As law firms increasingly operate as businesses, they face a wide range of risks and a demanding regulatory environment, and the fast-approaching European Union data protection regime is one component of the evolving landscape affecting those organizations. Here's why some law firms have hired a chief risk officer to adhere to this upcoming regulation.
Lloyd’s of London ordered its members on Wednesday to stop insuring schemes linked to the National Rifle Association after New York’s financial regulator fined several companies for underwriting NRA-branded cover that protects gun owners who face criminal charges.
A leading insurer of London’s black cabs has gone bust after the Danish financial regulator ordered it to stop operating because it failed to meet minimum capital requirements, leaving the capital’s iconic taxi fleet scrambling for new cover.
A parliamentary body on Wednesday warned that U.K. government plans to modernize the courts and justice system, which will cut 5,000 jobs and slash the number of cases held in courtrooms by 2.4 million by 2023, face funding gaps and further delays.
Engineering giant Rolls-Royce has bucked a wider trend and agreed to keep its defined benefit pension scheme open for current members until January 2024 in a deal affecting 16,000 workers, the company has announced.
Japanese insurance giant Tokio Marine Group said Tuesday that it has won regulatory backing to open a new branch in Luxembourg, as its plans to shift some operations from London in time for Brexit gather pace.
U.K. insurance industry groups released guidelines to deter companies from overcharging longer-term customers on Tuesday, after the Financial Conduct Authority said firms were flouting new regulations that demand transparency when they renew existing policies.
The U.K.’s privacy regulator could be granted greater powers, including forcing businesses to hand over information within 24 hours, as it warned that European rules taking effect this month will not give investigators sufficient scope to check how personal data is stored and shared.
The U.K.’s state-backed terrorism reinsurer could issue a £100 million ($135 million) round of insurance-linked securities in 2019, a senior executive told Law360 on Tuesday, in a major test of new regulations devised to help Britain crack the lucrative trade.
Standard Life Aberdeen said Tuesday it is fighting back after Lloyds Banking Group terminated an agreement for the investment company to manage £109 billion ($147.6 billion) worth of assets, claiming the bank had no right to end the lucrative contract.
The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.
The European Union’s top financial supervisors said on Friday that they are looking to extend special clearing reliefs currently granted to covered bonds to securitizations identified as “simple, transparent and standardized.”
A Danish court ruled on Friday that a group of 20 insurers including Zurich and AIG do not have to pay $470 million over damage to a North Sea oil rig, following nearly a decade of legal action, a lawyer for the insurers told Law360.
Two brothers who defrauded more than 200 victims out of £17 million ($23 million) of pension savings using their financial companies in a "high-risk investment scheme akin to a roulette wheel" have been sent to prison for 11 years, police have said.
International law firm Simmons & Simmons LLP said its Dublin office is open for business as it plans to welcome 10 partners and 30 extra staff over the next three years, allowing it to continue to serve asset management and investment fund clients after Brexit.
Allianz SE will immediately cease selling cover to power plants fired only by coal and coal mines, and plans to withdraw completely from insuring coal-based businesses by 2040, Europe’s largest insurer said Friday, as part of its effort to meet the demands of the Paris climate accord.
Brexit could provide an opportunity to strengthen domestic and global financial services and insurance markets and improve the flow of capital around the world if the U.K. commits to making its regulation more competitive, a free-market think tank said on Friday.
Two thirds of U.K. insurance brokers are unaware that their senior staff will face tough new accountability rules coming into effect next year and should consider seeking external help, an insurer told Law360 on Thursday.
Hundreds of insurers at Lloyd’s of London will be able to report data more efficiently to U.K. regulators using state-of-the-art insurance technology under a new deal, a firm involved in the project told Law360 on Thursday.
The U.K. government must quickly propose a mechanism for dispute resolution and enforcement after Brexit to deal with disagreements over subjects such as cross-border financial payments, members of the Upper House of Parliament said Thursday.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
Political and nonpayment risks have the potential to wreak havoc on international trade and investment, but if carefully navigated, they can lead to major investment opportunities. Political risk and export policies remove some of the guesswork, enabling companies to focus on their businesses with increased confidence, say attorneys with Covington & Burling LLP.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.
With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.
The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.
In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.
Though it is rare for corporate insureds to treat cyber insurance as the whole of their cyber risk management plans, many insureds make a closely related and potentially equally serious mistake — they treat cyber insurance as a distinct and independent silo in their strategy, says James E. Scheuermann of K&L Gates LLP.
Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.