Law firms hire experts from other disciplines to advise clients on risk and compliance
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Law firms are hiring professionals, such as behavioral scientists, data experts, journalists and police officers, to help advise clients on risk and compliance.
The Wall Street Journal has the story.
“Lawyers and law firms are becoming more open to bringing in people from other disciplines,” said Stephen Reynolds, a partner at Baker McKenzie, who has a background in software development.
The Wall Street Journal listed these examples:
• Ropes & Gray helps clients craft compliance training through a behavioral science consulting practice called the R&G Insights Lab. According to the article, the team includes a social psychologist to help measure whether compliance efforts work and a journalist to help with storytelling. Zachary Coseglia, a lawyer at Ropes & Gray, who helped found the lab, told the Wall Street Journal that it sought to hire people “who are naturally creative and have a disruptive sensibility.”
• Dentons has hired journalists, law enforcement officers and intelligence personnel to help create a risk report for its clients. The law firm also created Dentons Global Advisors, which advises clients on geopolitical risk and crisis management. And the firm also has a stake in a regulatory compliance software company called Libryo Ltd.
• DLA Piper developed a litigation analyzer, thanks to a lawyer who obtained an advanced degree in data science. The tool analyzes data sets of litigation history to predict litigation outcomes. Currently, it’s being used to help a mass tort defendant.
Hat tip to Bloomberg Law, which noted the story.