Tag: Legal News

OFAC Reaffirms Focus on Virtual Currency With Updated Sanctions Law Guidance

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced updated guidance for virtual currency companies in meeting their obligations under US sanctions laws. On the same day, OFAC also issued guidance clarifying various cryptocurrency-related definitions.

Coming on the heels of the Anti-Money Laundering Act of 2020—and in the context of the Biden administration’s effort to crackdown on ransomware attacks—the recent guidance is the latest indication that regulators are increasingly focusing on virtual currency and blockchain. In light of these developments, virtual currency market participants and service providers should ensure they are meeting their respective sanctions obligations by employing a “risk-based” anti-money laundering and sanctions compliance program.

This update highlights the government’s continued movement toward subjecting the virtual currency industry to the same requirements, scrutiny and consequences in cases of noncompliance as applicable to traditional financial institutions.

IN DEPTH

The release of OFAC’s Sanctions Compliance Guidance for the Virtual Currency Industry indicates an increasing expectation for diligence as it has now made clear on several occasions that sanctions compliance “obligations are the same” for virtual currency companies who must employ an unspecified “risk-based” program (See: OFAC Consolidated Frequently asked Questions 560). OFAC published it with the stated goal of “help[ing] the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors.”

With this release, OFAC also provided some answers and updates to two of its published sets of “Frequently Asked Questions.”

FAQ UPDATES (FAQ 559 AND 546)

All are required to comply with the US sanctions compliance program, including persons and entities in the virtual currency and blockchain community. OFAC has said time and again that a “risk-based” program is required but that “there is no single compliance program or solution suitable for all circumstances” (See: FAQ 560). While market participants and service providers in the virtual currency industry must all comply, the risk of violating US sanctions are most acute for certain key service providers, such as cryptocurrency exchanges and over-the-counter (OTC) desks that facilitate large volumes of virtual currency transactions.

OFAC previously used the term “digital currency” when it issued its first FAQ and guidance on the subject (FAQ 560), which stated that sanctions compliance is applicable to “digital currency” and that OFAC “may include as identifiers on the [Specially Designated Nationals and Blocked Persons] SDN List specific digital currency addresses associated with blocked persons.” Subsequently, OFAC placed certain digital currency addresses on the SDN List as identifiers.

While OFAC previously used the term “digital currency,” in more recent FAQs and guidance, it has used a combination of the terms “digital currency” and “virtual currency” without defining those terms until it released FAQ 559.

In FAQ 559, OFAC defines “virtual currency” as “a digital representation of value that functions as (i) a medium of exchange; (ii) a unit of account; and/or (iii) a store of value; and is neither issued nor granted by any jurisdiction.” This is a broad definition but likely encompasses most assets, which are commonly referred to as “cryptocurrency” or “tokens,” as most of these assets may be considered as “mediums of exchange.”

OFAC also defines “digital currency” as “sovereign cryptocurrency, virtual currency (non-fiat), and a digital representation of fiat currency.” This definition appears to be an obvious effort by OFAC to make clear that its definitions include virtual currencies issued or backed by foreign governments and stablecoins.

The reference to “sovereign cryptocurrency” is focused on cryptocurrency issued by foreign governments, such as Venezuela. This is not the first time OFAC has focused on sovereign cryptocurrency. It ascribed the use of sovereign backed cryptocurrencies as a high-risk vector for US sanctions circumvention. Executive Order (EO) 13827, which was issued on March 19, 2018, explicitly stated:

In light of recent actions taken by the Maduro regime to attempt to circumvent U.S. sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful, hereby order as follows: Section 1. (a) All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, and digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.

On March 19, 2018, OFAC issued FAQs 564, 565 and 566, which were specifically focused on Venezuela issued cryptocurrencies, stating that “petro” and “petro gold” are considered a “digital currency, digital coin, or digital token” subject to EO 13827. While OFAC has not issued specific FAQs or guidance on other sovereign backed cryptocurrencies, it may be concerned that a series of countries have stated publicly that they plan to test and launch sovereign backed securities, including Russia, Iran, China, Japan, England, Sweden, Australia, the Netherlands, Singapore and India. With the release if its most recent FAQs, OFAC is reaffirming that it views sovereign cryptocurrencies as highly risky and well within the scope of US sanctions programs.

The reference to a “digital representation of fiat currency” appears to be a reference to “stablecoins.” In theory, stablecoins are each worth a specified value in fiat currency (usually one USD each). Most stablecoins were touted as being completely backed by fiat currency stored in segregated bank accounts. The viability and safety of stablecoins, however, has recently been called into question. One of the biggest players in the stablecoin industry is Tether, who was recently fined $41 million by the US Commodities Futures Trading Commission for failing to have the appropriate fiat reserves backing its highly popular stablecoin US Dollar Token (USDT). OFAC appears to have taken notice and states in its FAQ that “digital representations of fiat currency” are covered by its regulations and FAQs.

FAQ 646 provides some guidance on how cryptocurrency exchanges and other service providers should implement a “block” on virtual currency. Any US persons (or persons subject to US jurisdiction), including financial institutions, are required under US sanctions programs to “block” assets, which requires freezing assets and notifying OFAC within 10 days. (See: 31 C.F.R. § 501.603 (b)(1)(i).) FAQ 646 makes clear that “blocking” obligations applies to virtual currency and also indicates that OFAC expects cryptocurrency exchanges and other service providers be required to “block” the virtual currency at issue and freeze all other virtual currency wallets “in which a blocked person has an interest.”

Depending on the strength of the anti-money laundering/know-your-customer (AML/KYC) policies employed, it will likely prove difficult for cryptocurrency exchanges and other service providers to be sure that they have identified all associated virtual currency wallets in which a “blocked person has an interest.” It is possible that a cryptocurrency exchange could onboard a customer who complied with an appropriate risk-based AML/KYC policy and, unbeknownst to the cryptocurrency exchange, a blocked person “has an interest” in one of the virtual currency wallets. It remains to be seen how OFAC will employ this “has an interest” standard and whether it will take any cryptocurrency exchanges or other service providers to task for not blocking virtual currency wallets in which a blocked person “has an interest.” It is important for cryptocurrency exchanges or other service providers to implement an appropriate risk-based AML/KYC policy to defend any inquiries from OFAC as to whether it has complied with the various US sanctions programs, including by having the ability to identify other virtual currency wallets in which a blocked person “has an interest.”

