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Two-tier plan for paralegals taken one step further

first_imgTwo-tier plan for paralegals taken one step further June 15, 2006 Regular News Approved by the board, it’s now before the court Gary Blankenship Senior Editor A two-tier plan for regulating paralegals has been approved by The Florida Bar Board of Governors and will be forwarded to the Supreme Court for its review.The board, at its June 2 meeting in Key West, approved the proposal from the Special Committee to Study Paralegal Regulation. The committee, made up of attorneys, paralegals, and legal educators, has been working on the issue since last August.“I present this to the board as a well-reasoned and a well-compromised plan,” said board member Ross Goodman, chair of the special committee. “The paralegels and attorneys worked well together to come up with a very good program.”“The general description is this sets two tiers, one for paralegals as they presently exist [in Bar rules] and the second tier is for what we call registered paralegals,” he added. “The closest analogy [for registered paralegals] would be to board certification [for lawyers].”Board members initially received the report from the special committee at their April 7 meeting. The proposal would create Chapter 20 in the Rules Regulating The Florida Bar.Under the two-tier system, the first tier would encompass paralegals based on the definition in Bar Rule 10-2.1, as someone with education, training, or work experience who, under the supervision of a lawyer, performs delegated substantive work for which the lawyer is responsible, Goodman said.Tier two paralegals would have to meet education and experience requirements or be certified by the National Association of Legal Assistants or the National Federation of Paralegal Associations and then could hold themselves out as “Florida Registered Paralegals.” They would also have to meet continuing education requirements, he said.The proposal’s grandfathering provision would allow paralegals who can show five years of substantial experience, but who don’t meet the education or certification requirements, to become registered paralegals. That provision is limited to the first three years of the program.The grandfathering provision was necessary because, “You’ve got some paralegals who have been doing it for 20 years and that paralegal is more qualified than any 20 attorneys in town on that one area of law, but does not meet the other qualifications to be a registered paralegal,” he said.Goodman said the proposed rule also creates a disciplinary system and a code of ethics for paralegals. It was also reviewed and approved by the Disciplinary Review, Program Evaluation and Rules committees.In response to a question, he said the rule will probably need more work, such as setting standards for paralegal programs whose graduates will qualify to be registered paralegals. That will be needed, he said, because there are many “fly-by-night” paralegal education providers.The special committee began meeting last summer after bills were introduced in the 2005 Regular Session of the Florida Legislature that proposed a regulatory scheme for paralegals. Those bills, pushed by paralegal organizations, would have had regulation preformed by the Department of Business and Professional Regulation.That legislation specified that courts, when awarding fees, could only award paralegal fees for services performed by state-licensed paralegals.Lawmakers agreed not to push those bills when the Bar said it would study the issues, and the paralegal committee, appointed by President Alan Bookman, was the result.The committee met throughout the fall and had a public hearing. It initially proposed creating a Bar section for paralegals, which could then study further issues related to paralegal regulation.But paralegal members of the committee said it didn’t go far enough in recognizing the training and accomplishments of paralegals and the committee agreed to reconsider that recommendation.The committee then came up with the two-tier plan, which attempts to meet the needs of both lawyers and paralegals.retaining the definition of paralegals based on the language in Chapter 10 of Bar rules, it allows lawyers to retain control of who is considered a paralegal in their law firms. And by setting standards to be a “Florida Registered Paralegal” it encourages paralegals to meet minimum education, training, and continuing education standards — and law firms to encourage their paralegals to meet those standards.The proposal as adopted by the board must be reviewed by the Supreme Court in a rule amendment petition.center_img Two-tier plan for paralegals taken one step furtherlast_img read more

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​UK DB schemes ‘holding too much’ in growth assets, illiquids

