line on conflicts. Governance and complaints handling was often poor. Many firms had latent financial problems as a result of things such as dilapidations, under-funded pension schemes, retired partner annuities and guaranteed profit shares for underperforming partners. Financial instability, with the risks that a collapse entails for clients, was a disaster waiting to happen. The legal profession was far from perfect. Outcomes-focused regulation (OFR) has done much to address the problems because the SRA investigates perceived risk areas and compliance officers have personal responsibility for implementing appropriate systems and reporting obligations. Firms now know that they cannot get away with anything.

1 minute read

Duane Morris enters China with Shanghai base

By Elizabeth Broomhall in Hong Kong | January 9, 2014

Duane Morris has expanded into China with the launch of a new office in Shanghai. The US firm, which is still awaiting approval from the PRC Ministry of Justice, will open the base under the banner Duane Morris Selvam, its joint law venture in Asia. Leon Yee, managing director of Asian entity, will serve as chief representative of the new office, and will be joined by Chong Eng Wee, an associate director in Singapore. The office will be staffed with five lawyers in total.

1 minute read

Conflict conundrum – banks' grip on top firms raises fairness fears

By Charlotte Edmond | December 12, 2013

Bringing up the subject of conflicts of interest is guaranteed to get law firms hot under the collar. It's just not a topic they are comfortable discussing because, while the Solicitors Regulation Authority has clarified and re-clarified its rules several times in recent years, a law firm's decision to act or remove itself often comes down to its own judgement.

1 minute read

International Edition

Conflict conundrum – banks' grip on top firms raises fairness fears

By Charlotte Edmond | December 12, 2013

Bringing up the subject of conflicts of interest is guaranteed to get law firms hot under the collar. It's just not a topic they are comfortable discussing because, while the Solicitors Regulation Authority has clarified and re-clarified its rules several times in recent years, a law firm's decision to act or remove itself often comes down to its own judgement.

1 minute read

Western firms sceptical about short-term impact of China's latest economic reform

By Elizabeth Broomhall in Hong Kong | December 5, 2013

International law firms with offices in China have broadly welcomed the country's latest attempts at economic reform, but remain sceptical about their immediate impact on the legal industry. The plans, which were recently approved at the four-day third plenary session of the 18th CPC Central Committee, set out a string of policy changes aimed at transforming China's economy.

1 minute read

Stronger together? Rethinking the links between Jersey and Guernsey

By Legal Week | November 28, 2013

The scrutiny of offshore jurisdictions as part of a wider clampdown on aggressive tax avoidance in the run-up to this summer's G8 meeting acted as something of a catalyst for renewed talks about co-operation between offshore islands. For the Channel Islands, this also meant renewed talk about a potential confederation, something which is raised every now and then but, for the time being, remains academic. While Jersey and Guernsey are both crown dependencies and lie less than 25 miles apart, they also have differing legal systems and integration or amalgamation would be far from straightforward.

1 minute read

RBS defends CC review appointment after conflict claims

By Alex Newman | November 28, 2013

The Royal Bank of Scotland has defended claims that its instruction of Clifford Chance to lead an independent review into the bank's lending activities amounts to a conflict of interest.

1 minute read

Elite firms line up on $11bn stock exchange M&A deal

By Alex Newman | November 21, 2013

A clutch of firms including Shearman & Sterling, Sullivan & Cromwell, Slaughter and May and Wachtell Lipton Rosen & Katz have advised on IntercontinentalExchange's $11bn (£7bn) acquisition of NYSE Euronext.

1 minute read

HMRC appoints new GC as Inglese retires

By Anna Reynolds | November 13, 2013

Gill Aitken has been appointed as HM Revenue and Customs' (HMRC's) General Counsel, succeeding Anthony Inglese. Inglese is retiring at the end of January after nearly six years as GC and over 38 years in the Government Legal Service. Aitken will take up the role from 1 February 2014.

1 minute read

Hong Kong's review of third-party funding rules sparks debate among lawyers over their use

By Elizabeth Broomhall in Hong Kong | November 7, 2013

Hong Kong's decision to review the laws around third-party funding for arbitration has re-ignited debate among the city's lawyers. The Law Reform Commission (LRC) has established a committee to look into legislation governing arbitration funding and make recommendations if necessary.

1 minute read

National Law Journal

'They're Going to Expect Results:' DOJ Ramps Up Scrutiny on Crypto Industry

By Andrew Goudsward | October 14, 2021

The Justice Department has launched a new enforcement team targeting criminal activity in the rapidly growing and evolving world of cryptocurrency.

5 minute read

Legaltech News

CPRA and Other New State Privacy Laws Are Testing Corporate Legal Teams

By Jessica Mach | October 12, 2021

The new measure, known as the California Privacy Rights Act, kicks in in 2023, as do privacy measures passed earlier this year in Colorado and Virginia. Those laws echo the spirit of the California's CCPA but have a number of differences.

5 minute read

Texas Lawyer

Environmental Attorney Moonlights as Blogger: A Q&A With Pillsbury Senior Counsel Anthony B. Cavender

By Kenneth Artz | October 6, 2021

"The practice has always been litigious, and this ... may be one characteristic that sets environmental practice apart from other areas of the law."

5 minute read

The American Lawyer

Dentons Takes Covington's Securities Enforcement Chair in New York

By Dylan Jackson | October 5, 2021

The former Covington leader said activity by the SEC, now led by Biden appointee Gary Gensler, is sure to bring more scrutiny to clients.

2 minute read

The Recorder

Facebook Lawyers Attack Lina Khan's Vote to Revive FTC Lawsuit

By Andrew Goudsward | October 4, 2021

Facebook's lawyers criticized Khan, who has authored academic articles and investigative reports accusing the company of antitrust violations, for not recusing from the vote and for not considering the company's recusal petition on the merits.

4 minute read

National Law Journal

Former White House National Security, State Department Attorney Lands at Skadden

By Patrick Smith | October 4, 2021

Brian Egan will join the firm's CFIUS, national security and international trade group in D.C.

3 minute read

The Recorder

California's Evolving Views on Disclosure of Litigation Funding

By Kenneth Harmon | October 4, 2021

California is a bellwether for legal industry perceptions of litigation finance. What happens in California concerning the ongoing debate over disclosure is no exception.

8 minute read

New York Law Journal

Patchwork of Cybersecurity Regulations Creates Problems for Insurers

By Greg Mann | October 1, 2021

Insurers that issue policies across state lines will need to take steps to ensure compliance with varying cyber regulations.

6 minute read

The Recorder

Privacy Advocate Nominated to FTC Reports $350K Law School Pay

By Andrew Goudsward | September 30, 2021

If confirmed, Alvaro Bedoya will join an FTC that has already taken a more aggressive stance on encouraging competition and scrutinizing corporate mergers under Chairwoman Lina Khan. Bedoya will bring deep knowledge of technology and privacy issues, two subjects of recent interest to the commission.

2 minute read

The Recorder

SEC Accuses California Company of Misrepresenting Patent Status of Cannabis Pill

By ALM Staff | September 29, 2021

This suit was surfaced by Law.com Radar. Read the complaint here.

1 minute read