Morning Briefing: Regulatory climate is bad for business say corporate counsel

by Steve Randall11 Jun 2015
Regulatory climate is bad for business say corporate counsel
The current regulatory climate makes doing business harder according to a survey by advisory firm Grant Thornton LLP. Its survey of corporate counsel found that 69 per cent shared that view and 39 per cent have diverted resources away from the firm’s core objectives with an impact on profit and growth. Brad Preber, Grant Thornton’s national managing partner of Forensic and Valuation Services, suggested: “The sentiment of the corporate counsel surveyed is consistent with many corporate officers. On the whole, companies have not yet found the right balance between regulatory compliance, growth and profitability.”

Regulatory risk has meant a change in behaviour for many businesses with 70 per cent responding that they have strengthened policies and procedures and 60 per cent boosting training. Despite the measures almost half of the counsel were unsure that their efforts to reduce risk in bribery and corruption are effective. Although this risk is growing many said that they were unable to add resources due to the increased threat of cyber-risks; 69 per cent have bolstered resources in cybersecurity and privacy since last year’s survey. With cyber threats so high in both profile and risk, 90 per cent of the corporate counsel surveyed said their companies had taken action to mitigate damage.
 
Bangkok firm plans to expand to Cambodia
A Bangkok law firm is expanding to Cambodia in the next two weeks according to the Phnom Penh Post. Tilleke & Gibbins aims to be operating in the country by next month to assist international clients wishing to register products there. Cambodia has recently adopted the Madrid Protocol opening up opportunities in IP practice but foreign law firms are not welcomed by the local bar association. Tilleke says it will respect the work of the local law firms and work with them where clients’ requirements make that appropriate.
 
Gibson Dunn gets sporty with new practice
International law firm Gibson Dunn & Crutcher has announced the formation of a new sports law practice group. Lawyers in the group represent a broad range of clients, including teams, individual athletes, sports facilities, athletic associations, financial institutions, television networks, sponsors and municipalities, in a broad range of sports law matters, relating to professional and amateur sports.
 
Obama lawyers call for reversal of ban on bulk surveillance
Bulk surveillance by US security services should not be illegal. Lawyers for President Obama’s administration have filed a request with the Foreign Intelligence Surveillance Court, which sits in secret, asking it to overrule a federal court decision outlawing the collection of millions of Americans’ phone records. The Guardian says that a group called FreedomWorks has filed papers with the court calling the bulk collection a breach of the fourth amendment prohibition of unreasonable searches and seizures.
 

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