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Legal Ombudsman (Jul 21)
The Legal Ombudsman has published an updated complaints handling guide. (Link: www.legalrisk.co.uk/News.) One point which is often overlooked when acquiring...
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Cyber (Jul 21)
Attacks on all sectors, including lawyers, continue. Training is an important step and is available free from the National Cyber...
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Threats to legal professional privilege (LPP) (Jul 21)
Recent cases from opposite sides of the pond illustrate the potential for losing LPP. In Travelers Insurance Company Ltd v...
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Data protection (Jul 21)
There are important developments in relation to international transfers of data. Most importantly, the European Commission has adopted adequacy decisions...
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Professional indemnity insurance (Jul 21)
Solicitors Indemnity Fund (SIF) continues to provide cover in limited circumstances; these include run off cover for solicitors’ practices after...
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Our senior hire from the SRA (Jul 21)
We are delighted to welcome Nicola Watkiss from the SRA where she was a Regulatory Manager for major international firms,...
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Regulation (Jul 21)
We have advised several firms on third party complaints which have been made to the SRA. These are sometimes tactical...
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Anti-Money Laundering (AML) and Financial Sanctions (Jul 21)
We continue to pick up a variety of points to note when carrying out independent audits. Note para- graph 6.2...
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Our 100th issue (Jul 21)
Welcome to our 100th issue. We have published this regularly (and on time) since 2004, before the Solicitors Regulation Authority...
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Solicitors Indemnity Fund – Fourteen months to find a solution
Frank Maher shares his views on the Solicitors Indemnity Fund. See here.
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Events (May21)
Frank Maher will be speaking on cross-border conflicts of interest at a joint online event hosted by The Law Society...
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Professional indemnity insurance: cyber exclusion (May21)
The SRA is consulting on a cyber exclusion clause to be added to the Minimum Terms and Conditions of PII....
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Cyber security (May21)
As we have noted in previous issues, law firms are a target for cyber attacks. Larger firms may for example...
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Data protection (May21)
The Information Commissioner’s Office (ICO) will be consulting in the summer on UK Standard Contractual Clauses (SCCs) for international data...
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Anti-money laundering (AML), independent audits, and financial sanctions (May21)
AML developments continue apace, including updated Tax Adviser guidance from the Solicitors Regulation Authority (SRA), Part 2 of the Legal...
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Professional regulation (Mar21)
Secretariat Consulting PTE Ltd & Others v A Company [2021] EWCA Civ 6 was a decision on conflicts of interest...
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Environmental risks (Mar21)
Environmental risks have already hit major law firms themselves with, for example, flooding of offices, and firms in some parts...
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Data Protection (Mar21)
Perhaps the most important point for many readers will be the publication by the European Commission of a draft adequacy...
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DAC6/Mandatory Disclosure Rules (MDR) (Mar21)
The government confirmed in the budget on 3 March 20201 that it would be implementing the OECD’s Mandatory Disclosure Rules...
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Anti-Money Laundering (AML) (Mar21)
Firms will need to review their Practice Wide Risk Assessments following publication of the draft Legal Sector Affinity Group (LSAG)...
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Cyber (Mar21)
Cyber risks are a major concern. Widescale attacks such as the SolarWinds attack which affected Microsoft and many others, and...
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Professional indemnity insurance (Mar21)
Many firms have already encountered a harder market when obtaining cover with not only significant increases in premiums and excesses,...
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Professional indemnity insurance and ‘silent cyber’ (Jan 21)
‘Silent cyber’ cover is the provision, of cover for cyber risks in insurance policies which neither expressly include or exclude...
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Data Protection (Jan 21)
The new UK GDPR now applies. The UK has, on a transitional basis, deemed the EU and EEA EFTA States...
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DAC6/Mandatory Disclosure Rules (MDR) (Jan 21)
An unexpected consequence of Brexit was the change to the reporting requirements under the International Tax Enforcement (Disclosable Arrangements) Regulations...
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Brexit (Jan 21)
Several Brexit-related issues arise for the compliance agenda. We highlight a number in this issue, but there are other important...
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Anti-Money Laundering (AML) and Financial Sanctions (Jan21)
Firms which fall within the changed, wider definition to ‘tax advisers’ need to notify the Solicitors Regulation Authority (SRA) before...
