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International Edition

Linklaters launches new global risk and regulatory practice group

Linklaters has formed a new cross-disciplinary global legal team to address the growing risk, regulatory and governance challenges of its non-financial services clients. The magic circle firm said the "Operational Intelligence Group" (OIG) is the first example of a law firm combining regulatory risk, governance and compliance capabilities into one offering.
2 minute read

International Edition

Spiralling legal costs blamed as Deutsche and Morgan Stanley see profits hit

Expensive litigation costs have resulted in significant profit dips for two of the world's biggest investment banks. Deutsche Bank and Morgan Stanley have both had to set aside additional cash for legal expenses arising from the fall-out of the financial crisis.
2 minute read

International Edition

Co-op legal advisers expected to give evidence in Treasury investigation

Law firms that advised the Co-operative Bank prior to revelations about its governance and financial failings could be forced to give evidence before a Treasury investigation into the lender.
3 minute read

International Edition

On the right track – MTR's legal manager on the challenges of nurturing a growing railway network

As Hong Kong railway operator MTR Corporation spreads its wings internationally, the legal team is facing a new set of compliance challenges. Jeremy Bennett talks to Elizabeth Broomhall about managing his team's expanding remit...
9 minute read

International Edition

Without guidance the SRA's compliance regime is a heavy burden on small firms

Before 2011 even well-managed firms sometimes got into hot water with the Solicitors Regulation Authority (SRA), perhaps by straying over the line on conflicts. Governance and complaints handling was often poor. Many firms had latent financial problems as a result of things such as dilapidations, under-funded pension schemes, retired partner annuities and guaranteed profit shares for underperforming partners. Financial instability, with the risks that a collapse entails for clients, was a disaster waiting to happen. The legal profession was far from perfect. Outcomes-focused regulation (OFR) has done much to address the problems because the SRA investigates perceived risk areas and compliance officers have personal responsibility for implementing appropriate systems and reporting obligations. Firms now know that they cannot get away with anything.
5 minute read

International Edition

Duane Morris enters China with Shanghai base

Duane Morris has expanded into China with the launch of a new office in Shanghai. The US firm, which is still awaiting approval from the PRC Ministry of Justice, will open the base under the banner Duane Morris Selvam, its joint law venture in Asia. Leon Yee, managing director of Asian entity, will serve as chief representative of the new office, and will be joined by Chong Eng Wee, an associate director in Singapore. The office will be staffed with five lawyers in total.
3 minute read

Legal Week

Conflict conundrum – banks' grip on top firms raises fairness fears

Bringing up the subject of conflicts of interest is guaranteed to get law firms hot under the collar. It's just not a topic they are comfortable discussing because, while the Solicitors Regulation Authority has clarified and re-clarified its rules several times in recent years, a law firm's decision to act or remove itself often comes down to its own judgement.
7 minute read

International Edition

Conflict conundrum – banks' grip on top firms raises fairness fears

Bringing up the subject of conflicts of interest is guaranteed to get law firms hot under the collar. It's just not a topic they are comfortable discussing because, while the Solicitors Regulation Authority has clarified and re-clarified its rules several times in recent years, a law firm's decision to act or remove itself often comes down to its own judgement.
3 minute read

International Edition

Western firms sceptical about short-term impact of China's latest economic reform

International law firms with offices in China have broadly welcomed the country's latest attempts at economic reform, but remain sceptical about their immediate impact on the legal industry. The plans, which were recently approved at the four-day third plenary session of the 18th CPC Central Committee, set out a string of policy changes aimed at transforming China's economy.
4 minute read

International Edition

Stronger together? Rethinking the links between Jersey and Guernsey

The scrutiny of offshore jurisdictions as part of a wider clampdown on aggressive tax avoidance in the run-up to this summer's G8 meeting acted as something of a catalyst for renewed talks about co-operation between offshore islands. For the Channel Islands, this also meant renewed talk about a potential confederation, something which is raised every now and then but, for the time being, remains academic. While Jersey and Guernsey are both crown dependencies and lie less than 25 miles apart, they also have differing legal systems and integration or amalgamation would be far from straightforward.
9 minute read

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