Regulation of Lawyers Committee

About the Committee

The Regulation of Lawyers Committee addresses practical and legal aspects of complying with a wide range of professional risk management topics from the perspective of both individual lawyers and law firms, and lawyers who work for clients both in private practice and in-house.

As lawyers and members of law firms, we are all subject to regulation of one form or another. The impact of this regulation is increasing in both substance and complexity, as well as becoming more global in nature, which not only challenges some of the basic ethical positions within the profession but also requires firms to incur significant expense and time to ensure compliance.

The Committee’s goal is to add a global, as well as business law, perspective to regulatory debates in the legal profession, leveraging the IBA’s core membership of business lawyers who play a critical role in such conversations.

The Committee provides a forum where members can discuss, debate and influence legislation impacting the practice of law, particularly in light of the ever-expanding multi-jurisdictional approach to the regulation of law firms and lawyers.

The Anti-Money Laundering and Sanctions Expert Subcommittee focuses on anti-money laundering and financial and trade sanctions legislation as it impacts lawyers. Both the Committee and Subcommittee work closely with the Bar Issues Commission and the Law Firm Management Committee.

The Committee addresses the following risk management topics:

Regulatory & Compliance

• Data protection, information security, cyber-risks
• Insider dealing and market abuse procedures
• Outside business interests
• Bribery, corruption, economic crime, gifts and hospitality
• Modern slavery and supplier transparency
• Licensing, registration and practice of law – lawyer and firm
• Audit and assurance programmes or training
• Regulatory notices or requests for disclosure
• Internal investigations and external reporting
• Managing regulator audits and practice visits
• Behavioural and institutional culture issues
• Rule of law

Client Relationships

• Conflicts of interest
• Confidentiality obligations
• Due diligence or KYC
• ESG and reputational risk
• Engagement letters and terms of business - domestic, and multi-jurisdictional
• Referral and outsourcing arrangements

Risk Management and Insurance

• Design and implementation of risk management systems and policies
• Professional indemnity insurance cover
• Complaints and claims handling
• Compliance issues with law firm mergers, multi-disciplinary practices or alternative business structures

Specialist Subcommittee on Anti-Money Laundering & Economic Sanctions

• Liaise with the FATF and regional bodies (e.g. MONEYVAL, APG)

If you have any questions or would like to become involved in the work of the committee, please contact one of the Committee Officers.

Subcommittees and other groups

The Regulation of Lawyers Committee also coordinates the activities of the following subcommittees/working groups.

• Anti-Money Laundering and Sanctions Expert Subcommittee
• IBA Working Group on Lawyer-Client Confidentiality
• Regulation of Lawyers' Committee Advisory Board

Related links

General Regulation

• IBA Legal Regulators’ Directory
• IBA Global Cross Border Legal Services Report
• CCBE Collection of Professional Regulations

Disclosure and reporting

• The Law Society guidance in relation to DAC6 and Legal Professional Privilege
• 2018 - DAC6. Directive (EU) 2018/822 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements

Beneficial Ownership

• 2019 - FATF report on Best Practices on Beneficial Ownership

Anti-Money Laundering

• 2020 - EU Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing
• 2020 - Revised EU methodology for the identification of high-risk third countries
• 2019 - CDD guidance published by the Canadian Federation of Law Societies’ AML and CTF Working Group: Guidance for the Legal Profession: Your Professional Responsibility to Avoid Facilitating or Participating in Money Laundering and Terrorist Financing
• 2018 - 5th EU Money Laundering Directive

Join us on LinkedIn

If you are a member of the Regulation of Lawyers Committee, for additional networking opportunities, programs, interviews with fellow members and tips all exclusive to members, join our LinkedIn page at: https://www.linkedin.com/groups/9507163/.