The recent fallout from the “Panama Papers” data leaks have not only thrown the use of offshore tax havens and fiscal transparency back into the spotlight, but also highlighted the threat of data security breaches and associated compliance risks to corporates, including law firms in particular. We have brought together an overview of the main legal issues arising from these leaks, commenting on the risks and implications for: money laundering, asset tracing, circumvention of sanctions, data protection, corporate reputation, professional indemnity and cyber security risks and funds, private equity structuring and tax.
Professional Indemnity cover and Cyber security risks
Law firms and other professional service providers face two major risks in relation to cybercrime which may not be covered by professional indemnity coverage: breach of client confidentiality and structural/financial impact upon a law firm itself.
Unauthorised “leakage” of confidential information by employees, commercial espionage, “phishing” attacks, the use of “malware” and hacking are all risks facing law firms given the nature of confidential information they hold. Where these result in civil claims against the firm by clients or other third parties to whom the firm owes a duty of care and/or prompt an investigation or inquiry, there may be cover under the firm’s professional indemnity cover, subject to its terms and conditions (which commonly exclude cover for fines or penalties).
Firms may also face threats to their own ability to carry out their professional business, for example, due to attacks on their own websites or servers or on those of external providers. As well as some third party losses, first party losses - such as breach response, PR expenses, forensic investigations, business interruption, denial of service, extortion threats, breach of employee confidentiality, and fines and penalties - caused to a law firm may not be covered by its professional indemnity insurance.
Where news of a breach of confidentiality breaks, a firm is in a situation which has legal, regulatory, technical and public relations dimensions and it is vital that a firm (a) plans for this contingency and (b) identifies in advance a specialist internal or, if necessary, external team that can assist. Many cyber insurers provide access to such support as an ingredient of the coverage.
Read full article: http://www.lexology.com
Monday, April 25, 2016
Monday, April 11, 2016
April 18th - Mike Shea will be running in the 120th Boston Marathon Race
Press Release:
Mike Shea of the Shea Barclay Group in Tampa, Florida will be running in the 120th Boston Marathon Race.
DISTANCE: 26 MILES, 385 YARDS (42.195 KILOMETERS)
The Boston Marathon is the world's oldest annual marathon and ranks as one of the world's most prestigious road racing events. The Boston Athletic Association manages this American classic, which is sponsored by John Hancock Financial Services. The Boston Marathon has distinguished itself as the pinnacle event within the sport of road racing by virtue of its traditions, longevity and method of gaining entry into the race (via qualification).
For more information on the Boston Marathon, click here.
Mike Shea of the Shea Barclay Group in Tampa, Florida will be running in the 120th Boston Marathon Race.
DISTANCE: 26 MILES, 385 YARDS (42.195 KILOMETERS)
The Boston Marathon is the world's oldest annual marathon and ranks as one of the world's most prestigious road racing events. The Boston Athletic Association manages this American classic, which is sponsored by John Hancock Financial Services. The Boston Marathon has distinguished itself as the pinnacle event within the sport of road racing by virtue of its traditions, longevity and method of gaining entry into the race (via qualification).
For more information on the Boston Marathon, click here.
Saturday, April 9, 2016
29th Annual Tampa Bay Business Hall of Fame Dinner.
Shea Barclay Group had the privilege and honor of hosting a table at last night's 29th Annual Tampa Bay Business Hall of Fame Dinner.
This year's class of inductees included Harris Mullen, Grandfather of Shea Barclay Group's President Mike Shea. Harris was a long time Tampa resident, founder of Florida Trend Magazine, and a true pioneer of the revitalization of Ybor City. He cared deeply about Tampa and made a huge impact on this great community.
"Harris was an incredible man and I had the privilege of being very close to him well into my adult life. I truly admired him and strive to continue the fine legacy he paved here in Tampa." Says Shea "Of all his accomplishments, he always remained humble and had a great sense of humor.
It so special to me and my family for him to be recognized amongst this great group of people, many of which he knew very well. I know he would be truly honored.
For more about: The 29th annual Tampa Bay Business Hall of Fame, click here.
This year's class of inductees included Harris Mullen, Grandfather of Shea Barclay Group's President Mike Shea. Harris was a long time Tampa resident, founder of Florida Trend Magazine, and a true pioneer of the revitalization of Ybor City. He cared deeply about Tampa and made a huge impact on this great community.
