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03 January 2019 / Frank Maher
Issue: 7822 / Categories: Features , Risk management , Legal services , Regulatory , Profession
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Controlling risk

​Frank Maher shares some predictions for law firm risk

  • Examines four key areas: anti-money laundering: data protection; professional regulation; and professional indemnity insurance.

This article contains some predictions for the next two years based on the writer’s experience as a member of a specialist law firm providing legal advice on professional regulation and professional indemnity insurance to a cross-section of the legal profession, including many of the world’s leading UK and US-based law firms.

Anti-Money Laundering

Further regulatory action is inevitable, with the Solicitors Regulation Authority (SRA) under scrutiny from The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and increasing pressure from HMRC and Parliament.

Firms will face regulatory action for breaching their own policies. This may even be so where they were complying with the general standards of the profession.

The SRA, under OPBAS scrutiny, will continue to audit firms. Many firms have not done their risk assessments, over a year after The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) came

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NEWS
Lawyers have welcomed the Lord Chancellor’s reverse-ferret on jury reforms, but expressed ‘serious concerns’ about the decision to exclude fraud trials
From ‘rats in the robing room’ to ‘overworked’ judges and a shortage of court staff, barristers have aired their concerns about the state of the justice system
The use of agentic artificial intelligence (AI) poses ‘significant risks’ across the justice system, public services and government, and current regulation is ‘poorly suited’ to control it, experts have warned
The solicitors’ regulator has paused controversial plans to exclude owner-managers from compliance officer roles
The government has launched a £16m legal support grant to support 48 frontline legal advice organisations supporting people facing eviction, problem debt, benefit disputes and family breakdown
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