Large Law Firms, Sophisticated Clients, and the Regulation of Conflicts of Interest in England and Wales

This article examines the influence of the City law firms, operating through their representative body, the City of London Law Society, in shaping the professional rules governing conflicts of interest in England and Wales, including a recent failed attempt to allow firms to act for sophisticated cl...

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Bibliographic Details
Published in:Legal ethics (Oxford, England) England), 2011-12, Vol.14 (2), p.215-238
Main Author: Loughrey, Joan
Format: Article
Language:English
Subjects:
Business organization
Conflict
Economic relations
England
Interest
International law
Legal profession
United Kingdom
Wales
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Summary:This article examines the influence of the City law firms, operating through their representative body, the City of London Law Society, in shaping the professional rules governing conflicts of interest in England and Wales, including a recent failed attempt to allow firms to act for sophisticated clients on either side of the same transaction. It compares English developments with those in the US and Canada finding that, in all three, it is argued that conflicts rules should be relaxed to meet the needs of sophisticated clients and address the economic realities of legal practice. It argues however that in England the CLLS lobbied for change to promote the economic interests of large law firms whilst paying scant regard to the public interests in publicly owned companies having independent representation, in lawyers maintaining independence from powerful clients, in promoting competition, and in maintaining public confidence in the profession. It considers what this tells us about corporate lawyers? approach to their professional role. Finally it considers the future of conflicts regulation in large firms in England and Wales given the introduction of alternative business structures and the move to principles based, outcomes focussed, and entity regulation. Reprinted by permission of Hart Publishing
ISSN:1460-728X
1757-8450
DOI:10.5235/146072811798828567