The Law Society Council on Wednesday voted on plans to improve conflict of interest and confidentiality rules for the UK's lawyers, following almost four years of consultation on the matter.
According to a report from The Lawyer.com, published ahead of yesterday's vote, the attention of the Council has been directed to the recent high profile conflict of interest case in the United Kingdom related to Philip Green's takeover bid for Marks and Spencer.
"With the new rules in place, Freshfields would not have been able to act for Philip Green without the consent of Marks and Spencer," the proposals studied by the Council pointed out.
According to The Lawyer.com, the rules upon which the Law Society panel voted lay down a narrower definition of a conflict of interest than the current guidelines, and increase the separation between matters of conflict, matters of confidentiality, and situations in which there is a duty to disclose confidential information.
Under the new rules, nformation barriers (known as Chinese Walls) would be permitted at law firms operating on behalf of two clients with the same goal only if the clients had given express and informed consent.
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