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An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.
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The recently launched register of overseas entities, requiring verification of foreign owners hoping to purchase U.K. property, could expose attorneys to criminal prosecution, professional negligence claims and reputational damage if they do not complete these checks to the required standard, which nevertheless remains murky,
says Harriet Holmes at Thirdfort.
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The Economic Crime and Corporate Transparency bill, if passed, will reform aspects of Companies House and strengthen government anti-money laundering efforts, but it is also raising questions about how new information sharing requirements will affect businesses, say attorneys at Signature Litigation.
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The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.
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Opinion
The American Bar Association recently granted law schools some latitude on which tests it can consider in admissions decisions, but its continued emphasis on test scores harms student diversity and is an obstacle to holistic admissions strategies, says Aaron Taylor at AccessLex.
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Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.
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Two recent rulings from U.K. courts and tribunals reveal the increasingly shifting line between professional misbehavior and bad actions that would previously have been considered outside the scope of professional regulators, says Andrew Katzen at Hickman & Rose.
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The ongoing case of Basfar v. Wong is the latest to raise questions about the boundary between commercial or private activity and the exercise of sovereign authority that shields state agents from foreign judicial scrutiny — and the U.K. Supreme Court's upcoming decision in the matter will likely bring clarity on exceptions to the immunity doctrine, say Andrew Stafford QC and Oleg Shaulko at Kobre & Kim.
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Opinion
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Current restrictions on how lawyers structure their businesses stand in the way of meaningful access to justice for many Americans, so states should follow the lead of Utah and Florida and test out innovative law firm business models through regulatory sandboxes, says Zachariah DeMeola at the Institute for the Advancement of the American Legal System.
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Opinion
The District of New Jersey's new local civil rule on litigation funding disclosure has faced exaggerated criticisms when it is a logical extension of the current practices in many U.S. jurisdictions, leads to greater transparency for the parties and the court without unduly burdening the parties, and is a positive development particularly in product liability cases, say attorneys at Dechert.
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Alex Oh’s abrupt departure from the U.S. Securities and Exchange Commission and admonishment by a D.C. federal judge over conduct in an Exxon human rights case demonstrate three major costs of incivility to lawyers, and highlight the importance of teaching civility in law school, says David Grenardo at St. Mary's University.
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Rebuttal
Contrary to claims made in a recent Law360 guest article, nonlawyer ownership has incrementally improved the England and Wales legal system — with more innovation and more opportunities for lawyers — and there is no reason why those outcomes cannot also be achieved in the U.S., say Crispin Passmore at Passmore Consulting and Zachariah DeMeola at the University of Denver.
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With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.
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As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.