UPDATED SANCTIONS COMPLIANCE GUIDANCE

OFAC’s recent framework for OFAC Compliance Commitments outlines five essential components for a virtual currency operator’s sanctions compliance program. These components generally track those applicable to more traditional financial institutions and include:

  1. Senior management should ensure that adequate resources are devoted to the support of compliance, that a competent sanctions compliance officer is appointed and that adequate independence is granted to the compliance unit to carry out their role.
  2. An operative risk assessment should be fashioned to reflect the unique exposure of the company. OFAC maintains both a public use sanctions list and a free search tool for that list which should be employed to identify and prevent sanctioned individuals and entities from accessing the company’s services.
  3. Internal controls must be put in place that address the unique risks recognized by the company’s risk assessment. OFAC does not have a specific software or hardware requirement regarding internal controls.
    1. Although OFAC does not specify required internal controls, it does provide recommended best practices. These include geolocation tools with IP address blocking controls, KYC procedures for both individuals and entities, transaction monitoring and investigation software that can review historically identified bad actors, the implementation of remedial measures upon internal discovery of weakness in sanction compliance, sanction screening and establishing risk indicators or red flags that require additional scrutiny when triggered.
    2. Additionally, information should be obtained upon the formation of each new customer relationship. A formal due diligence plan should be in place and operated sufficiently to alert the service provider to possible sanctions-related alarms. Customer data should be maintained and updated through the lifecycle of that customer relationship.
  4. To ensure an entity’s sanctions compliance program is effective and efficient, that entity should regularly test their compliance against independent objective testing and auditing functions.
  5. Proper training must be provided to a company’s workforce. For a company’s sanctions compliance program to be effective, its workforce must be properly outfitted with the hard and soft skills required to execute its compliance program. Although training programs may vary, OFAC training should be provided annually for all employees.

KEY TAKEAWAYS

As noted in OFAC’s press release issued simultaneously with the updated FAQ’s, “[t]hese actions are a part of the Biden Administration’s focused, integrated effort to counter the ransomware threat.” The Biden administration’s increased focus on regulatory and enforcement action in the virtual currency space highlights the importance for market participants and service providers to implement a robust compliance program. Cryptocurrency exchanges and other service providers must take special care in drafting and implementing their respective AML/KYC policies and in ensuring the existence of risk-based AML and sanctions compliance programs, which includes a periodic training program. When responding to inquiries from OFAC or other regulators, it will be critical to have documented evidence of the implementation of a risk-based AML/KYC program and proof that employees have been appropriately trained on all applicable policies, including a sanctions compliance policy.

Article By Joseph B. Evans, Edward B. Diskant, and Alexandra C. Scheibe of McDermott Will & Emery.

Ethan Heller, a law clerk in the firm’s New York office, also contributed to this article.

© 2021 McDermott Will & Emery
For the latest in Financial, Securities, and Banking legal news, read more at the National Law Review.

Top Legal Industry News for August 2021: Law Firm Pro Bono, Hiring & Innovation

Welcome back to another edition of the National Law Review’s legal industry news column. Read on for the latest news on law firm pro bono, innovation and hiring as selected by the NLR’s editorial team.

Law Firm Hiring and Moves

Elizabeth Hermann Smith joined Mayer Brown’s Chicago office as a partner in their Banking & Finance practice group. She represents clients in all areas of the financial industry, including investors, borrowers, administrative agents, lenders and more. Ms. Smith’s specialty is in the field of leveraged finance, where she has focused on buyouts, dividend recapitalizations, and other financial transactions.

“Continuing to expand our leveraged finance capabilities, particularly with private credit funds, is a primary goal of the firm’s Banking & Finance practice. Elizabeth’s addition reflects our commitment to growth and strengthens our global finance offerings,” said Frederick Fisher, a co-leader of Mayer Brown’s global Lending group.

Mayer Brown also added Brett E. Moskowitz as Counsel to the Banking & Finance practice group. Located in the firm’s Charlotte office, Mr. Moskowitz focuses on bilateral and syndicated loan transactions, specializing in acquisition financing, real estate financings, and cash flow and asset-based lending.

Campos Mello Advogados added Antonio Tovo as a partner in the firm’s Corporate Criminal Law, Compliance and Cybersecurity practice group through an agreement with DLA Piper. Mr. Tovo works  in industries such as agriculture, real estate, healthcare, and hospitality.

Mr. Tovo works in Campos Mello Advogados’ São Paulo office. Ricardo Caiado Lima, a partner at Campos Mello Advogados: “We’re delighted to announce that Antonio […]  has joined our team. We’re seeing significant growth in our corporate criminal law and cybersecurity practices, and it is key for us to have highly qualified professionals with extensive experience, like Antonio […] .”

Robinson+Cole  added partner Danielle H. Tangorre to the firm’s Health Law group. At the firm’s Albany office, she will focus on guiding clients through state and federal health law regulations, in particular abuse and fraud laws such as Stark Law and the Anti-Kickback Statutes. Further, Ms. Tangorre has experience in  healthcare transactional matters,  litigation and  HIPAA compliance.

“Danielle has impressive experience and I’m delighted to welcome her to our team,” says Rhonda J. Tobin, Managing Partner at Robinson+Cole. “Continuing to expand the depth and geographical diversity of our health law practice is another step in the execution of our strategic plan to expand some of our strongest practices in our most strategic locations.”

Steptoe & Johnson PLLC opened three new offices in Texas located in Dallas, San Antonio, and Collin County.  Steptoe & Johnson’s new Texas operation includes –eleven new attorneys specializing in an array of fields including  commercial real estate, corporate transactions, energy, and tax law. The Dallas, San Antonio, and Collin County offices will be managed by Elizabeth Cromwell, Katherine David, and Brad Fletcher, respectively.

Steptoe & Johnson CEO, Christopher L. Slaughter said “These locations represent a strategic investment for the firm to better serve our existing clients in Texas and widen our scope of services to new clients. Our new lawyers bring substantial experience and knowledge to the firm’s practices. They are valued additions to the Steptoe & Johnson team.”

