The organisation will run in parallel to the Financial Services Information Sharing and Analysis Center, through which banks and other financial institutions share information.
John Kapp, director of IT at Davis Polk & Wardwell, said that the new group 'is a force multiplier when we can share information amongst ourselves anonymously and we can be aware of what attacks are happening against other law firms'. He added: 'We protect our law firm and vice versa.'
Members have to pay $8,000 to join, fill out a submission form and meet certain criteria. The main criteria is that the majority of the firm's lawyers are in the US, Canada or the UK. The banks have been eager for law firms to share information. Law firm advisers are famously seen as the weak link for organisations and businesses who want to know if a business rival is planning a takeover or taking some other significant step. Source: New York Law Journal