The Law Society Council has confounded expectations in some quarters by announcing on Wednesday that law firms in the UK will no longer be permitted to act for clients with the same goal, even if information barriers are erected, and both clients have given their informed consent.
However, an exception to this rule is that firms will be allowed to act for more than one party in an auction situation, provided that the clients have consented.
The Council additionally voted to relax confidentiality rules, announcing that so-called 'Chinese Walls' will be considered sufficient protection to allow law firms to act on behalf of rival companies in separate and unrelated deals.
According to reports, the vote was carried by a large majority. The Master of the Rolls must now approve it before it can come into effect, which is expected to occur in the next few months.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment