RegulationCorporate GovernanceLaw firms pressed over financial transparency

Law firms pressed over financial transparency

Minister calls for law firms to improve disclosure and not 'cocoon themselves' from the world

Bridget
Prentice,
 
legal services minister, has said it is in
lawyers’ interests to become more open about the way they operate and backed
calls to improve transparency.

Prentice’s calls follow similar comments from Guy Beringer, senior partner of
Allen
& Overy,
 
who said that minimal financial details released by
many firms detached them from a world in which business had to show it was
acting officially.

In an interview with the
FT
Prentice, Beringer’s comments marked a postive contribution
to the debate on law firms’ role in public life.

‘I think it is not in lawyers’ interests to cocoon themselves outside as if
they are separate from the rest of society.

Further reading:

Read more about
Guy
Beringer

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