"Harris was an incredible man and I had the privilege of being very close to him well into my adult life. I truly admired him and strive to continue the fine legacy he paved here in Tampa." Says Shea "Of all his accomplishments, he always remained humble and had a great sense of humor.
It so special to me and my family for him to be recognized amongst this great group of people, many of which he knew very well. I know he would be truly honored.
For more about: The 29th annual Tampa Bay Business Hall of Fame, click here.
Thursday, March 31, 2016
Amid Hacking Threats, Law Firms Turn to Cyber Insurance
With news of crippling cyberattacks against big companies making regular headlines, more and more law firms are buying cyber insurance to cover the cost of a data breach.
According to insurance brokerage Aon, more than 60 out of the 250 medium and large law firms that it services have purchased cyber insurance within the last two years. Marsh said that close to 40 percent of its roughly 100 large law firm clients have purchased the insurance, up from 20 percent two years ago.
Insurance professionals say the uptick is driven by an increased awareness of the threat of a data breach or hack, as well as a realization that existing law firm insurance policies don’t cover all the costs that could result from such an attack.
“A lot of firms were under the impression that professional liability would pick up almost anything. This is not the case,” said Tom Ricketts, a senior vice president and executive director at Aon. “This has been one of the major debates that we’ve had with law firms over the last two years.” The policies that law firms typically carry, such as lawyers’ professional liability insurance, general liability insurance and property insurance, do not always provide coverage when employee rather than client data is compromised, or when the firm must hire a forensic team to determine what data was lost and how. They also most likely won’t cover the cost of notifying regulators or engaging a public relations firm. Cybersecurity insurance policies are designed to cover those costs. This type of policy has been around since the late 1990s, but previously it was mostly purchased by banks and retail companies.
“For law firms, that awareness of it has hit a tipping point,” said Greg Vernaci, a senior vice president and head of cyber at AIG. “That’s why they’re buying more and more of this.”
Without getting into specifics, Vernaci said the rate at which law firms are buying cyber policies goes up every year. Daniel Garrie, co-head of the cybersecurity practice at Zeichner Ellman & Krause, identified another factor that is pushing firms to buy cyber insurance. “Their clients are compelling the action,” Garrie said. “They’re requiring the law firms to have cyber insurance as a matter of business.”
Insurance professionals said that cyber policies are complicated and vary dramatically as insurers seek to differentiate themselves from their competition. They also change regularly as the threats evolve.
“2016 is the year of ransomware and cyberextortion,” Vernaci said, referring to a hack in which cybercriminals freeze a company’s online systems and demand payment to unfreeze them. In a recent example, the Los Angeles County Department of Health Services lost control of its computers in a ransomware attack, the Los Angeles Times reported. The county did not pay the ransom demanded.
Vernaci said he has seen a large law firm subject to this type of attack recently, though he declined to name the firm. He emphasized that many industries are being targeted, not just law firms or health care providers.
Just as policies vary dramatically, so do their prices, Ricketts said. But he offered what he called “a very, very loose rule of thumb”: A policy should cost $10,000 to $15,000 for each $1 million of limit. In other worlds, a firm can expect to pay between $20,000 and $30,000 per year for a cyber policy that will cover up to $2 million in expenses.
Read full article
According to insurance brokerage Aon, more than 60 out of the 250 medium and large law firms that it services have purchased cyber insurance within the last two years. Marsh said that close to 40 percent of its roughly 100 large law firm clients have purchased the insurance, up from 20 percent two years ago.
Insurance professionals say the uptick is driven by an increased awareness of the threat of a data breach or hack, as well as a realization that existing law firm insurance policies don’t cover all the costs that could result from such an attack.
“A lot of firms were under the impression that professional liability would pick up almost anything. This is not the case,” said Tom Ricketts, a senior vice president and executive director at Aon. “This has been one of the major debates that we’ve had with law firms over the last two years.” The policies that law firms typically carry, such as lawyers’ professional liability insurance, general liability insurance and property insurance, do not always provide coverage when employee rather than client data is compromised, or when the firm must hire a forensic team to determine what data was lost and how. They also most likely won’t cover the cost of notifying regulators or engaging a public relations firm. Cybersecurity insurance policies are designed to cover those costs. This type of policy has been around since the late 1990s, but previously it was mostly purchased by banks and retail companies.
