LexisNexis awarded ABS licence to launch compliance service


Armstrong: compliance will be our heart and soul

LexisNexis UK has been licensed by the Solicitors Regulation Authority as an alternative business structure (ABS) to launch a compliance business combining content, technology and advisory services.

Cordery Compliance Ltd – though named after the leading textbook on the law and practice relating to solicitors – is targeted at compliance professionals and general counsel across all industries, not just the law.

Jonathan Armstrong, a partner in the London office of US law firm Duane Morris specialising in compliance and technology law, has been hired to lead the business and the team of advisers.

Andy Sparks, head of enterprise solutions at LexisNexis UK and a Cordery director, described compliance as a “big and growing market”, and that Cordery’s offering would stand out against the other information providers, technology companies, lawyers and accountants that sought to service it.

Having ABS status provided “a badge, quality assurance, confidentiality and particularly privilege”, he explained.

Mr Armstrong added: “For the past 20 years, I have advised heads of legal, general counsel and compliance professionals in dealing with the challenges of navigating ever more complex regulatory requirements. For in-house lawyers particularly, dealing with compliance is often a lonely experience. Compliance will be our heart and soul and we will help our clients effectively manage the compliance burden.”

Christian Fleck, managing director for LexisNexis UK & Ireland, said: “Legal and regulatory information has been our lifeblood for nearly 200 years. Driven by the ever increasing regulatory burden, we have had great success with practical compliance solutions in the last couple of years. With Cordery, we are taking the next step and we are looking forward to providing a wider solution to compliance professionals across industries.”

The move by one of the world’s leading legal information providers to set up an ABS is likely to cause some waves. In 2010, Professor Richard Susskind predicted that law firms could find themselves competing with legal publishers, some which he described as the biggest legal businesses in the world. Shortly afterwards, ThomsonReuters bought legal process outsourcer Pangea3.

Tags:




Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


Wills are changing but do your financial partners know?

The Law Commission reforms to wills make this an excellent time to reflect, not only on how they will affect your own clients and processes but also those of your financial planner partners.


GEO – the impact of AI on digital marketing for law firms

GEO represents the biggest change in online business generation that I can remember. You cannot afford to stick with the same old engine optimisation techniques.


What the law can learn from fintech’s onboarding revolution

Client onboarding has always been slow. It’s not just about the paperwork and manual workflows; it’s also about those long AML checks and verifications.


Loading animation