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2023: Challenges & risks ahead

27 January 2023 / Frank Maher
Issue: 8010 / Categories: Opinion , Risk management , Legal services , Cyber , Fraud
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Cybercrime crackdown & anti-money laundering action: Frank Maher looks to the year ahead & runs through the key risks for law firms to keep in mind

Many of the common challenges for law firms in 2023 remain similar to those seen in previous years, but two key areas of potential risk—cybercrime and money laundering—are becoming increasingly more significant as we look to the months ahead.

Eyes on cyber

No firm is too small to be targeted: the client data we hold is valuable, and there is an increased risk of ransomware attacks since the invasion of Ukraine. The Solicitors Regulation Authority (SRA) reported a reduction in client losses from cybercrime at the COLP & COFA conference in November 2022, but that is not a reason for complacency. Numbers of attacks have increased in the business world generally, and Miller Insurance noted in their Review of the 1 October Renewal Season that there has been a number of payment diversion fraud and invoice manipulation losses. Meanwhile Howden Insurance Brokers’

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MOVERS & SHAKERS

CBI South-East Council—Mike Wilson

CBI South-East Council—Mike Wilson

Blake Morgan managing partner appointed chair of CBI South-East Council

Birketts—Phillippa O’Neill

Birketts—Phillippa O’Neill

Commercial dispute resolution team welcomes partner in Cambridge

Charles Russell Speechlys—Matthew Griffin

Charles Russell Speechlys—Matthew Griffin

Firm strengthens international funds capability with senior hire

NEWS
The proposed £11bn redress scheme following the Supreme Court’s motor finance rulings is analysed in this week’s NLJ by Fred Philpott of Gough Square Chambers
In this week's issue, Stephen Gold, NLJ columnist and former district judge, surveys another eclectic fortnight in procedure. With humour and humanity, he reminds readers that beneath the procedural dust, the law still changes lives
Generative AI isn’t the villain of the courtroom—it’s the misunderstanding of it that’s dangerous, argues Dr Alan Ma of Birmingham City University and the Birmingham Law Society in this week's NLJ
James Naylor of Naylor Solicitors dissects the government’s plan to outlaw upward-only rent review (UORR) clauses in new commercial leases under Schedule 31 of the English Devolution and Community Empowerment Bill, in this week's NLJ. The reform, he explains, marks a seismic shift in landlord-tenant power dynamics: rents will no longer rise inexorably, and tenants gain statutory caps and procedural rights
Writing in NLJ this week, James Harrison and Jenna Coad of Penningtons Manches Cooper chart the Privy Council’s demolition of the long-standing ‘shareholder rule’ in Jardine Strategic v Oasis Investments
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