November 29, 2016
Protect Your Firm Against Personal Legal Action With LexisNexis
According to a global report issued by Allianz Global Corporate & Specialty (AGCS), new risks put corporate leaders at higher risk of experiencing investigations, fines, or persecution over alleged wrongdoings. D&O Insurance Insights: Management Liability Today found that there’s a “growing trend toward seeking punitive and personal legal action against executives for failure to follow regulations and standard, which could result in costly investigations, criminal prosecutions or civil litigation.”
AGCS stated that these new risks include cyber incidents, data privacy, rising regulator and shareholder activism, and the influence of third-party litigation funders. One of the main findings from the report was that the top cause of Directors and Officers’ (D&O) loss is non-compliance with laws and regulations. The average claim for breach of trust and care came to more than US$1 million, globally. However, D&O claims can be valued much higher, as in the hundred of millions of dollars higher, when the time it takes to resolve claims is taken into account.
For Canada, the report states that “regulatory aggression continues to feature heavily in the landscape for directors. The Ontario Securities Commission (OSC) is becoming more demanding in its investigations, as is the Alberta Securities Commission.”
With these new risks, it’s imperative that businesses have the resources they need to ensure they’re complying with the law. LexisNexis can help. With the Lexis Advance Quick Law program, LexisNexis can provide organizations with legal information and insight from commentary to legislation, case law, and tribunal decisions.
For legal firms in particular, LexisNexis also has legal management software call LexisNexis PCLaw that can help law firms get a full view of their practice. This program gives legal firms control over trust accounting, client management, case and matter management, and also provides resources to track billable hours, capture expenses, and manage billing and accounting. With PCLaw, you can keep your trust accounts compliant, gain insight into your law firm’s finances, and reduce the time you spend on accounting.
Featured image source: University of Utah