- At Kemp Little, we are known for our ability to serve the very particular needs of a large but diverse technology client base. Our hands-on industry know-how makes us a good fit with many of the world's biggest technology and digital media businesses, yet means we are equally relevant to companies with a technology bias, in sectors such as professional services, financial services, retail, travel and healthcare.
- Kemp Little specialises in the technology and digital media sectors and provides a range of legal services that are crucial to fast-moving, innovative businesses.Our blend of sector awareness, technical excellence and responsiveness, means we are regularly ranked as a leading firm by directories such as Legal 500, Chambers and PLC Which Lawyer. Our practice areas cover a wide range of legal issues and advice.
- Our Commercial Technology team has established itself as one of the strongest in the UK. We are ranked in Legal 500, Chambers & Partners and PLC Which Lawyer, with four of our partners recommended.
- Our team provides practical and commercial advice founded on years of experience and technical know-how to technology and digital media companies that need to be alert to the rules and regulations of competition law.
- Our Corporate Practice has a reputation for delivering sound legal advice, backed up with extensive industry experience and credentials, to get the best results from technology and digital media transactions.
- In the fast-changing world of employment law our clients need practical, commercial and cost-effective advice. They get this from our team of employment law professionals.
- Our team of leading IP advisors deliver cost-effective, strategic and commercial advice to ensure that your IP assets are protected and leveraged to add real value to your business.
- Our litigation practice advises on all aspects of dispute resolution, with a particular focus on ownership, exploitation and infringement of intellectual property rights and commercial disputes in the technology sector.
- We have an industry-leading reputation for our outsourcing expertise. Our professionals deliver credible legal advice to providers and acquirers of IT and business process outsourcing (BPO) services.
- We work alongside companies, many with disruptive technologies, that seek funding, as well as with the venture capital firms, institutional investors and corporate ventures that want to invest in exciting business opportunities.
- Our regulatory specialists work alongside Kemp Littles corporate and commercial professionals to help meet their compliance obligations.
- With a service that is commercial and responsive to our clients needs, you will find our tax advice easy to understand, cost-effective and geared towards maximising your tax benefits.
- At Kemp Little, we advise clients in diverse sectors where technology is fundamental to the ongoing success of their businesses.They include companies that provide technology as a service and businesses where the use of technology is key to their business model, enabling them to bring their product or service to market.
- We bring our commercial understanding of digital business models, our legal expertise and our reputation for delivering high quality, cost-effective services to this dynamic sector.
- Acting for market leaders and market changers within the media industry, we combine in-depth knowledge of the structural technology that underpins content delivery and the impact of digitisation on the rights of producers and consumers.
- We understand the risks facing this sector and work with our clients to conquer those challenges. Testimony to our success is the continued growth in our team of professionals and the clients we serve.
- We advise at the forefront of the technological intersection between life sciences and healthcare. We advise leading technology and data analytics providers, healthcare institutions as well as manufacturers of medical devices, pharmaceuticals and biotechnological products.
- For clients operating in the online sector, our teams are structured to meet their commercial, financing, M&A, competition and regulatory, employment and intellectual property legal needs.
- Our focus on technology makes us especially well positioned to give advice on the legal aspects of digital marketing. We advise on high-profile, multi-channel, cross-border cases and on highly complex campaigns.
- The mobile and telecoms sector is fast changing and hugely dependent on technology advances. We help mobile and wireless and fixed telecoms clients to tackle the legal challenges that this evolving sector presents.
- Whether ERP, Linux or Windows; software or infrastructure as a service in the cloud, in a virtualised environment, or as a mobile or service-oriented architecture, we have the experience to resolve legal issues across the spectrum of commercial computer platforms.
- Our clients trust us to apply our solutions and know-how to help them make the best use of technology in structuring deals, mitigating key risks to their businesses and in achieving their commercial objectives.
- We have extensive experience of advising customers and suppliers in the retail sector on technology development, licensing and supply projects, and in advising on all aspects of procurement and online operations.
- Our years of working alongside diverse software clients have given us an in-depth understanding of the dynamics of the software marketplace, market practice and alternative negotiating strategies.
- Working with direct providers of travel services, including aggregators, facilitators and suppliers of transport and technology, our team has developed a unique specialist knowledge of the sector
- Your life as an entrepreneur is full of daily challenges as you seek to grow your business. One of the key strengths of our firm is that we understand these challenges.
- Kemp Little is trusted by some of the worlds leading luxury brands and some of the most innovative e-commerce retailers changing the face of the industry.
- HR Bytes is an exclusive, comprehensive, online service that will provide you with a wide range of practical, insightful and current employment law information. HR Bytes members get priority booking for events, key insight and a range of employment materials for free.
- FlightDeck is our portal designed especially with start-up and emerging technology businesses in mind to help you get your business up and running in the right way. We provide a free pack of all the things no-one tells you and things they dont give away to get you started.
