The use of management service organizations (MSOs) in the law firm space is a new and expanding trend. While uncertainties whether MSOs comply with legal ethical rules remain, with only one decision from the Texas Commission on Professional Ethics touching
FinTalk
FinTalk, published by Crowell & Moring LLP, focuses on legal developments and regulatory issues in financial services and related sectors. The blog covers topics such as management service organizations (MSOs) in law firms, third-party litigation funding and its regulatory frameworks in the US and UK, transparency and disclosure requirements for limited liability companies, and regulatory actions by financial authorities including FinCEN. It also addresses emerging areas like crypto-asset disputes and fintech regulatory challenges. The content includes analysis of legislative changes, compliance obligations, and enforcement actions affecting financial institutions, law firms, and investors.
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New York LLC Transparency Act: Key Requirements and Deadlines
On January 1, 2026, the New York LLC Transparency Act is scheduled to take effect, introducing new disclosure requirements for limited liability companies in New York State.
The legislation will have significant implications for all LLCs formed or registered to…
Crowell & Moring Ranked a Leader for Crypto-Asset Disputes by Chambers FinTech
Crowell has been ranked a leading firm by Chambers FinTech in the USA Nationwide Crypto-Asset Disputes category. Crowell’s Anand Sithian has been named a notable practitioner in this area.
According to Chambers, Crowell’s FinTech practice has “strong corporate, financial services…
Treasury Continues Focus on Cartels: Understanding FinCEN’s Latest Action Restricting Transactions with Certain Mexico-Based Gambling Establishments
On November 13, 2025, the U.S. Department of the Treasury’s (“Treasury’s”) Financial Crimes Enforcement Network (“FinCEN”) issued a finding (“Finding”) and related notice of proposed rulemaking (“Proposed Rule”) pursuant to Section 311 of the USA PATRIOT Act (“Section 311”), targeting…
Bob Waldner Publishes Article in The Review of Banking & Financial Services
In response to the increased frequency of majority-backed debt restructuring transactions that have significantly disadvantaged minority debtholders, lenders in the syndicated loan market have increasingly turned to cooperation agreements among themselves as a means to mitigate the risk of exclusion…
FinCEN and Banking Regulators Issue New FAQs on Suspicious Activity Reports
Banks and other regulated financial institutions have been digesting a set of four frequently asked questions (“FAQs”) about suspicious activity reports (“SARs”) issued jointly on October 9, 2025 by FinCEN and federal banking regulators (the Board of Governors of the…
Use of Field Exams and QOE Reports to Safeguard Lenders in Risky Times
Recent weeks have seen several headline-grabbing instances of alleged financial frauds, leading directly to the bankruptcies of the First Brands and Tricolor corporate enterprises. Both companies are alleged to have engaged in deceptive off-balance sheet financing and double-pledging of collateral,…
Investors Anticipate Supreme Court Arguments on Trump’s Tariff Powers
On Wednesday, November 5, the U.S. Supreme Court will hear arguments on whether President Trump’s tariffs—imposed under the International Economic Emergency Powers Act (IEEPA) —were legal. The Court’s decision will have significant impacts for importers, as well as investors in…
Let’s Buy a Law Firm! – Management Service Organizations
Much has been made in the legal press and elsewhere following litigation funder Burford Capital’s announcement of its intention to purchase minority stakes in U.S. law firms. Since, except in a few specific U.S. jurisdictions, legal ethical rules prohibit actual…