Though not mentioned specifically, the SRA Codes of Conduct for Firms and for Solicitors, RELs and RFLs set out a number of rules relating to cyber security.
- Topic:
- Legal
As a consequence of the 2008 banking crisis, we saw many conveyancing firms dabbling in other areas of law to try and make up for the dramatic near-immediate loss of income from the property sector.
- Topic:
- Legal
Law firms are entrusted with vast amounts of sensitive information, such as bank accounts and personal details, and have a responsibility to protect it. With cybercrime on the rise and the potential for identity theft increasing, firms need to implement effective measures to safeguard their data and their client's data. Biometric identity checking is an innovative solution that many law firms are turning to as a reliable method of identity verification. Furthermore, it offers a convenience benefit that meets the needs of today's client who expects seamless digital experiences from their service providers.
In this blog post, we'll explore how biometric identity verification works, its benefits and drawbacks, and why it should be considered by law firms.
- Topic:
- Legal
In the administration of estates, law firms encounter the task of verifying beneficiaries who will receive legacies through a will. While standard checks like bankruptcy and sanctions screenings are commonly performed, it is crucial for firms to complete identity checks on beneficiaries. The regulations do not solely place the risk on clients, emphasizing the importance of a comprehensive understanding of the entire matter. This article highlights the significance of beneficiary identification, explores potential risks, and suggests methods for carrying out effective checks.
- Topic:
- Legal
Anti-money laundering (AML) training plays a pivotal role in ensuring compliance within law firms. It is a topic that often raises questions and prompts discussions on how to enhance training effectiveness. This article explores the importance of robust AML training, suggests methods to enrich training programs, emphasizes ongoing learning, and highlights the role of the Compliance Officer for Legal Practice (COLP) in supervising AML compliance.
- Topic:
- Legal
Anti-money laundering (AML) compliance poses unique challenges for law firms providing both transactional and non-transactional services. In a recent discussion, important considerations were raised regarding regulatory obligations, risk assessments, client due diligence, legal professional privilege, and the need for consistency across the entire firm. This article aims to explore these key points and provide insights to help law firms effectively manage AML compliance in various service areas.
- Topic:
- Legal
Compliance with money laundering regulations requires law firms to stay informed about updates and changes, particularly regarding high-risk third countries. In this article, we emphasize the importance of carefully considering reliable sources and providing evidence in line with regulatory requirements. We discuss recent updates to the list of high-risk third countries and highlight the need for ongoing awareness and due diligence when dealing with high-risk jurisdictions.
- Topic:
- Legal
Staying updated on the latest guidance and challenges in anti-money laundering (AML) compliance is crucial for legal institutions and professionals. In this blog post, we'll summarize important topics discussed in the July 2023 AML Update with Brian Rogers and Helen Rice.
- Topic:
- Legal
Since January 2022, there has been a hive of merger and acquisition activity in the legal sector. The SRA states that between June 2022 and May 2023, 404 law firms opened their doors, and between April 2022 and March 2023, 579 firms had closed. This flurry of activity demonstrates the intensity of M&A in the legal market, as firms have merged, divested, and changed status. Some firms, a surprising 54%, have closed their doors and a leading factor is likely market forces and the challenges with ensuring profitability in a modern legal practice.
This trend is only likely to continue as the economic uncertainty and high inflation rates persist. Economic factors may lead more law firms to consider mergers, resizing, or restructuring, as costs and profitability are top of mind for law firm leaders.
- Topic:
- Legal
In today’s world, the term ‘digital transformation’ has become a buzzword for many industries. The legal industry is no exception. Small-sized law firms may have reservations about the implementation of digital transformation. However, as we move further into the digital age, it is becoming increasingly evident that digitisation may be the key to ensuring the success and longevity of small-sized law firms.
In this blog, we will discuss the benefits and challenges of for small-sized law firms and provide some statistics that may help you in the decision-making process, when it comes to progressing and standing out from the competition.
- Topic:
- Legal
