KorumLegal Consultant: Shifalika Peters Advocates New Legal Approaches

Our KorumLegal consultant this month is Shifalika Peters who has a proven track record of navigating complex cross-border matters in wealth management law, financial regulation and tax law. She has worked with multi-jurisdictional financial firms as lead legal consultant in a team of compliance professionals to deliver excellent outcomes in areas of financial compliance, regulatory advice, commercial contracts, service level agreements, data privacy, cybersecurity law, AML and corporate governance while working closely with audit teams from major international accounting firms.

1. Hi Shifalika! Can you tell us a little about the work you are currently doing and have been doing?

As a solicitor with over 10 years experience, as well as a financial investments manager, having worked in nearly all 4 of the major banking institutions, my experience has and does currently, include the following skills and experiences:

• Advising drafting and negotiating on commercial leasing agreements and Service Level Agreements with an international Tech company.
• I covered a maternity leave position as a Medico-Legal Officer for a major hospital in Sydney, providing advice, training and guidance on their privacy, complaints, ombudsman, and various other issues.
• Advising on logistics agreements and debt matters with a Sydney based bus and logistical network provider.
• Advising and drafting on commercial and residential leases while contracted with various national law firms, thereby acting on interstate matters.
• Advising and acting for SMEs in the acquisition of business premises.
• Overseeing the internal dispute resolution process and administration of regulatory mandated trigger dates with national firms such as Remediator and Capital funds.
• Overseeing the external dispute resolution process with the Australian Financial Complaints Authority (AFCA) along with the day-to-day management of AFCA Cases across the retail and advised segments of the business with Remediator and Westpac.
• Understanding and implementing regulatory changes mandated by ASIC within the business and ensuring we maintain regulatory compliance with the ASIC framework particularly as it relates to the complaint handling process.
• Advising on regulatory changes applicable to the business.
• Liaising and collaborating with internal and external stakeholders (including AFCA) on a regular basis in relation to a number of matters.
• Reviewing and approving of staff correspondence to retail and advised customers and making necessary adjustments as/if required with NAB and CBA.
• Creation of Induction and Complaint Handling material and facilitating of training sessions for new and existing staff members with Remediator and Westpac.
• Ongoing support of front line teams through individual and group coaching which I prefer to do in a "real-life" situation.
• Regular interaction with senior leadership in the creation, delivery and implementation of continuous business development projects with Westpac and CBA.

2. What made you take the leap into working in NewLaw for ALSP's? And why is it a good fit for you?

I like NewLaw due to its diversity of matters. The challenge and ever-evolving landscape of legal matters keeps me vested both for my clients and myself. I have a can-do attitude which can be tough on me sometimes because I love taking on new things but I love delving deep into any new area even more.

Another reason is the autonomy of running matters my way, with my own unique skills set, providing a fresh approach to my clients which in turn also enthuses them to bring their best.

I also adapt well to a wide range of diverse co-workers, with fresh and diverse ideas, way of interpreting law or commerce and taking a matter right to the edge of what is best and possible meaning I get the best results by working diligently and collaboratively.

3. What's the most rewarding assignment you've ever had and why?

It would have to be my insolvency matters and anything related to banking. Every time I am put in a banking environment, it’s like coming home for me but coupled with the challenge of an exciting new project! That is what puts the twinkle in my eyes.

I enjoyed working on an assignment for Westpac and BP. Working across the gamut of their financial services offerings and products allowed me to further enhance my financial experience with hands on collaborations between audit teams from Ernst and Young, as well as the Bank’s internal compliance audit teams. This assignment really stood out for me because it allowed me to engage with a diverse group of professionals, working on impactful projects and feeling truly valued.

My other project that I worked on was as a legal consultant in a tax matter for a business domiciled in Hong Kong, with offices here in Australia and the taxation requirements thereof. It was rewarding working and interpreting Hong Kong tax law and how they translated to Australian Tax law to ensure the client was abiding by the legal requirements of both countries without being disadvantaged regarding tax compliance commitments.

4. As an experienced NewLaw/ ALSP consultant, where do you see NewLaw/ ALSPs fitting into the matrix of the legal sector and how have you seen it evolve?

New Law/ALSPs are the way of the future for the Legal Industry. To stay relevant, to stay the first point of contact, it is important that we shift away from the traditional old model and look at new ways of servicing our client’s legal needs. Our clients are changing because the technology they rely on is changing such as ML and AI which have had a huge impact on every industry. Add in to that the SAAS models that have now become firmly embedded in every industry, you realise that the clients are expecting more as well. ALSPs allows you to have that communication at a grassroots level which enables a matter or project off to an efficient start. ALSPs are very strategically positioned to take advantage of the new way of flexible working in the post COVID landscape. They bring a new level of trust and accountability, but more importantly they bring a more efficient way of working on projects cutting down on waste of time, costs or other professional resources.

I believe the future trends will be reflected on where ALSPs and NewLaw stand today. The legal integration into business both in Australian and Cross-border matters will evolve to be more transparent, complex and even more fast paced. The results required with be faster, more efficient and streamlined. With the advent of Financial Law Reforms, especially in areas of AML, CTF, Cyber Security and Fraud, Privacy laws, ALSPs offer an efficient solution to large scale firms that are not equipped to respond as fast as might be necessary to meet their legal obligations to their respective regulatory bodies.

5. What trends do you expect to see in the legal services industry in the next 5 years?

While ML and embedded AI will be far more pervasive in the legal industry, I believe the need for consultants (human that is) and lawyers will still be required because Law as a discipline is still a very humane profession and deals with human emotions as much as it does with black and white letter law. I see the next 5 years to be a time where the legal industry and the legal professionals will continue to build on the needs of the clients in a legal landscape where geographical and legal boundaries are blurring to provide a cohesive service.

6. Your favourite tune? And why?

Too many to count. I love to dance and listen to music while reading (and yes sometimes working – especially reading emails!) Since I speak about 4 languages fluently (English, Hindi, Punjabi and French) and learning two more currently (Mandarin and Korean), I just go with the mood and what songs I feel like listening to.

Lily Evans and Shifalika Peters

Nov 19, 2024