Legal Industry Recognition

Reginald Turner of Clark Hill PLLC is the new President of the American Bar Association (ABA).  Mr. Turner specializes in government policy and labor and employment matters and served as President of the National Bar Association and the State Bar of Michigan in the past. Mr. Turner will serve his role as President of the ABA through August 2022.

“Serving as ABA president and representing the legal profession is an honor. The ABA is committed to advancing the rule of law and increasing access to justice. As president, I will work tirelessly towards achieving those goals,” said Mr. Turner.

Ankura is one of 83 firms to contribute intelligence to the 2021 Verizon Data Breach Investigations Report (DBIR), which provides an analysis of data breaches and security incidents and provides ways to proactively mitigate future risks. The Verizon Data Breach Investigations report is important for law firms because of the technical information and metrics that are associated with cyber-attacks. Ankura’s team provided intelligence related to almost one hundred cyber matters including ransomware, espionage and other financially motivated actions.

“Leaders at every level need to understand technology and the benefits and risks it poses to their organizations.  The 2021 Verizon Data Breach Investigations Report does an extraordinary job capturing many of these risks, and Ankura’s inclusion on the DBIR team is testament to the quality of work and collaboration our team brings to every engagement, every day,” says Hon. Patrick J. Murphy of Ankura’s Cybersecurity practice.

The International Association of Defense Counsel (IADC) announced Adam M. Sheinvold of Eckert Seamans Cherin & Mellott, LLC  their team. The IADC is a legal organization for attorneys who represent corporate and insurance interests designed to help members develop skills, promote professionalism and facilitate camaraderie among clients.

Mr. Sheinvold brings the expertise of commercial and business litigation, regulatory and administrative litigation and product liability defense to the IADC team. “I am honored to be invited as a new member of the prestigious International Association of Defense Counsel and to join my distinguished colleagues of the corporate defense bar who rely on the IADC to provide valuable, high-level education and professional support and development opportunities,” said Mr. Sheinvold.

Legal Innovation & Pro Bono Programs

In July, Ropes & Gray hosted a “Legal Bootcamp” in partnership with BUILD (Broader Urban Involvement & Leadership Development), a Chicago youth development organization that focuses on gang intervention and violence prevention.

“A hallmark of Ropes & Gray Chicago has always been our commitment to the Chicago community,” said office managing partner Paulita Pike. “This dedication is evident by the extensive efforts from our Chicago office family in launching the Legal Bootcamp. We’re thrilled at the positive responses we’ve received from the students and BUILD, and I’m proud of my colleagues.”

Ropes & Gray worked with five high school and college age students to participate in a three week pilot program, which highlighted professions in the legal industry, including judges, attorneys and commercial support professionals. The curriculum included a corporate legal clinic, a speaker series and a preliminary injunction hearing workshop.

“Launching our inaugural Legal Bootcamp, together with BUILD, has been a highlight for our Chicago office over this summer,” said Ropes & Gray litigation and enforcement partner Tim Farrell. “We hope that by giving students who otherwise would not have access to or a background in the legal industry a front row seat at a corporate law firm, we’re advancing our mission of inclusion while hopefully the students are getting a broader perspective of the world of possibilities that lie ahead for them.”

Barnes & Thornburg selected five undergraduate students as members of the first class of its Pre Law Scholars Program, which aims to assist students’ pursuing a law degree. Through the program, Barnes & Thornburg will cover the cost of the students’ Law School Admission Test (LSAT) and LSAT prep coursework, as well as helping with the cost of law school applications. Additionally, attorney mentors from Barnes & Thornburg will work with the students to help guide them through law school.

“We are very excited to welcome the inaugural class of Prelaw Scholars to the Barnes & Thornburg family. They are all amazingly accomplished individuals and we are thrilled to be a part of their journey to law school,” said Sarah Evenson, Barnes & Thornburg’s director of law school programs. “Our hope is this program not only lessens the financial burden and administrative obstacles of applying to law school, but also provides key mentoring connections helping to prepare them for law school and ultimately rocket them to the legal career they desire.”

The Pre-Law Scholar program is presented in conjunction with Barnes & Thornburg’s Racial Justice Committee, which strives to support diverse candidates interested in pursuing law as a career.

“Our core belief as a firm and as a committee was to identify ways to build relationships with a pipeline of diverse legal talent and to mentor these aspiring legal professionals as they prepare to enter law school. The Prelaw Scholars Program does just that and I’m proud to be a part of it,” said William A. Nolan, member of the firm’s management committee and Racial Justice Committee.

The first class includes:

  • Phillip Arrington IV, Loyola University Chicago, B.A. in Political Science

  • Natalie Frazier, Emory University, B.A. in Women’s Gender and Sexualities Studies

  • Esther Oluwapelumi Durosinmi, Loyola University Chicago, B.A. in Political Science

  • Alexa M. Carpenter, Central State University, B.S. Criminal Justice

  • Jasleen Gill, University of California Berkeley, B.A. Philosophy and Legal Studies

Benchmark Litigation included Bradley Arant Boult Cummings partners Leigh Anne Hodge, Lela M. Hollabaugh and Kimberly B. Martin on its 2021 Benchmark Top 250 Women in Litigation list, developed through client feedback and research.

“Leigh Anne, Lela and Kim continue to demonstrate superior skill and client success in their litigation practices, and we are proud to see them recognized once again in this prestigious list,” said Bradley Chairman of the Board and Managing Partner Jonathan M. Skeeters.

Ms. Hodge is leader of the Litigation Practice Group and a member of the firm’s Healthcare Practice Group and is based in the Birmingham office. She represents clients in the healthcare industry in cases involving product liability litigation, medical malpractice litigation, peer review and staff privileges matters, administrative hearings before licensure boards, ERISA litigation, Medicare Advantage plan litigation, managed care litigation, insurance disputes and insurance fraud cases.

Ms. Hollabaugh works in the firm’s Nashville office, and advises leading natural gas pipeline companies and other infrastructure clients on issues involving location, land acquisition, construction and operations. She recently co-authored an amicus curiae brief to the U.S. Supreme Court supporting the industry’s position on the scope of the Natural Gas Act and the state’s 11th Amendment immunity.