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Data protection and information security (Nov20)
Revised guidance from the Information Commissioner’s Office (ICO) on Right of Access and Subject Access Requests provides additional guidance on...
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Professional indemnity Insurance (Nov20)
Aggregation, under which multiple claims from (broadly) similar causes may be subject to a single policy limit, is a significant...
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Conflicts of interests (Nov20)
We are often called upon to advise on conflicts issues, including substantial cases with a cross-border angle. The American Bar...
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Anti-Money Laundering (AML) (Nov20)
We are continuing to audit some of the largest UK and US law firms (remotely due to pandemic restrictions) under...
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Limitation of liability (Nov20)
Two issues arise – Protecting the firm and partner assets in the face of resistance from clients and third party...
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Data protection and information security (Sep20)
The decision of the Court of Justice of the European Union in in Case C-311/18, Data Protection Commissioner v Facebook...
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Professional indemnity insurance (PII) Sep20
Many firms will be experiencing a more expensive renewal of their PII, with more probing questions from insurers than before, ...
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Risk and Audit Committees (Sep20)
For larger firms with risk and/or audit committees, our News page www.legalrisk.co.uk/News includes links to Terms Of Reference For The...
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Anti-money laundering (AML) Sep20
Coronavirus has not prevented the Solicitors Regulation Authority (SRA) from continuing its review of law firms, in a number of...
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Data Protection (Jul 2020)
The European Data Protection Board’s annual report 2019 advises that in 2020, the EDPB will aim to provide guidance on...
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Conflicts and confidentiality (Jul 2020)
In our May 2020 Risk Update we addressed the question whether general knowledge of a client’s strategy, policies and procedures...
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Professional indemnity insurance (Jul 2020)
The SRA has extended the life of the Solicitors Indemnity Fund for a further 12 months, to September 2021, providing...
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Costs (Jul 2020)
The SRA has published updated guidelines on compliance with the SRA Transparency Rules including examples. Unfortunately the changes are not...
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DAC6: Deferral of reporting deadlines (Jul 2020)
The Government is deferring the first reporting deadlines under the International Tax Enforcement (Disclosable Arrangements) Regulations 2020 by six months....
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Anti Money Laundering (AML) (Jul 2020)
The SRA Draft Business Plan and Budget, November 2020 to October 2021 proposes a 20 per cent increase on spending...
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Webinar: The road to recovery (Jul 2020)
Legal Risk and Howden Insurance Brokers are co-hosting a series of two free webinars on 7 and 21 July 2020....
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Data protection and information security (May 2020)
The Information Commissioner’s Office (ICO) has issued guidance on a number of issues arising from staff working from home. These...
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Professional indemnity insurance (May 2020)
We are advising on coverage (and disciplinary) issues in several cases arising from failed buyer-funded development schemes where the sums...
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Conflicts and Confidentiality (May 2020)
A v B [2020] EWHC 809 (TCC) was a commercial dispute arising from two ongoing arbitrations. It was held that...
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Anti Money Laundering (May 2020)
With the continuing attention dedicated to large firms’ AML compliance (including regulatory action) by the SRA, itself under supervision by...
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The Road to Recovery (May 2020)
We shall attempt to keep this newsletter as virus-free as possible, most Covid-19 issues having been (more than) amply covered...
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Termination of retainers and Conditional Fee Agreements (Risk Update March 2020)
We are often asked to advise in relation to retainers and costs. In Butler v Bankside Commercial Ltd [2020] EWCA...
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Legal professional privilege (Risk Update March 2020)
There have been several important cases in the past few months but space permits mentioning only Sports Direct International Plc...
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Brexit (Risk Update March 2020)
Brexit has ceded the news pages to coronavirus, but must still be faced. The Government published guidance for UK lawyers...
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Conflicts of interest (Risk Update March 2020)
The SRA has updated its guidance on Conflicts of Interest. As ever, there are regrettably no easy ways to spot...
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Data protection (Risk Update March 2020)
There have been several developments since our January Risk Update. The Society for Trusts and Estates Practitioners (STEP) published a...