“For law firms, that awareness of it has hit a tipping point,” said Greg Vernaci, a senior vice president and head of cyber at AIG. “That’s why they’re buying more and more of this.”
Without getting into specifics, Vernaci said the rate at which law firms are buying cyber policies goes up every year. Daniel Garrie, co-head of the cybersecurity practice at Zeichner Ellman & Krause, identified another factor that is pushing firms to buy cyber insurance. “Their clients are compelling the action,” Garrie said. “They’re requiring the law firms to have cyber insurance as a matter of business.”
Insurance professionals said that cyber policies are complicated and vary dramatically as insurers seek to differentiate themselves from their competition. They also change regularly as the threats evolve.
“2016 is the year of ransomware and cyberextortion,” Vernaci said, referring to a hack in which cybercriminals freeze a company’s online systems and demand payment to unfreeze them. In a recent example, the Los Angeles County Department of Health Services lost control of its computers in a ransomware attack, the Los Angeles Times reported. The county did not pay the ransom demanded.
Vernaci said he has seen a large law firm subject to this type of attack recently, though he declined to name the firm. He emphasized that many industries are being targeted, not just law firms or health care providers.
Just as policies vary dramatically, so do their prices, Ricketts said. But he offered what he called “a very, very loose rule of thumb”: A policy should cost $10,000 to $15,000 for each $1 million of limit. In other worlds, a firm can expect to pay between $20,000 and $30,000 per year for a cyber policy that will cover up to $2 million in expenses.
Read full article
Monday, March 14, 2016
How should an attorney should handle a mistake.
Although there are steps that attorneys can take to reduce the likelihood of making an error, mistakes still happen in the course of an attorney-client relationship.
Involve the legal malpractice insurance company.
Many attorneys believe that it is better to wait for the claim (typically defined as a "written demand for money or damages") or a lawsuit before involving their legal malpractice insurer. In reality, the risks of waiting far exceed any perceived advantages.
Yes, most legal malpractice policies are "claims made" or "claims made and reported" policies. This means that the policy covers claims against lawyers that are made (and if required, reported to the insurance company) during the policy period. The important date is when the claim is made. This is the latest time when a claim must be reported to the insurance company.
On the other hand, most policies also permit a potential claim to be reported as soon as the lawyer learns about any basis upon which a claim could be made, including a simple mistake. In legal malpractice nomenclature, such a report is called a "notice of a circumstance." By giving notice of a circumstance, a lawyer assures coverage in the event a subsequent claim results, regardless of when the claim is finally made or the lawsuit is filed.
Also, by giving the notice of circumstance, attorneys can avoid some tricky issues in the renewal process for their malpractice insurance. Many applications ask if any attorney applying for insurance is aware of a circumstance that might give rise to a claim. Attorneys who have not already reported the circumstance then face the obligation to do so in response the question. The failure to report a potential claim in an application for coverage or renewal can put coverage for the entire firm at risk.
Once the malpractice insurer is involved, the better approach is to provide the client with the contact information for the professional liability insurance carrier. Basically, get out of the middle.
Involve the legal malpractice insurance company.
Many attorneys believe that it is better to wait for the claim (typically defined as a "written demand for money or damages") or a lawsuit before involving their legal malpractice insurer. In reality, the risks of waiting far exceed any perceived advantages.
Yes, most legal malpractice policies are "claims made" or "claims made and reported" policies. This means that the policy covers claims against lawyers that are made (and if required, reported to the insurance company) during the policy period. The important date is when the claim is made. This is the latest time when a claim must be reported to the insurance company.
On the other hand, most policies also permit a potential claim to be reported as soon as the lawyer learns about any basis upon which a claim could be made, including a simple mistake. In legal malpractice nomenclature, such a report is called a "notice of a circumstance." By giving notice of a circumstance, a lawyer assures coverage in the event a subsequent claim results, regardless of when the claim is finally made or the lawsuit is filed.
Also, by giving the notice of circumstance, attorneys can avoid some tricky issues in the renewal process for their malpractice insurance. Many applications ask if any attorney applying for insurance is aware of a circumstance that might give rise to a claim. Attorneys who have not already reported the circumstance then face the obligation to do so in response the question. The failure to report a potential claim in an application for coverage or renewal can put coverage for the entire firm at risk.
