In a post GFC landscape financial service firms and other businesses are faced with increasingly burdensome regulatory constraints. For modern law firms, helping their clients respond by providing advice that incorporates risk expertise could be an opportunity to differentiate says Ashursts Ben Tidswell.
Ben says “Against the backdrop of a more exacting – and potentially more punitive – compliance landscape, clients are increasingly looking to their legal advisers to shoulder more of their own wider risk burden. This has meant a growing expectation that law firms go beyond the strict scope of a particular matter, adding value by providing wider risk analysis to complement standard risk assessment services. This is a clear departure from traditional mandate-driven legal services, fostering the emergence in law firms of a far more integrated and holistic approach to risk.”
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Comment: Ashurst's Ben Tidswell argues a volatile risk landscape is a call to arms for modern law firms | www.legalbusiness.co.uk
One of the many lasting consequences of the downturn has been a prolonged expansion of the globalised compliance framework. Increased oversight of financial markets has been at the forefront of this development, as reflected by the passage of the US Dodd-Frank Act in 2010 and a succession of EU directives.
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