Ms. Martin focuses on general litigation with an emphasis on medical device and pharmaceutical products liability litigation. She is based in the firm’s Huntsville office, and recently served as trial counsel defending a nationwide hospice provider in a three-month False Claims Act trial brought by the Department of Defense, which resulted in a dismissal.

Copyright ©2021 National Law Forum, LLC

Article By Hanna Taylor, Chandler Ford and Rachel Popa of The National Law Review / The National Law Forum LLC

For more articles on the legal industry, visit the NLRLaw Office Management section.

Tracey Goldvarg joins the National Law Review as Business Development Director

CHICAGO (PRWEB) SEPTEMBER 15, 2020

The National Law Review (NLR), one of the highest volume business law news services in the United States, announced that Tracey Goldvarg joined the company as Business Development Director. Goldvarg brings extensive legal business development and B to B publishing experience from her previous leadership roles at American Lawyer Media (ALM), Today’s General Counsel, and Inside Counsel. Goldvarg’s wealth of knowledge and legal industry know-how will enhance the National Law Review’s initiatives involving various advertising, promotional and other new product offerings.

The National Law Review is a leading source of information for companies and individuals looking for guidance on compliance and regulatory matters. The NLR’s COVID-19 pandemic coverage garnered over 4.3 million readers in both March and April of this year, and the NLR’s pandemic coverage continues following Congressional and Executive directives and local Coronavirus mandates.

Goldvarg joins the National Law Review at an exciting time, when the company is poised for exponential growth as traffic levels to the National Law Review have tripled in the last year.

Jennifer Schaller, Managing Director of the National Law Review:

“We are excited to welcome Tracey to our team. Her depth of experience in the publishing and in the legal and financial services fields is invaluable as we continue to grow and develop new markets, expand coverage in new areas and amplify our product offerings to our clients and in new verticals. Tracey’s upbeat attitude and exceptional commitment to client service is just what we need to keep our momentum going.”

Goldvarg:

“I am thrilled to be joining such a dynamic and nimble organization at such a pivotal time in its growth. I look forward to continuing our on-going collaboration and welcome the opportunity to join a women-owned organization, that values the insights and talents of its team-members and has such high standards of customer service to its clients. Their client retention numbers are unparalleled.”

The NLR is a certified women-owned business enterprise that reports breaking legal news on emerging and on-going business issues ranging from business immigration to the regulatory and operational challenges of the Coronavirus pandemic.

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About the National Law Review: The National Law Review is a daily legal news website with a mission to provide objective, reliable and practical litigation, legislative and administrative legal news and analysis through partnership with law firms, other legal and business organizations and our own staff journalists. The NLR’s online platform was developed by corporate attorneys and is the online descendant of a legal publication tracing its roots back to 1888. With the talents of our own writers and contributing authors, the National Law Review has grown into one of the highest volume business law publications in the U.S., with an average of 2 million visitors each month. Visit us at www.NatLawReview.com.

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Legal News and Updates for January 2020: Law Firm Moves, Legal Industry Trends

Law firms and the businesses that surround them have hit the ground running in 2020, with tons of announcements, big moves by law firms and innovation across the entire field.  Read on for a small taste of some of the exciting developments in the legal industry.

Hiring and Law Firm Moves

Patent preparation and prosecution law firm, Harrity & Harrity, LLP recently announced the firm had added four new patent attorneys: Joseph Lentivech, Patrick Hansen, McCord Rayburn, and Bret Tingey; as well as two new law clerks: Sara Ko and Abigail Troy.

Joseph Lentivech is based in Mobile, Alabama, and returns to Harrity & Harrity to practice after his service as an Administrative Patent Judge at the United States Patent Trademark Office (USPTO).  His practice focuses on the prosecution of patent applications in electrical and computer technologies, encompassing telecommunications and computer hardware and software.  Patrick Hansen will be based in the Raleigh office, and has experience representing petitioners and patent owners in post-grant proceedings, with specialization in patent applications for electrical, computer and mechanical technologies.  McCord Rayburn has international patent experience, coordinating inbound national state patent application filings for foreign corporations, and he will work out of the law firm’s Charlotte office.  Bret Tingey focuses on patent preparation and prosecution in mechanical and electrical technology, with extensive experience writing memos and briefs in IP litigation–including some submitted to the US Supreme Court–and he will be based in Raleigh.  Law Clerks Sora Ko and Abigail Troy both have experience in patent preparation and prosecution before the USPTO and will work out of Harrity & Harrity’s DC office.

Paul Harritiy, a partner in the firm, called the group “superstars” and says, “we are excited for this group to join our team and assist the firm in continuing to provide excellent customer service to our Patent 300 clients.”

Lipson Neilson started off 2020 by announcing it has added nationally-recognized Surety & Fidelity Law attorneys Phillip G. Alber, Jeffrey M. Frank, Omar J. Harb, and Jessica L. Wynn, all four previously with Alber Frank PC law firm. Alber will head up a new Lipson Neilson office in Grosse Pointe, Michigan, and Frank, Harb and Wynn will be based in the firm’s Bloomfield Hills, Michigan office.

Jeffrey Neilson, a co-founder of the firm, says,  “They’re a tremendous and immediate asset to our firm in the area of Surety & Fidelity Law and bring significant expertise in other areas of law and litigation as well. I think their decision to move to Lipson Neilson is a good indication of our reputation, our work and our culture.”

In a move that will strengthen the firm’s healthcare and corporate practices, Manatt announced that Paul A. Carr-Rollitt has joined as a healthcare partner in the Los Angeles office. Carr-Rollitt focuses his practice on corporate healthcare concerns, and his healthcare transaction experience includes mergers and acquisitions, joint ventures, reorganizations, affiliations, public offerings, and private equity transactions.  His practice includes advising non-traditional and traditional health care entities, and his advice is legal, business-oriented, and incorporates strategy as well as policy concerns.  Bill Bernstein, the leader of Manatt Health, calls Carr-Rollitt a “perfect fit” with Manatt’s growing practice.  Bernstein says, “He brings with him an excellent roster of clients and has a national healthcare practice, which encompasses both payers and providers.”

On his end, Carr-Rollitt says Manatt’s blending of strategy with legal advice is an approach he’s always appreciated.  “I am excited to be part of a firm that has a strong understanding of and commitment to the future of the healthcare industry and to work with some of the most forward-thinking professionals from coast to coast,” he says.