Once the malpractice insurer is involved, the better approach is to provide the client with the contact information for the professional liability insurance carrier. Basically, get out of the middle.
Friday, February 26, 2016
Shea Barclay Group Proudly Sponsoring Gasparilla Music Festival March 12-13, 2016
FEEL GOOD MUSIC
Gasparilla Music Festival 2016
Erykah Badu, Stephen "Ragga" Marley, Greensky Bluegrass, Ms Mr, Houndmouth, Charles Bradley and His Extraordinaires, Talib Kweli, Savoy, Antibalas, Carlos Varela, Blitzen Trapper, Kermit Ruffins & The Barbecue Swingers, David Wax Museum, Andrew & Polly, The Whiskey Gentry, Sweet Crude, Gumbi Ortiz & New Groove City!, The New Breed Brass Band, Damon Fowler, Fruition, Gwan Massive, Resinated, DieAlps!, Serotonic, The Woolly Bushmen, Poetry n' Lotion, Ries Brothers, Samuri Shotgun, Jackson Davis & The Jackettes, Gritt, Mr Tommy, Mt Zion Gospel Choir, Lucero, The New Deal
Make plans to attend free kickoff and after parties at the Seminole Hard Rock Hotel & Casino and Channelside Bay Plaza, respectively. Don't forget to tell your friends to grab their advance tickets before they sell out.
Saturday Mar 12, 2016 – Sunday Mar 13, 2016
Doors: 10:00 AM
Show: 11:00 AM
All Ages
$20 - $150
Tickets for the festival are priced as follows:
2 Day General Admission - $60
Saturday General Admission - $40
Sunday General Admission - $30
Sunday Latin Stage ONLY - $20
2 Day VIP - $150
Saturday VIP - $100
Sunday VIP - $75
Gasparilla Music Festival 2016
Erykah Badu, Stephen "Ragga" Marley, Greensky Bluegrass, Ms Mr, Houndmouth, Charles Bradley and His Extraordinaires, Talib Kweli, Savoy, Antibalas, Carlos Varela, Blitzen Trapper, Kermit Ruffins & The Barbecue Swingers, David Wax Museum, Andrew & Polly, The Whiskey Gentry, Sweet Crude, Gumbi Ortiz & New Groove City!, The New Breed Brass Band, Damon Fowler, Fruition, Gwan Massive, Resinated, DieAlps!, Serotonic, The Woolly Bushmen, Poetry n' Lotion, Ries Brothers, Samuri Shotgun, Jackson Davis & The Jackettes, Gritt, Mr Tommy, Mt Zion Gospel Choir, Lucero, The New Deal
Make plans to attend free kickoff and after parties at the Seminole Hard Rock Hotel & Casino and Channelside Bay Plaza, respectively. Don't forget to tell your friends to grab their advance tickets before they sell out.
Saturday Mar 12, 2016 – Sunday Mar 13, 2016
Doors: 10:00 AM
Show: 11:00 AM
All Ages
$20 - $150
Tickets for the festival are priced as follows:
2 Day General Admission - $60
Saturday General Admission - $40
Sunday General Admission - $30
Sunday Latin Stage ONLY - $20
2 Day VIP - $150
Saturday VIP - $100
Sunday VIP - $75
Monday, February 22, 2016
Michael Shea - Publix Gasparilla Distance Classic
Michael Shea completed the Publix Gasparilla Distance Classic Marathon this weekend. He finished 4th overall out of 344 finishers. While being a bit sore, he competed and completed the 15K, 5K and 1/2 Marathon.
Stats:
15K-58:55- 52nd Overall
5K-19:45-81st Overall
½ Marathon-1:26:56-64th Overall
Michelob Ultra Amber Challenge-4th Overall (3rd Place Male)
To see more about the Publix Gasparilla Distance Classic, click here.
For more details on the Race results, click here.
Stats:
15K-58:55- 52nd Overall
5K-19:45-81st Overall
½ Marathon-1:26:56-64th Overall
Michelob Ultra Amber Challenge-4th Overall (3rd Place Male)
To see more about the Publix Gasparilla Distance Classic, click here.
For more details on the Race results, click here.
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