Our market-leading Financial Institutions ("FI") and
Directors and Officers ("D&O) insurance team advises insurers
and reinsurers on some of the largest losses of this type in the
insurance market.
We act on insurance claims of all sizes arising from activities all
over the world, and are experienced in handling complex coverage
litigation, arbitration and mediation, monitoring claims for insurers
globally, providing strategic input and controlling leakage on large programmes.
We often draft FI and D&O policy wordings, and provide practical
advice on risk management and corporate governance issues.
By way of example, we act for insurers and reinsurers on disputes
concerning complex investment products, hedging transactions and
portfolio management, multimillion pound/dollar mis-selling claims and
class actions, regulatory investigations and prosecutions. The matters
we deal with are not confined to third party / PI losses, but also
encompass first party / crime and fidelity losses. Our team also
advises on claims made under Warranty and Indemnity
("W&I") and other transactional insurance policies
(which is a growing area), as well as under pension trustee liability
("PTL") insurance policies. We have experience acting in
relation to claims emanating from all forms of financial services
firms, for example, institutional and retail banks, building
societies, insurance companies, pension funds, investment funds and
investment managers, financial advisers, pension trustees, hedge
funds, private equity firms and stock exchanges.
We also advise on a wide range of coverage issues in relation to
D&O claims and exposures not just in the financial services
context but against D&Os of all commercial enterprises (and
sometimes also charities and not-for-profits).
In short, the work undertaken by the team is varied, interesting,
challenging and often high-profile (historic work have involved
matters such as the collapse of Worldcom and Enron, Madoff and the
subprime credit crisis).
There are six partners in the FI and D&O team in London; James
Cooper, Mark Sutton, Mandip Sagoo, Laura Cooke, Stuart Maleno and
Karen Boto. In addition, we have 4 legal directors and 18 senior
associates/associates and junior associates. We work collegiately,
with all fee-earners having the opportunity to work with any of the partners.
As many of our cases involve international elements, language skills
are always valued in our team. For example, we have in recent years
developed particular work streams which have demanded German, Spanish
and Portuguese language skills. Having said this, we have had or have
on foot at present cases where the underlying matter is linked to a
variety of jurisdictions, for example, US, Australia, South Africa,
Israel, Malta, Monaco, Norway, Poland, Switzerland, Slovenia, Bahrain
and Saudi Arabia to name but a few.
We have a significant number of lawyers in our international offices
undertaking FI and D&O insurance claims work and, so, we have a
high degree of interaction with our foreign colleagues both in terms
of claims and business development and marketing work. Indeed, given
the international nature of many financial services firms, our global
reach makes us an attractive proposition for insurers this type of
instruction. Where Clydes does not have an on the ground presence in a
particular jurisdiction, we work with local counsel to advise our
clients. The practice is truly an international one.
Each year, the team hosts a full day conference for the London FI and
D&O insurance market which involves speakers from around our
international network of offices together with market representatives.
This event is now seen as one of (if not the) leading event for the FI
and D&O market.
We receive a significant amount of secondment requests from our
insurer clients, with a number of our team having spent time on
secondment at least once.
While the work of the team is predominantly focused on FI and D&O
insurance coverage advice, monitoring and disputes, we do also
undertake defence work (often insurance backed, but not always) in
respect of UK financial service firms and also directors and officers.
Examples include:
Representing an IFA in respect of an FCA section 166 skilled
persons review and subsequent large-scale past business review,
customer contact and remediation project relating to unsuitable
pension transfer advice;
Representing a SIPP trustee company in respect of a string of
complaints before the Financial Ombudsman Service and the Pension
Ombudsman Service regarding alleged failure to conduct due diligence
on unauthorised introducers and underlying investments;
Representing a company and its directors in respect of a claim by
shareholders brought under s90 of the Financial Services and Markets
Act 2000.
representing a director in respect of a derivative claim brought
under s261 of the Companies Act 2006 by a company against its former CEO;
Representing a director in respect of insolvency enquiries which
are expected to lead to claims against the director under the
Insolvency Act 1986.
In addition to defence work, we regularly advise insurers and
reinsurers for whom we act in coverage disputes on underlying
liability issues. As such, liability and dispute resolution skills and
experience are valued as well as coverage skills.
Essential Skills & Experience
We are particularly looking to add to our team at the Senior
Associate or Associate level. The successful candidate will,
therefore, have a minimum of 4+years PQE and will display excellent
legal ability and initiative, strong coverage technical skills as well
as confidence in managing and prioritising a full and varied caseload.
They will be a strong communicator with good attention to detail.
Ideally candidates will have FI and D&O insurance coverage and
liability experience.
In addition, they will have excellent academics and a willingness to
learn and develop their knowledge.
Please note that our PQE levels are a guide and all suitable
candidates will be considered.
Role Competency Requirements
Technical Excellence
Highly technical in area of specialism
Complex drafting and analysis
Review and amendment of junior staff documents
Minimal supervision. Provides commercial solutions for consideration
Strong communications
Takes part and shares know-how
People and Team
Gives feedback to others and provides guidance
Delegates effectively
Mentors and trains team
Demonstrates leadership
Client Relationships and
Business Development
Seminars
Running client meetings
Managing small pitches and tenders with partners
Initiates BD ideas
Identifies areas for client development
Understands client and commercial issues
Seeks out cross selling opportunities
Able to conduct commercial negotiations
Practice management
Contributes to fee negotiations where appropriate
Manages small teams effectively to ensure objectives and deadlines
are met
Keeps partners updated on status of matters and contributes to the
management of files
Personal effectiveness
Strong communicator (in writing and orally)
Builds rapport
Understands personal impact and can adapt style
Strong influencer
Displays gravitas
Takes responsibility
Meets or exceeds financial targets
This is the job description as constituted at present; however the
Firm reserves the right to reasonably amend it in accordance with
the changing needs of the business.