Last week, Katten announced that Mitchel C. Pahl has joined its Employee Benefits and Executive Compensation practice as a partner in the New York office. Pahl’s practice concentrates on employee benefits and executive compensation in private and public company M&A’s.  He has also been involved in high-profile corporate transactions in a variety of industries including real estate, health care, and financial services.  Additionally, he has advised clients on the operation and design of qualified retirement plans, equity incentive plans, and other compensation arrangements, as well as on negotiating executive employment agreements and separation packages.

Kate Ulrich Saracene, Katten partner and leader of the firm’s Employee Benefits and Executive Compensation practice, praises Pahl’s decades of experience across complex transactions. “Mitch also brings new capabilities to Katten with his focus on qualified retirement plans, benefit plans for non-profits and experience working with ESOPs,” says Saracene. “With the addition of Mitch, we’ve achieved our goal of building a full-service employee benefits and executive compensation practice, able to advise any type of client on any type of plan or transaction.”

Cornerstone Research started off 2020 by naming  Dr. Yesim C. Richardson as President.  In a departure for the organization, Richardson will share leadership with CEO Rahul Guha, who also took on his role on January 1, 2020.  The duo succeeds Michael E. Burton, who had served in both roles since July of 2014.

Yesim Richardson Cornerstone Research
Yesim Richardson

After a period of succession planning, the organization decided it made the most sense to divide the responsibilities of the CEO and President, and have two individuals fill those roles instead of combining them.  “At this stage in our history,” says Dr. Guha, “we believe splitting the CEO and president responsibilities ensures the most effective leadership structure for our future.” Prior to her appointment as President, Dr. Richardson served on Cornerstone Research’s board of directors, and has been active on firm governance committees.  In her new role as president, she will focus on talent strategies and service delivery, and continue to consult and support Cornerstone Research experts on litigation matters and other consulting questions.  “Cornerstone Research has always lived its values . . .we have been guided by our commitment to deliver top-quality work to our clients, provide exceptional support to our experts, and develop pathways to leadership for our outstanding staff,” says Richardson.  “We have enhanced the way we run the firm to support this commitment even more fully. I am proud and grateful to partner with Rahul as we look ahead to the continued growth and success of this extraordinary company.”

Porter Wright announced last week that Deb Boiarsky was promoted into the firm’s Chief Operating Partner position.  This development comes after the firm has grown, with two new offices and a 30-percent partner increase across the firm.  Boiarsky focuses her practice on employee benefits–specifically ERISA and IRS compliance–but in her role as the Chief Operating Partner, she will work with firm leadership to oversee day to day operations at the firm with an eye towards strategy and securing firm growth and development.   Bob Tannous, managing partner of Porter Wright and the former Chief Operating Partner, indicates that a business mentality is key to success in this role.  “Deb is known for being measured and considerate,” he points out, “and for fostering strong relationships in and outside of the firm.”

Law Firm Innovation and Developments

Kluk Farber, a female-founded law firm in New York and Los Angeles, has partnered with Vivvi Early Learning, a provider of employer-sponsored on and near-site child care, to provide children aged six weeks to five years access to near-site back-up care.  Vivvi has worked in a variety of industries with employers to provide childcare for employees, including hospitality, media, and advertising. Partnering with companies who understand childcare is a major pain point for their employees, and their solution can increase employee morale while lowering turnover and absenteeism.

Kluk Farber, already a progressive leader in the legal industry for providing flex-time and supporting work-life balance, entered into this partnership acknowledging that the way child care is traditionally set up is not ideal for working families.  “Being a female in law is not an easy feat to begin with, but having a family and achieving work-life integration? That’s nearly impossible,” she says.  “We learned of Vivvi’s transformational work through the NYC female founder community, and knew instantly that it was a resource we needed to integrate immediately.”

Norton Rose Fulbright advised on the development and implementation of the world’s first consumer-ready digital fiat currency, assisting NZIA Limited to create the currency for the Central Bank of the Bahamas.  The currency, known as “Sand Dollars” is a central bank digital currency_or CBDC–and is part of Project Sand Dollar.  Sand Dollars will be issued by the state’s central bank, and are the same as legal tender, backed by the government and used by the public.  The currency went live in digital wallets in December of 2019 and was used locally immediately after, as local businesses were onboarded through banks and other financial institutions. Now, the sand dollars are basically, legally, the same as cash.

The Bahamas was one of the first areas to develop a CBDC, and the island nation will benefit in a variety of ways; including inclusion in the financial system of unbanked and improved expenditure and tax systems. Norton Rose Fulbright Vancouver-based partner, John Kim, commented: “The innovative nature of Project Sand Dollar required us to provide equally innovative solutions to our client. Our input resulted in a system that would not only meet the requirements of current financial and regulatory regimes but actually leverage them to provide a CBDC solution that enables people to conduct more secure and instant transactions.”

Paige Justus
Paige Justus

Fortis Law Partners will now offer legal guidance on estate planning practice, assisting clients with asset-protection strategies, gift planning, and tax reduction. Paige K. Justus, a senior corporate associate with the firm, will head the practice, which will also assist clients with wealth protection strategies, wills, living trusts, powers of attorney, guardian designations for minor children and healthcare declarations. Along with individual estate planning strategies, the estate planning practice group will work with nonprofits desirous of obtaining tax-exempt status assistance.

Legal Technology and Industry Developments

Embroker, Inc, a digital insurance company, announced the Lawyers’ Professional Liability platform, ideal for both large and small law practices. This platform allows law firms across a variety of sizes to secure and enroll in legal malpractice insurance quickly, efficiently and affordably.

Embroker CEO Matt Miller says the new Embroker platform can leverage technology to improve a traditionally onerous process.   “They [attorneys] only have to spend a few minutes on each year and receive a quote from an A+ rated insurance provider,” Miller says. “By leveraging Embroker technology, our overhead is less intensive than the traditional decades-old model, and we are also able to provide lower rates that are going to be very attractive.”

Embroker will target law firms with 1-10 attorneys nationally,  as these are traditionally most impacted by the onerous process of purchasing malpractice insurance without large staffs.  The platform is currently available in 31 states, with approval pending in other states as the product is offered nationwide.

