It used to be that law firms were rather more comfortable doling out advice than receiving it, but in an increasingly complex and regulated environment, major law firms can no longer make do bluffing their way through. Given that corporate governance at law firms can often be much less virtuous than the example they preach to their clients, it takes a certain kind of tenacity for the growing band of advisers to the legal industry to influence their clients.
As Iain Miller, regulatory partner at law firm Kingsley Napley, puts it: the professionalisation of risk management over the last five to ten years has been ‘huge’, which has encouraged a fertile breeding ground for advisory firms offering services in the legal sector.
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