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Anti money Laundering (AML) (Risk Update March 2020)
The Solicitors Regulation Authority (SRA) is pressing larger firms on the issue of independent audit under regulation 21 of The...
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Coronavirus (Covid-19) – a few thoughts ( Risk Update March 2020)
As remote working becomes the new norm, spare a thought for how you will spot if someone is struggling, under...
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Data Protection (Jan20)
The £500,000 fine imposed by the Information Commissioner’s Office on retailer DSG has attracted much publicity as it represented the...
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Professional Indemnity Insurance (Jan20)
We were pleased by the SRA’s announcement (see www.legalrisk.co.uk/News) that it has dropped its plans to reduce the level and...
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Conflicts of Interests (Jan20)
The decision in SRA v Howell Jones LLP Case No. 11846-2018 has caused some consternation in the profession. Readers of...
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SRA Standards and Regulations (Jan20)
The SRA published 54 Guidance notes and 13 Warning Notices on 25 November 2019. Unfortunately, although many were largely repeats...
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Anti-Money Laundering (AML) (Jan20)
We have advised many firms who were concerned about the adequacy of their risk assessments required by regulation 18 of...
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Acquisition of practices and transfer of instructions (Jan18)
We are often asked to advise where firms are acquiring all or part of another practice. As well as professional...
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Conflicts of interests (Jan18)
We are often asked to advise on conflicts, and our clients include large City and US firms. Cases on conflicts...
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SRA investigations and disciplinary proceedings (Jan18)
We have had several recent successes defending SRA investigations, including a ‘sexting’ case, a holiday sickness claim and a complaint...
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Professional indemnity insurance (Jan18)
The SRA is continuing to review the Minimum Terms and Conditions (MTC) but the results of its work are still...
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General Data Protection Regulation (GDPR) (Jan18)
Firms should be well advanced with their risk assessments for GDPR compliance as the 25 May 2018 implementation date is...
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Anti-money laundering (AML) and financial crime (Jan18)
Firms conducting business in the regulated sector under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the...
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Non-disclosure agreements (Mar18)
These have been much publicised in the press recently. We have defended a number of SRA investigations where solicitors misguidedly...
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Anti-money laundering (AML) (Mar18)
The anti-money laundering (AML) guidance produced by the legal sector AML supervisors, including the Law Society, has now received the...
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Conflicts of Interests and Confidentiality (Mar18)
The Financial Conduct Authority’s report on the Royal Bank of Scotland’s Global Restructuring Group has led the SRA to seek...
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General Data Protection Regulation (GDPR) (Mar18)
Implementation on 25 May 2018 is now imminent. We have advised major US and UK firms on risk assessment and...
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What is integrity? (Mar18)
Lord Justice Jackson’s judgment In Wingate and others v. The Solicitors Regulation Authority [2018] EWCA Civ 366, delivered as a...
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Challenging opponents’ legal costs (Mar18)
As law firms either give up Personal Injury litigation (sometimes because the firm fails) or seek higher volumes to make...
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Demolition job: SRA Consultation on Professional indemnity insurance (PII) (Mar18)
The Solicitors Regulation Authority (SRA) has launched its latest consultation aimed at reducing the level and breadth of compulsory minimum...
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General Data Protection Regulation (GDPR) (May18)
GDPR is now fully in force as of 25 May 2018, but with deference to Sir Winston Churchill, now this...
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Sanctions – USA’s new drumbeat (May18)
The re-introduction of stiff sanctions by the USA against Iran requires firms to ensure that the appropriate checks are being...
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Anti-Money Laundering – Westminster’s new mood (May18)
It may be the poisoning of the Skripals (coming on top of the Litvinenko case and other suspicious deaths), or...
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Limits on ‘acting in the client’s best interests’ (May18)
SRA Principle 4 requires solicitors to act in the best interests of each client. But taking a myopic view of...
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Jumping the gun – SRA’s ‘Innovate’ initiative (May18)
It is a mark of how far the SRA has come in its journey, to recall that in 2009, when...
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PII Consultation: how to avoid nightmares like Dreamvar (May18)
The SRA’s consultation on Professional Indemnity insurance (PII) and the Compensation Fund closes on 15 June 2018. https://goo.gl/DreQc3. They may...