Lex Mundi recently released its Global M&A Trends Report, featuring insights from almost 70 Lex Mundi member firms from all over the world.  Each of these firms shared insights on mergers and acquisitions within their purview, focusing on key concerns facing M&A practitioners, deal activity by segment, and 2020 predictions.  The report indicated that due diligence and deal structure rank highly, with 18% and 14% of member firms respectively ranking those issues as major areas of concern.  Matters of cybersecurity and data privacy are spurring concerns in due diligence, as buyer companies are working to mitigate risk across cyber, anti-corruption, and data privacy.

Despite global disruptions such as trade wars, Brexit, and economic instability, the majority of Lex Mundi Member firms (as much as 60%) indicated they expected M&A activity to remain the same in 2020; with the top industries such as energy and power, financial services, manufacturing, technology, healthcare, and life sciences seeing heavy activity.

Last week Jennifer Schaller moderated a panel at the 27th Annual Marketing Partner Forum in Miami, Florida on Client Journey Mapping for Law Firms.  In conjunction with the discussion on Client Journey Mapping, the National Law Review is conducting a survey on elements of client journey mapping, and we will be analyzing and writing up the results.  The survey is still open, so please consider taking a few minutes to add your insights.  All responses are completely confidential.

That’s it for now.  More to come as 2020 progresses!

Copyright ©2020 National Law Forum, LLC

For more legal industry news, see the Law Office Management section of the National Law Review.

Lawdragon: Celebrating Ten Years Of Captivating Legal Journalism

For ten years, legal media company Lawdragon has been telling great stories about the law and lawyering.  Lawdragon embraced the power of the internet early on, creating content open to all who were interested in stories about the law.  Lawdragon has shown their commitment to high-quality legal journalism by crafting feature stories, a popular Question and Answer series, and an annual Lawdragon 500 Leading Lawyers in America devoted to attorneys, what they do, and what is possible with a law degree.

Lawdragon was founded by Katrina Dewey as a platform to tell stories about lawyers and lawyering.  Dewey began her career as a lawyer, but in her words, “I quickly discovered that I wanted to write about lawyers instead of practicing the law myself.”  She left her law firm associate job and “I did what I could to get hired as the lowliest journalist at the Daily Journal in California.” The “lowly” journalist position became Editor in 1996, a move that  Dewey describes as “a huge and lucky break.”   In 2005, with a desire to work more in the emerging online journalism market, Dewey founded Lawdragon. Daily Journal reporter John Ryan joined her and continues to serve as the company’s editor-in-chief.

Looking back at the first issue, Dewey describes the publication process as like  “giving birth.”  They wanted to kick off  the magazine in an edgy, interesting way, and one of the first stories was on the idea of term limits for Supreme Court justices.  Dewey remembers, “the week after we shipped our first issue, Justice Rehnquist passed away.”  Another memory of the beginning was Hurricane Katrina.  That disaster hit the same weekend the first publication went out, and it lingered as a sort of ghost each time Lawdragon has published an article that showcased the aftermath of the storm and the various legal issues that followed afterwards.  Looking back, Dewey describes the early days by saying, “we saw ourselves as an intrepid band of journalists, taking on larger lawyer outlets that were a little slow on the digital uptake.”  And that has been part of Lawdragon’s success.  Dewey saw the writing on the wall about how the media landscape was changing–and she wanted to create a place for features and profiles of lawyers with a company that had “digital in its DNA.” After ten years, the company has grown into a marketing and branding platform packed with fascinating tales of the law, using the power of the internet to allow anyone who is interested access to their stories. In fact, the content had become so popular among firms and lawyers that Lawdragon created a new “Lawdragon Press” division that provides paid content, marketing and branding services for firms.

Along those lines, when asked to describe Lawdragon’s audience, Dewey says, “We write for everyone who can read and has an interest in the law.”  The goal is to create intelligent, wide-ranging, eclectic content that shows what an attorney can do with a law degree.   Dewey says, “The goal is to write stories that everyone can access, but are still interesting enough to appeal to attorneys.”

And true to the mission, reading Lawdragon provides perspective on just how far-reaching a law degree can be.  With features on everyone from David Tolbert, President of the International Center for Transitional Justice, Adam Streisand of Sheppard Mullin, who litigated the trial that paved the way for the sale of the LA Clippers to Jodi Westbrook Flowers at Motley Rice, who has worked for over a decade for the victims of the September 11 attacks against  the financiers and and supporters of Al Qaeda, the subject matter is an abject lesson on just what the law can accomplish.

“We’ve tried to cast a wide net on our coverage of interesting lawyers and legal matters, which is why we’ve done original reporting on justice issues in places like South Africa, former Yugoslavia, Rwanda, The Hague and most recently Guantanamo Bay,” Ryan said.

One essential element of Lawdragon’s philosophy is an unwavering optimism about high-quality articles and reporting.  Dewey says, “We are optimists about good content; we believe there is a place for good content in the world.”  With an intrinsic belief that the law has the power to change people’s lives, right wrongs, and inspire as well as an understanding that lawyers who practice law have compelling reasons to do so, over the ten years of its existence Lawdragon has demonstrated a commitment to showcasing those stories.  Dewey says, “We are about the power of story, generally.  We want to show the individual stories of these attorneys who are advocates of the law, who all have their own perspective and ways of contributing to justice. ”

A natural outgrowth of that philosophy is the Lawdragon 500 Leading Lawyers.  This feature  highlights some of the most captivating attorneys and the work they do across the nation. While the Lawdragon 500 is probably the best known element of the publication, it is not a ranking system.  Through a careful process balancing editorial research by Lawdragon staff, law firm submissions, and an open online nominations form, the 500 are carefully curated, but not ranked.  Instead, the guide is a way for Lawdragon to showcase attorneys and their perspectives, how they contribute to justice, and how they use the law as a tool to advocate.

