The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20171 – referred to as MLR 2017 – demand that the UK’s legal and professional firms review and amend their client onboarding and case opening processes.
A month after the inconclusive snap election result that led to the Conservative Party under Prime Minster Theresa May losing its absolute majority in parliament, a so-called ‘confidence and supply’ deal has been agreed upon between the Conservatives and the Democratic Unionist Party (DUP) from Northern Ireland. In exchange for generous financial transfer payments from the British government to Northern Ireland (over the coming years), the DUP’s ten MPs will provide the Conservatives with a parliamentary majority.
According to a new study – the 2017 Aderant Business of Law and Legal Technology Survey which is being released today, the top two challenges facing law firms today are pricing pressure and operational efficiency among 16 choices. Improving operational efficiency as a driver of profit, therefore presents a key opportunity given the law firm economics of time and billing.
Law firms haven’t “upended” the partnership model just yet, but they are facing headwinds and are the source of a major trend unfolding in the legal market. While artificial intelligence is grabbing much of the attention, in the background law firms are rethinking the traditional partnership model and focusing on becoming better businesses.
In this supplement Briefing, with the help of supplement sponsors Prosperoware and LexisNexis Enterprise Solutions explores business intelligence, reporting and what analytics should be working harder for your firm.
In 2015, 11.5 million documents referred to as the Panama Papers were leaked from a Panamanian law firm and revealed widespread global tax evasion involving notable individuals (including FIFA soccer officials and the Icelandic Prime Minister).
If you are looking for a new job, your strategy should include registering with recruitment agencies. A good recruiter will make your job search much easier and is an important element in your search for a new job.
Your law firm is a business. Like all businesses, growth and profitability is paramount. You want to see your client base grow and your profits increase, year on year. Even more importantly, you don’t want to go backwards just because you are so involved in the business you need to keep your eye on the bigger picture. You may have other goals – opening another office or being recognised as experts in a niche field. Whatever your measure of success, you want it to endure.
The Balance Secret Series provides an insider view on the realities of working within the different specialist roles that occupy a law firm finance department. These are real accounts from specially selected professionals who have developed highly successful careers within their chosen fields. Under the cover of anonymity, the Secret Series allows you to find out the good, the bad and the ugly....
The Money Laundering Regulations 2017 have been in force since 26th June. While the SRA have said that they are taking a proportionate and pragmatic approach as firms take steps to comply with the new requirements, there is no indication of what this means in practice and is likely to be of little comfort if your firm comes under scrutiny.
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