Potential conflicts presented by law firm secondments to major clients are set to come under scrutiny from the Solicitors Regulatory Authority (SRA), following the publication of a report into the Royal Bank of Scotland's controversial Global Restructuring Group (GRG).
The report – carried out by Promontory Financial Group on behalf of the Financial Conduct Authority, and published in full under parliamentary privilege last week – strongly criticises RBS for GRG's treatment of small business customers.
It also details how some lawyers seconded to the RBS unit took advantage of their position to pass confidential information back to their firms.
Promontory's report reveals 14 cases where the use of seconded staff, including at least one lawyer, from professional services firms "clearly led to a potential conflict of interest". This included secondees giving their employers details of bids from rivals to help them secure work from the bank. Some also tried to favour their employer in relation to when work was allocated, while in other cases secondees sent emails to GRG customers using their permanent employer's email.
While the criticism contained within the report was initially leaked to the press in late 2017, the SRA has only noted the severity of the claims more recently. An SRA spokesperson told Legal Week: "On the face of it, this seems to be something we need to be interested in and we will be seeking further information."
According to some, not all UK firms are taking issues around potential client conflicts seriously enough, with some partners at US firms arguing that UK firms are less stringent about conflict checks than their US rivals.
One former UK law firm partner, now at a US firm, comments: "I think UK firms are far less rigorous and leave a greater degree of commercial discretion. I am aware of secondees who have not respected the confidentiality process and have gone back to their law firm and shared confidential information about working there.
"My former UK firm would send someone on secondment and they would still have their work pass, and could come into the office and have regular contact with partners and use their work email account – the secondee would remain very much part of their firm."
In contrast, he said that at his current US firm, seconded lawyers would see their email accounts "paused" and would no longer have a security pass to the firm's building. "They are treated as a person working for a client rather than the firm. New York Bar rules on conflicts are much more stringent."
The report has raised questions about who should enforce issues like this around client conflicts.
One RBS lawyer says: "It raises questions around who should be setting the bar, and at what level. You have the financial regulator, the SRA and then the banks, and the law firm's own rules."
Richard Moorhead, professor of law and professional ethics at UCL, believes firms need to be much tougher in policing secondments. He says: "What I have learned about secondments is that some law firms seem to be getting too close to their clients. Secondments can be useful, but they also risk diluting lawyers' independence.
"I think law firms should be more robust and the SRA should go back and think again about taking these risks more seriously. We have seen banks behaving irresponsibly, and part of that is helped by lawyers getting too close to them."
Speaking about his own experience of sending lawyers on secondment in the UK, another partner at a US firm says: "I will stay in touch with secondees, but there's an understanding that there is a procedure in place and you have got to treat them like the client at that point. Usually we would issue a secondment agreement – we have a standard one and the bank would be able to comment on it."
He adds: "If you are on secondment in the legal team of an institution, you have got to have that sense of what is appropriate information to share or not."
Other partners though argue that there is a distinction between secondees strengthening the relationship between their firm and the client, and passing on confidential information.
As one banking partner at a UK firm says: "There is a difference between making sure your law firm is included in a tender – there's an unspoken and sometimes spoken understanding that a secondment will benefit the firm in this sense – and passing on confidential information. That falls into a different category.
"Usually it is about building a relationship. There's a carrot held out by the bank that if we provide a secondee, then the bank will give us more work."
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllWill Trump Be a Boost to Quinn Emanuel's Fortunes in China?
Pa. Judicial Nominee Advances While Trump Demands GOP Unity Against Biden Picks
4 minute readTrump's SEC Overhaul: What It Means for Big Law Capital Markets, Crypto Work
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250