As a result of the commitment to quality content and great stories, Lawdragon articles have strong SEO content and can be a great platform for the attorneys who are featured. One thing Lawdragon provides for the attorneys that are featured is objective, third party, independent recognition of their skills and reputation.  Additionally, Lawdragon publishes an annual print publication, giving attorneys and their clients something to hold, beautiful pictures to see, and amazing articles to read. As Carlton Dyce of Lawdragon points out, “Our print publication is great for attorneys to have in their offices, handy for their clients to read while they are waiting.  It’s a great way to showcase the attorney they are about to see.”  ​

The tenth edition of the Lawdragon 500 will be released soon, an exciting milestone for the company.  Over the years and after many compelling stories, Lawdragon remains excited about its core mission–telling stories of lawyers and lawyering. With millions of lawyers doing captivating work in many fields there is no shortage of stories, and Lawdragon remains committed to telling them.

Article by Eilene Spear of the National Law Review
Copyright ©2015 National Law Forum, LLC

Responding to a Hyper-Competitive Legal Market: 2015 and Beyond

The results of Citigroup’s 2015 Law Firm Leader’s Peer Monitor Report were examined by a highly informative panel[i] at Thomson Reuters’ recent 20th Annual Law Firm Leaders Conference in New York. The detailed discussion outlined overall marketplace trends and reviewed the strategies of law firms who are profitably navigating today’s turbulent legal market.

pic1articleState of the U.S. Business Law Marketplace

Market conditions for law firms are stabilizing in 2015 but a fragile global economy / geopolitical climate, and changing legal department purchasing behavior are leading to continuing flat demand for purchasing legal services. Current marketplace conditions include: more work being done in-house or by non-law firm outsourced providers and law firms coming in from other markets who are competing aggressively on price and / or who are buying business growth by lateral attorney hires.

Lower demand for law firms’ services is also being driven by a decreased appetite for costly litigation and developing technology which performs more cost effectively commodity type legal work.[ii].  The most common reasons for moving work in house is more control over costs and increased efficiency.[iii] In a 2015 survey of over 300 in-house counsel from 22 industries over 47% of the companies surveyed reported an increase in the number of law department lawyers employed.[iv]

Larger Business Trends Lead to a Less of an Appetite for Litigation and a Push for More Cost Effective Service Delivery

General Counsel manage their departments in tandem with the overall goals of the business.  Unresolved legal issues can have a negative impact on a company’s stock price and reserves set aside for lengthy litigation could be deployed for other business activities. Accordingly, there is an ongoing trend of companies settling earlier than before, and being more open to pursue alternatives to expensive and drawn out courtroom trials.[v]   Also, the increased cost of conducting complex litigation due to e-discovery, is also causing companies to think twice about how hard and how long they want to fight.

legal dept tech spend crop
A Look Inside: 2015 Thomson Reuters Legal Department In-sourcing and Efficiency Report

Since the great recession many law firms have become adept at trimming administrative overhead costs but seem to forget that corporate law departments are corporate overhead.   In a 2013 survey of 238 managing partners and law firm chairs, over 44 percent indicated that their firms had taken steps to improve the cost effectiveness of legal service delivery, mostly in the form of changing project staffing models to include part-time and contract lawyers and outsourcing an increasing number of non-lawyer functions at their firms. [vi] Alternative service providers in the legal arena cover functions such as discovery management, document creation, dispute resolution alternatives to litigation, and talent management services. Legal process out sourcing (LPO) through alternative service providers has a predicted growth of 30% in 2015 and it is estimated that there is currently $20 billion of outsourceable legal work in the U.S. legal marketplace.[vii]    It is estimated that the LPO market has only captured 5.5% or $1 billon of the estimated $437billion U.S. legal market.[viii] 

legal dept outside counsel spend cropped
A Look Inside: 2015 Thomson Reuters Legal Department In-sourcing and Efficiency Report

Practice Areas Where Demand Is Consistent or Growing for Law Firms

While businesses may have less of appetite for costly litigation, demand remains strong in certain areas due to more domestic regulatory investigations and U.S. lead examinations stemming from cross-border activities. [ix]  In a survey released this month, 48% of law departments predicted an increase in regulatory work in the next year.[x] Other growth practice areas include:  Intellectual Property/Patent; Cybersecurity/Data Privacy; Bankruptcy; Healthcare/Pharmaceutical, Financial Services and Mergers/Acquisitions. [xi]

Common Features of Underperforming Law Firms in Today’s Marketplace

To address the buying needs of corporate clients, firms which are surviving are becoming more efficient and predictable in their pricing and service delivery.  Firms who are underperforming tend to have:

  • The lowest overall leverage rate (partner to associate) and less cost effective use of leverage;

  • A higher reliance on income partners, and a declining income partner contribution;

  • A high use of Other Lawyers but the use of these lawyers make a negative contribution to the firm’s bottom line;

  • A lower overall equity partner productivity and a decline of equity partner equity during 2009-14;

  • The lowest realized rates and lowest growth in those rates during 2009-14;

  • A heavier litigation reliance;

  • Less rocket science work and more commoditized work; and

  • Firm brands that are not as sharply differentiated or recognized.[xii]

What a Hyper-Competitive Legal Market Marketplace Means Operationally

General Counsel are generalists, who manage the legal needs of a company but are limited in the legal tasks they can and should do on behalf of their client, the company.  Accordingly, there is always a set group of work that won’t be done in-house or for which third party specialized expertise is advisable.   Outsourcing of ‘rocket science’ work and going to law firms who have established reputations for certain types of work are easier sells for in-house counsel who have to sell their outsourcing decisions to company management. Marketplace trends are resulting in more of a concentration of high end work in a smaller group of law firms.  Notable legal market predications / observations made by the panel:

  • Clients will further segment the market (“financial and reputational tiering”);

  • Firms will further consolidate;

  • Lateral activity will remain high; and

  • Brand differentiation will help attract the right laterals and grow market share in a flat demand environment.

With continued cost pressures, the panel commented that profitable law firms will:

•           Use systems and processes to improve:

  • Matter management;

  • Practice management;

  • Workforce management; and

  • Partner performance measurement.

In order to demonstrate a concern for efficiency, successful law firms need to facilitate better collaboration between the firm and client.  In order to leverage internal resources and grow deeper, more stable and more profitable relationships with clients, law firms need to improve or better communicate their client service offerings and share information about legal developments. The panel identified the following ways to stay or become known for expertise and to demonstrate concern for law firm department budgets:

  • Knowledge sharing;

  • Client relationship teams, strategic and well thought-out cross selling; and

  • Developing associates and younger partners to ensure a sustainable business and cost effective service delivery structure.