Impact of technology on the financial sector
The massive changes currently taking place present challenges, as well as opportunities, for FS businesses and now, more than ever, the right legal support can make all the difference.
Nowadays financial services businesses really need a law firm that truly understands the interrelationship between technology, regulation and the FS, and can provide integrated expertise in all these areas.
Technology’s impact on business models
Technology is revolutionising the way that the financial industry operates. Rapidly accelerating technological advances are creating entirely new business propositions, such as crowd-funding, peer-to-peer lending, digital currencies, mobile banking, online investment and new payment systems
Technology has created a massive increase in the availability and use of data and social media, shaping customer expectations and the ability of financial institutions to use consumer data to price, target and market their products and services.
FS businesses are adopting new technologies to compete. Client demand for online access is causing a shift towards more direct and immediate interaction with financial products and services. Technological changes increasingly allow consumers to manage their own savings and investments and firms need to demonstrate how they add value.
However, in its Risk Outlook 2014, the FCAacknowledges a risk that consumers will make “impulsive or ill-informed decisions due to more direct, more frequent and faster interaction with financial services”. Lawyers need to help firms navigate between serving client demand and mitigating risk.
Regulatory drivers for innovation
Regulators need to grapple with how to respond to the impact of technological advances on the financial sector. For the moment, at least, the UK FCA is embracing the technology revolution. Martin Wheatley, the FCA’s Chief Executive, has announced that the FCA is considering “sweeping change” with a major consultation into how the FCA can encourage innovation in the financial services market. This will look at whether it does enough to promote competition and create room for new entrants into the market, particularly those with novel business models, and whether FCA regulation serves the needs of innovative businesses.
The FCA is also consulting on some “big ticket, advice-related” changes. It raises the possibility for new online business models where the firm might not have to comply with full regulatory safeguards.
This could have major implications all round and is an area where lawyers need to keep a close eye on developments.
Technology’s impact on regulatory compliance
Firms are increasingly relying on technology in adapting to regulatory reforms. The bar is much higher than it was and demonstrating regulatory compliance is challenging.
This trend is increasingly pronounced as firms across the globe work out how to meet the challenges of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the US and the European Market Infrastructure Regulation (EMIR), which focus on the trading of derivatives and the clearing of trades, and incoming MIFIR/MIFID II reforms of the framework for the investment sector in the EU. Businesses, with the assistance of their lawyers, already need to plan how best to comply with, and capitalise on, the changes ahead of the finalisation of the EU implementing legislation.
The timelines for regulatory reforms frequently mean that firms are being required to commit significant resources to implement changes speedily while navigating potential uncertainty around the requirements and determining what the requirements actually are in practice.
Also, firms’ compliance needs to run through their businesses in an integrated manner, so that all aspects from IT and operations through senior management to front office and marketing and outsourced functions communicate with each other and understand what is required of them.
While some existing businesses and new challengers are already well along the path to executing business plans that capitalise on technological advances and current and incoming regulatory changes, others are grappling with how best to position themselves and allocate resources in the most efficient way. This is an area where lawyers offering combined technology and regulatory foresight can really help.
Risks as well as benefits
Although technology undoubtedly brings benefits, high-profile technical failures in the financial sector in recent years are alarming, with adverse implications on market integrity, consumer outcomes and firms’ reputations.
The FCA is concerned that technological advances increase firms’ dependence on underlying systems, resulting in exposure to the disruption in ways that can prove costly. Lawyers need to help firms implement effective oversight and controls for increasingly complex systems. The controls themselves need to be constantly reviewed to ensure they keep up with changing technology and regulatory requirements such as EMIR and MIFIR/MiFID II to ensure issues are minimal and can be resolved quickly.
Another major issue is that despite the publicity which cybersecurity has garnered, the risk has still not been countered effectively. Most institutions are vulnerable and do not have effective controls and frameworks in place to mitigate these risks. The rise of cybercrime requires firms to invest significantly to improve controls. The adequacy of businesses’ cybercrime prevention measures are firmly within the sights of regulators.
Another area of regulatory focus is the increasing interconnectedness of regulated and non-regulated activities (for example, firms outside the regulatory perimeter providing technological solutions or platforms for services that are regulated).
The FCA, in its Risk Outlook 2014, has identified technological developments as a key risk to its objectives. Meanwhile, at EU level, the Joint Committee of the European Supervisory Authorities has identified IT-related operational risks as key risks to the stability of the European financial system in its report published on 2 April.
The key message for firms is that the impact of technology on the financial sector is increasingly a central focus for regulators. The FCA expects firms to look at their business models, strategies and structure to ensure they can identify and manage the root causes of technological risk. It will make judgements about senior management and firms and intervene, including by taking enforcement action, where appropriate.
Lawyers offering integrated technology and financial regulatory expertise will be those best-placed to help businesses minimise exposure to potential regulatory, financial and reputational issues while capitalising on the benefits that technology brings.
If you would like to discuss some of the points raised in this article, please do not hesitate to contact Paul Hinton - Head of Financial Regulatory