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Dreamvar: solicitor as guarantor (May18)
Conveyancers’ worst nightmares have been realised by the Court of Appeal in P&P Property Ltd v Owen White & Catlin...
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15 years of Legal Risk (Jul18)
When we established ourselves as a law firm in 2003, very few UK firms had a General Counsel, there was...
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Referral fees (Jul18)
The SRA has fined a firm £2,000 plus costs of £1,825 for breaching the referral fee ban in section 56...
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Cyber (Jul18)
The National Cyber Security Centre, part of GCHQ, and the Law Society have published a report highlighting the threats to...
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Artificial Intelligence (AI): Supervision, regulation and ethics (Jul18)
Law firms are increasingly adopting AI. This may create significant benefits in terms of efficiency but also carries potential risks. ...
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Professional indemnity insurance (Jul18)
The majority of solicitors in England & Wales still renew their insurance on 1 October. With possible changes in the...
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General Data Protection Regulation (GDPR) (Jul18)
There have been three reported decisions under the Directive 95/46/EC which are of relevance to GDPR. Secretary of State for...
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Anti-money laundering (AML) (Jul18)
The first anniversary of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 passed...
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Professional Indemnity Insurance (Sep18)
There are very many large, multiple claims or potential claims arising from failed investment schemes, including hotels and student accommodation,...
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Conflicts (Sep18)
US conflicts rules increasingly affect law firms in other jurisdictions, either because they have US offices themselves or, rather more...
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Border searches (Sep18)
We have previously mentioned guidance by the New York City Bar on US border staff searching smartphones, tablets and laptops,...
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Data Protection (Sep18)
The General Data Protection Regulation (GDPR) came fully into force on 25 May 2018, but did not apply directly in...
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AML (Sep18)
An article in The Sunday Times (September 9, 2018) noted that “A key part of the government’s response to the...
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Legal professional privilege (LPP) (Sep18)
LPP features in much of the legal advice Legal Risk provides, frequently arising in the context of anti-money laundering (AML)...
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Cyber Crime and GDPR: the need for training (Dec18)
Many data losses result from cyber crime. We have developed a sequel to our popular online training course, Phishing for...
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Common problems (Dec18)
A number of common issues with GDPR aspects continue to engage minds – Mergers and acquisitions involving businesses with a...
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Data breaches (Dec18)
The ICO has received over 8,000 breach reports since GDPR came into force, making reporting mandatory in some high risk...
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Anti-money laundering (Dec18)
Regulation 41 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 imposes requirements,...
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Cross-border data transfers (Dec18)
Transfers of data from an EEA country to a ‘third country’ must satisfy the requirements of Chapter 5 of GDPR. ...
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Consent (Dec18)
GDPR is not all about consent. Consent must be explicit, and it is revocable. So although it has its uses...
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Controller or processor? (Dec18)
We have advised many firms have on the issue of Outside Counsel Guidelines which purport to decree that the firm...
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Extra-territorial scope (Dec18)
Article 3 seeks to extend the scope beyond the EEA where firms offer services to, or monitor the behaviour of,...
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Conflicts of interest (Jan 19)
The SDT case of Howell Jones LLP (11846-2018 – see www.legalrisk.co.uk/conflicts for a link) has caused some consternation. The firm...
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Professional indemnity insurance (Jan 19)
We are beginning to see signs of a hardening of the market, with some firms finding it difficult or impossible...
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Who owns the files? (Jan 19)
The Law Society has published a Practice Note, replacing previous guidance on file ownership. This also covers GDPR aspects. However...
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Data Protection (Jan 19)
Brexit necessitates a review of data mapping and cross-border transfers. In the event of a no deal Brexit, the government...
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Me too (Jan 19)
The topic continues to attract parliamentary and press interest, both generally and in relation to non-disclosure agreements (NDAs). The Times...
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Anti Money Laundering (Jan 19)
While the widely-reported Mutual Evaluation Report of the UK by the Financial Action Task Force (FATF) was complimentary about the...
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Brexit (Jan 19)
As the risk of a no deal hard exit from the European Union on 29 March 2019 looms, there are...
