If crisis elevates GCs, then 2020 will be an inflexion point for in-house counsel

The legal profession is as I write a matter of weeks into the lightning-fast escalation of the coronavirus outbreak from background concern to the biggest shock to hit the global economy since World War Two. With the outbreak by mid-March having sent European nations and economies into lockdown-induced convulsions, some assessment can be made of the legal industry’s initial response. And it is clear that sizeable commercial law firms have so far gotten off comparatively lightly in the first stages of an onslaught that is estimated to have shut a third of economic activity in the UK and major European counterparts. As with the banking crisis, the profession has at least benefited from emergency triage work for major clients, triggering strong demand for employment, finance and restructuring work as companies struggle with crisis response. Even cash flow and collections were holding up surprisingly well by late March at most top 30 UK law firms.

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Remote controls

‘How does an organisation maintain resilience when everything it designed and built was for a different way of working?’ asks DWF’s global head of data protection, privacy and cybersecurity, Stewart Room. As the world battles a pandemic, organisations around the globe are turning homes into offices and personal devices into office tools. The sudden change in the way businesses operate brings with it added cyber and information security risks, particularly via emails to spread malware, as workers in many organisations access confidential business data remotely.

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Education, education, education

Julie Brannan, Solicitors Regulation Authority: It certainly is an important moment for the training of the profession, so it is sensible to start with a reminder of what it is all about. First, better assurance of high professional standards is at the heart of this. Protecting consumers of legal services by making sure everybody we admit as a solicitor is competent to practise is a core part of our regulatory duty. It is also the platform supporting the standing of the profession in this country and abroad. SQE [Solicitors Qualifying Examination] is about assuring high professional standards. Continue reading “Education, education, education”

Eye of the storm

‘Insurers are trying to remain profitable in a hard environment – it’s still a difficult and competitive market,’ notes Katherine Coates, head of insurance at Clifford Chance (CC), assessing the UK insurance industry a few days before the coronavirus outbreak was classed as a global emergency.

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