Faced with new regulations, tight deadlines and a mission to reduce outside counsel spend, the in-house legal team of a leading financial services giant needed a solution to efficiently and effectively advise the company’s attorneys and sales team on issues involving workplace gifts, securities reporting and anti-money laundering and bribery provisions contained in the Foreign Corrupt Practices Act (FCPA).
After consulting with the client on priorities, two Counsel On Call attorneys were chosen for their expertise and familiarity with in-house departments and the various issues they face.
The first attorney is a past branch chief with the U.S. Securities and Exchange Commission (SEC) and vice president/senior counsel of a global financial services corporation who has more than 20 years of experience. The second lawyer is a former senior in-house counsel for a financial services company, as well as a former associate with a big law firm. Each has deep expertise in FCPA, FINRA, SEC filings, securities, corporate, and Sarbanes-Oxley compliance, as well as in managing regulatory and employee trading investigations.
The small Counsel On Call team provides much needed bandwidth for the client and works closely with members of the company’s legal and compliance teams, as well as with outside counsel, on an ongoing basis to ensure compliance.
The cost savings generated by this model are approximately 75% compared to utilizing traditional outside counsel.