Friday, September 3, 2010

ILTA Risk Session Report 1: The Changing Regulatory Landscape Facing Law Firms

ILTA, the International Legal Technology Association, held its annual conference last week. Over 1000 law firm technology, finance and risk professionals were on hand for several days of conference sessions, vendor demonstrations and spirited interaction. As expected, risk management and related sessions continue to garner significant attention, not only from risk stakeholders in attendance (loss prevention, conflicts, records and compliance staff) but also from technologists interested in better understanding and supporting law firm risk management efforts.

Early in the week, Beth Chiaiese and Jodi Malek, who run the loss prevention and compliance team at Foley & Lardner, delivered an excellent presentation on: "The Changing Regulatory Landscape and Its Effect on Law Firms." The session reviewed different sources for rules governing lawyer and law firm behavior (professional rules, case law and, increasingly, government regulation).

Significant attention was placed on data security, confidentiality and privacy regulations increasingly affecting law firms, especially those practicing across jurisdictional boundaries. Other topics of discussion included risks associated with social networking technology, lawyer licensure, UK anti-money laundering and Know Your Client requirements. The session concluded with an exploration of how firms can best organize to respond to the growing spectrum of risk and compliance issues they face. The slides from this talk are available here.

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