Take-Aways

You have to have a brand – “We’re cheaper – but still really good and can do whatever you need, especially the easy stuff” isn’t working.  Established brands make law firms an easier sell for in-house counsel to their management or management may even advocate for well know legal brands to their law departments.  Company management does suggest particular law firms and attorneys and they pass on to the law department relevant thought leadership that they were sent by law firms or that they have come across. Executive management approves the law department’s budget.  The general counsel should not be your only contact point. If you want to be considered for the less than 10% of litigation work that’s considered bet the company, shouldn’t management know you and feel comfortable that you know their needs?

According to David Cruickshank of Edge International, 96% of firms say lateral hires are part of their growth strategy[xiii].  Great legal brands help recruit great associates and laterals, as well as clients.   How do you keep the attention of attorneys at regulatory agencies, high potential law grads and star attorneys with established practices?  Share your knowledge.  Many legal recruiters scour publications as a starting point for finding lateral candidates in niche practices.  Your knowledge and service are your brand. How do you build or maintain a brand? Share your knowledge, write, speak, repeat.

How do you convey to clients and potential clients that you mean what you say – that you have deep expertise, that you can manage things in a cost effective manner, that you collaborate, that you are committed to technology – you show them. Jay Hull, Chief Innovation Partner at Davis Wright Tremaine mentioned during the conference that you go for wins on small projects with name brand clients, for proof of concept.  Per Jay if you want to show a commitment to technology and innovation, you bring a legal technologist to a pitch meeting.  Don’t drag your client into inter partner quarrels if you want to build confidence in your ability to manage complex multi-jurisdiction litigation. Want show deep expertise, include multiple authors on articles, rainmakers should bring along associates or new partners to speaking engagements or networking events – be a team and grow and show your depth.

Article by Jennifer Schaller of the National Law Review

Copyright ©2015 National Law Forum, LLC

[ii] Citi 2015 Law Firm Leaders Survey.

[iv] 2015 HBR Consulting Law Department Survey – the Center for the Study of the Legal Profession at the Georgetown University Law Center and Thomson Reuters Peer Monitor.

[v] 2015 Client Advisory 2014: Great News for Some, Mixed Results for Others Citi Private Bank and Hildebrandt Consulting.

[vi] 2013 Law Firms in Transition: An Altman Weil Flash Survey, Thomas S. Clay Altman Weil, Inc., May 2013

[viii] Revenues estimated using AmLaw 200 data, Peer Monitor, Hackett Group Report and New York Times; Expenses from Peer Monitor Corporate Legal Dept is based on internal spend on legal matters.

[ix] A Look Inside: 2015 Thomson Reuters Legal Department In-sourcing and Efficiency Report.

[x] 2015 HBR Consulting Law Department Survey.

[xi] Citi 2015 Law Firm Leaders Survey.

[xii]2015 HBR Consulting Law Department Survey – the Center for the Study of the Legal Profession at the Georgetown University Law Center and Thomson Reuters Peer Monitor.

[xiii] 7 Thoughts About The Lateral Hiring Process, Above the Law, April 15, 2014.

Register for the 20th Annual Law Firm Leaders Forum – October 8-9 at The Pierre in NYC

When: OCT 08 – 09, 2015
Where: New York, NY – The Pierre

Join us this October as the Thomson Reuters Legal Executive Institute proudly presents the 20th Anniversary of Law Firm Leaders at The Pierre Hotel in Midtown Manhattan.

Continuing the forum’s unrivaled tradition of industry-defining content and professional networking, the 2015 program offers a comprehensive update on the state of the legal profession and the ongoing challenges affecting law firm leadership throughout the AmLaw 150.

This year’s key topics include:

  • Restoring Professionalism to the Practice of Law
  • Leading Change: A Presentation from Heidi Gardner, Lecturer on Law & Distinguished Fellow, Center on the Legal Profession, Harvard Law School
  • The Meaning of Client Relationships in the 21st Century
  • Data Privacy & Cybersecurity in the Global Law Firm

Call to register: 1-800-308-1700

Or click here to email and we will contact you.

Attend the 20th Annual Law Firm Leaders Forum Oct 8-9 in NYC – Brought to you by the Legal Executive Institute

When: OCT 08 – 09, 2015
Where: New York, NY – The Pierre

Join us this October as the Thomson Reuters Legal Executive Institute proudly presents the 20th Anniversary of Law Firm Leaders at The Pierre Hotel in Midtown Manhattan.

Continuing the forum’s unrivaled tradition of industry-defining content and professional networking, the 2015 program offers a comprehensive update on the state of the legal profession and the ongoing challenges affecting law firm leadership throughout the AmLaw 150.

This year’s key topics include:

  • Restoring Professionalism to the Practice of Law
  • Leading Change: A Presentation from Heidi Gardner, Lecturer on Law & Distinguished Fellow, Center on the Legal Profession, Harvard Law School
  • The Meaning of Client Relationships in the 21st Century
  • Data Privacy & Cybersecurity in the Global Law Firm

Call to register: 1-800-308-1700

Or click here to email and we will contact you.

InsideCounsel Super Conference – May 11-13 in Chicago: Early Bird Registration Ends on the 30th! Register now for exclusive NLR Discount!

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All NLR readers get an exclusive $150 discount off current rates through April 30th.
Register today!

The 15th annual Inside Counsel SuperConference, May 11-13, 2015 in Chicago is the can’t miss conference for legal professionals.

SuperConference 2014 played host to a diverse and senior level audience of participants:

  • More than 80 In-House Counsel experts comprised our speaker faculty – GCs, AGCs, and executives
  • More than 80% of attendees were In-House Counsel
  • More than 65% of attendees were senior level and above

The annual InsideCounsel SuperConference, for the past 14 years, has offered the highest value for educational investment within a constructive learning and networking environment. Legal professionals will gain the opportunity to elevate the quality of their performance and learn ways to become a strategic partner within his/her organization. In two-and-half days attendees earn CLE credits, network with hundreds of peers and legal service providers and hear strategies to tackle corporate legal issues that are top of mind throughout this comprehensive program. SuperConference is presented by InsideCounsel magazine, published by Summit Professional Networks.