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Conflicts of Interest (Mar 19)
Client-imposed terms through outside counsel guidelines are an ever-growing concern, particularly as they may widen the scope of individuals and...
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Data Protection (Mar 19)
The European Data Protection Board have published Opinion 5/2019 on the interplay between the ePrivacy Directive and the GDPR, in...
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Cyber (Mar 19)
Much of the debate about cyber insurance has been over whether cover for fines under the General Data Protection Regulation...
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SRA Standards and Regulations (Mar 19)
The new SRA Standards and Regulations, replacing the current SRA Code of Conduct and other parts of the SRA Handbook,...
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Confidentiality (Mar 19)
We are often instructed to advise firms how they can properly proceed when they have been offered client files ‘for...
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Anti-Money Laundering (Mar 19)
As predicted in previous issues of Risk Update, the Solicitors Regulation Authority (SRA) is ramping up its action with a...
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Data protection (May 19)
As the anniversary of the General Data Protection Regulation (GDPR) passed on 25 May 2019, it is opportune to reflect. ...
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Professional indemnity insurance concerns
We leave it to insurance brokers to comment on the reports of a hardening insurance market for solicitors. However we...
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Conflicts of interest and costs problems
Our January issue addressed a difficult decision on own interest conflicts in the Solicitors Disciplinary Tribunal judgment in Howell Jones...
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SRA Standards and Regulations (May19)
We have commented on these in our November 2018 and March 2019 issues. Changes have already been approved under the...
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Anti-Money Laundering: The crackdown
It is now 30 years since the Financial Action Task Force (FATF) was established in Paris to combat money laundering. ...
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Preserving confidentiality and data protection
As solicitors, we have duties, enshrined in law and in our Code of Conduct, to preserve confidentiality. Yet this appears...
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Brexit
The further extension allows firms more time to put their houses in order. The Law Society has published a leaflet...
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Investment Schemes
These are a hot topic on the claims front where we are advising many firms on insurance coverage and professional...
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SRA Standards and Regulations 2019
Firms should now be well advanced in preparations for the new provisions which come into force on 25 November 2019....
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“There will be many, many more prosecutions in relation to AML”
These were the concluding words of Paul Philip, Chief Executive of the Solicitors Regulation Authority (SRA) in his opening speech...
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What links PPI, PII and the new SRA Code?
Those involved in trusts, probate and estates, whether as role-holders or advisers to executors, administrators, attorneys, Court of Protection deputies,...
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Data protection
The Information Commissioner’s Office (ICO) published GDPR: One year on. Regulatory priorities going forwards include a number which may impact...
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Help! I’m a new Compliance Officer/MLRO…
As people move on, many firms are having to appoint people to roles in anti-money laundering (AML) and compliance who...
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Conflicts – July 19
We recently defended successfully a complaint against a law firm to the SRA made by an opponent in litigation alleging...
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Anti-Money Laundering (AML) July 19
We commented in our May 2019 Risk Update on the thematic review by the Solicitors Regulation Authority (SRA), 26 of...
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Data Protection
Inevitably, we anticipate that some law firms will be subject to fines under the General Data Protection Regulation (GDPR). Where...
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Professional Indemnity Insurance
It has appeared until recently that the SRA was doggedly determined to press ahead with reductions in the limits and...
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Professional regulation
The SRA’s proposal to allow solicitors to work in unregulated businesses has been approved by the Legal Services Board. A...
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Anti Money Laundering
We have already predicted further regulatory action (Risk Update, September 2018), with the Solicitors Regulation Authority (SRA) under scrutiny from...
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SRA Standards and Regulations
These new provisions, replacing the SRA Handbook 2011, come into force on 25 November 2019. The two new Codes of...
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Conflicts
We advise on a variety of conflicts issues, including challenges to firms acting and disciplinary investigations. Recent additions to our...
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Cyber
The Association of British Insurers has reported that 99% of claims made (207) on ABI-member cyber insurance policies in 2018...
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Anti-money laundering (AML)
We are advising many firms on their firmwide risk assessments, policies, controls and procedures, and audit. We commented in recent...
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Professional indemnity insurance (PII)
Many firms will be seeking renewal on 1 October. Those with claims histories, particularly those with involvement in development schemes,...
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