first_imgUK defined benefit (DB) schemes have reduced investment risk in the last nine years as they have matured, but for some sponsors this process has still not gone far enough, according to a new report.Research by consultancy Barnett Waddingham showed that, as FTSE 350 DB pension schemes have matured, asset allocation has ratcheted down to 31% growth assets in 2019 – from 51% in 2010.However, schemes approaching buyout in the next five years had an average of 27% allocated to growth assets, which exposed companies to unnecessary risk, the firm said.Nick Griggs, head of corporate consulting at the firm, said: “As schemes have matured, a general de-risking has been inevitable, but corporates need to seriously consider whether they have gone far enough. “Especially for those close to the endgame, being proactive with your strategy is crucial in ensuring the level of investment risk matches the agreed objective, whether that’s an insurance company buyout or a run-off.”The consultancy said it would expect to see companies aiming for a buyout within two years typically holding 10-15% or less in growth assets. Those that were two to five years away should hold no more than 15-25% – although the recommendation depended on the individual scheme.UK DB schemes’ funding positions were still under threat from falls in long-term interest rates, according to the consultancy.“With economic and political uncertainty driving global bond yields lower, as investors look to move into safe haven assets, schemes can do more to neutralise the impact of this and reduce the volatility of funding levels,” it said.Some firms looking to buyout in the next five years were also holding illiquid assets, with 4% of their assets on average being property investments, the firm said.“These take time to dispose of, and are unlikely to be accepted by insurers as part of a premium payment for buyout,” it warned.Barnett Waddingham also said overexposure to growth assets – particularly illiquid investments – could cause cashflow issues. It said 90% of schemes were already cashflow negative, and one in eight FTSE 350 schemes had a cashflow burden above 5% of total assets.UK private sector pension deficit hits two-year highThe combined funding shortfall of UK private sector DB schemes hit £163bn (€182.6bn) at the end August, according to the Pension Protection Fund (PPF), as stock market volatility increased and bond yields fell sharply.According to the PPF’s 7800 Index, which tracks the net funding position of UK DB schemes, the figure marked the biggest deficit recorded since May 2017, when the deficit was £168bn.Total assets increased during August by 1.5%, from £1,730bn to £1,756bn, but aggregate liabilities rose by 5.4%, from £1,821bn to £1,919bn.Data from Mercer released last week showed the aggregate funding position of DB funds linked to FTSE 350 companies declined, from a £51bn deficit to £67bn.Funding position of UK private sector pension schemesChart MakerSion Cole, Head of UK fiduciary business at BlackRock, said: “Whether a scheme is in surplus or deficit will largely have decided how schemes have fared in August.“Generally speaking, better-funded schemes have more hedging and are taking less investment risk so will have coped better with the market turbulence in August. Conversely, their underfunded counterparts who need to chase returns will have been hit hardest.” Nick Reevelast_img read more

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Wimledon 2019: Roger Federer, Novak Djokovic cruises into quarters, Simona Halep ends Cori Gauff’s fairy-tale run

first_imgRoger Federer delivered another vintage Centre Court performance to reach a record-extending 17th Wimbledon quarterfinal.Federer ousted 17th-seeded Matteo Berrettini 6-1, 6-2, 6-2 in a match that only lasted 1 hour, 14 minutes.The eight-time Wimbledon champion lost only one point on his serve in the first set and didn’t face a break point until he was up 3-0 in the third. He saved that one and went on to serve out the match at love.The 37-year-old Federer became the oldest man to reach a Grand Slam quarterfinal since Jimmy Connors did it at 39 at the 1991 U.S. Open.Four-time champion Novak Djokovic is into the Wimbledon quarterfinals again after beating Ugo Humbert in straight sets.Djokovic took advantage of 34 unforced errors to win 6-3, 6-2, 6-2 on No. 1 Court and set up a meeting with David Goffin.Djokovic, who beat Kevin Anderson in last year’s final, reached his 11th Wimbledon quarterfinal. That puts him level with Boris Becker in fourth place on the all-time list. Roger Federer was trying to reach a record-extending 17th later.Goffin beat Fernando Verdasco 7-6 (9), 2-6, 6-3, 6-4.Sam Querrey also advanced after winning an all-American matchup against Tennys Sandgren 6-4, 6-7 (9), 7-6 (3), 7-6 (5).Coco Gauff’s unexpected but remarkable run at Wimbledon came to an end.The 15-year-old American, who became the youngest player to qualify for Wimbledon’s main draw in the professional era, lost to former No. 1 Simona Halep 6-3, 6-3 in the fourth round..Gauff knocked out five-time champion Venus Williams in the first round, and then saved two match points in the third round to reach the second week of a Grand Slam tournament in her debut.advertisementPlaying on No. 1 Court, the second biggest stadium at the All England Club, Gauff had plenty of support from the crowd. But Halep, the 2018 French Open champion and a Wimbledon semifinalist in 2014, had the better shots. She broke Gauff five times and took advantage of 29 unforced errors.Gauff did manage to save two more match points when serving at 5-2, but Halep won the next game to reach the quarterfinals.Johanna Konta reached her second Wimbledon quarterfinal by coming from a set down to knock out two-time champion Petra Kvitova.Konta, the only British player left in the tournament, won 4-6, 6-2, 6-4 on Centre Court. Konta missed two match points at 5-2 in the decider but served it out on her next opportunity when Kvitova sent a shot long.Kvitova hit 40 winners to Konta’s 22, but also had 34 unforced errors compared to 21.In 2017, Konta became the first British woman since Virginia Wade in 1978 to reach the semifinals at the All England Club but she lost in the second round last year.Konta also came from a set down to beat Sloane Stephens in the third round. She will next face Barbora Strycova.Also Read | Wimbledon 2019: Serena Williams crushes Carla Navarro to reach quarters, Rafael Nadal thrashes Joao SousaAlso Read | Wimbledon 2019: Ashleigh Barty’s run ends, Alison Riske reaches quarterfinalsAlso Seelast_img read more

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