The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/96072
New Business Intake Challenges and Solutions Laundering Regulations. The Anti-Money Laundering (AML) regulations dovetail with Know Your Client (KYC) regulations. KYC controls include name-matching against a list of suspect parties and a risk analysis of a customer's propensity to commit money laundering or identity theft. Throughout the last decade, AML regulation has become increasingly associated with antiterrorism regulation. While U.K. firms must also check client information to adhere to the 2000 Terrorism Act, U.S. firms perform similar due diligence to comply with the 2001 Patriot Act. Finally, certain practice groups in U.S. firms must be sure to comply with regulations like the Sarbanes-Oxley Act (SOX), which controls financial auditors and boards, and the International Traffic and Arms Regulation (ITAR), which entails strict confidentiality around defense or military-related information. Do we want to take on this client? A firm must decide whether taking on a new client or matter supports its larger business strategy. Answering this question requires the analysis of different types of information. • Firms must check basic credit information to make sure clients will pay their bills. • Firms must cross-check client mandates stipulated in the request for proposal (RFP) and outside counsel guidelines (OCGs). Often, ethical conflicts of interest and business conflicts of interest do not overlap. As corporations include stipulations in OCGs that prevent a firm from taking on certain business in the future, firms need to assess the long-term impact of taking on individual matters. • Firms must evaluate pricing arrangements with an eye on profitability. • Firms must assess whether they have the knowledge and expertise required to represent the client successfully, often weighing the investment costs required to equip lawyers and practice groups to represent clients effectively. When can we start working (without incurring any risk)? Once a firm has decided to open a new client or matter, the process becomes operational. The information collected about the new client or matter must be spread throughout the firm's systems (finance, records and document management, etc.) as Document Formatting in Word 2010 — Could it be that easy? LegalBar simplifies the use and administration of Microsoft Word 2010 providing a legal styles catalogue with clean-up utilities, an "all in one" numbering tool and centralized firm templates. BEC Legal for a demonstration. 57 800.948.4810Peer www.beclegal.com | to Peer