One of the professional responsibility trends we’ve been thinking about lately is the nationalization, and even globalization, of the practice of law. Many of us work in firms with offices that reach across the nation and even, as the saying goes, across the pond. But no matter how small or big our practices are, sitting at our computers, we have the world at our fingertips. Given these facts, is it possible that someday the practice of law will be regulated on a national or global level?
The Federal Trade Commission’s recent (as of yet unsuccessful) attempt to impose regulatory requirements on law firms is an example of what we think may be on the horizon. If the FTC ultimately prevails in its effort, your firm may be required to comply with a set of federal guidelines aimed at preventing identity theft known as the “Red Flags Rule” (72 Fed. Reg. 63,718 (final Rule issued Nov. 9, 2007)). In short, the rule requires certain businesses to develop and implement plans to protect the personal information of their customers by screening for certain identity theft “red flags.”
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