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Aon's Quality Assurance Review

Aon's Quality Assurance Review


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A quarterly newsletter that focuses on risk management and professional duty issues applicable to lawyers and their firms.

This issue of Aon's Quality Assurance Review examines three timely topics. The first is a thorough analysis of the roles of the Compliance Officer for Legal Practice ("COLP") and the Compliance Officer for Finance and Administration ("COFA"). Every law firm in England and Wales subject to the regulation of the Solicitors' Regulation Authority ("SRA") is obligated to appoint a COLP and a COFA. As detailed in the article, the duties of those holding the COLP and COFA designations are broad and the SRA's regulations are likely to require many firms to invest even more in their compliance programs and structures. The second article examines in detail the many serious cyber risks that law firms now face and possible insurance solutions. The third article examines demands by defense counsel for indemnification by plaintiff's counsel in the settlement of personal injury litigation. The demanded indemnification would protect a funding defendant and its insurer from later claims by a health care provider or other subrogated party for additional payments after the defendant has paid the full agreed-upon settlement amount. The article examines the potential pitfalls for both defense counsel who make indemnification demands and plaintiffs' lawyers who acquiesce in them.

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Aon's Quality Assurance Review

 


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