Clients are increasingly seeking to validate law firms’ risk management and compliance methods in their selection processes. According to Richard Daniel, chief operating officer of legal and compliance at Barclays Bank, this includes conflicts management and confidentiality. He says: “Protection of a law firm’s reputation is what keeps them in business and this tends, therefore, not to be a source of competitive advantage but a core value.”
Apart from higher client expectations and increased competition, tighter regulations mean that law firms must adjust to address their compliance obligations.
