QMV kicks off legal practice, appoints lead

QMV is kicking off a new legal business aimed at future needs of superannuation trustees and has picked a former UniSuper lead as its managing partner.

The consultancy firm currently works with about 25 superannuation clients.

Recent work has been focused on data remediation arising out of the Royal Commission and management consulting, according to QMV managing partner Mark Vaughan.

It now sees an opportunity in advising superannuation funds on legal changes beyond what is "signed and approved".

As an example, Vaughan cited the Open Banking regime which he says will force superannuation funds, and not just banks, to think about data protection and privacy in the future.

"Rather than just interpreting [upcoming] legal and regulatory change for superannuation trustees, the new consulting stream will delve deeper and talk to them proactively about how it impacts their fund members and how to implement the changes," Vaughan told Financial Standard.

Vaughan said the service will fill a gap where superannuation funds receive legal advice but not enough ongoing support to help them prepare or implement changes.

The firm has appointed David Reckenberg as a managing partner for QMV Legal from Hive Legal. In his previous roles, Reckenberg has acted as UniSuper's general counsel and worked in in-house legal at Vanguard Investments Australia.

Longstanding QMV principal consultant Jonathan Steffanoni is moving up to partner of QMV Legal.

The new business was soft launched to a handful of clients and Vaughan says the firm was "surprised by the appetite".

"QMV Legal will provide trustees with a commercially viable option to deliver timely expertise to regulatory change without the need for an internal FTE [full-time equivalent]," he said.

Vaughan said the firm is looking at a subscription-based model for QMV Legal.

This will include keeping trustees abreast of possible future regulatory changes. It will also offer impact assessment studies for their funds.

But QMV Legal is not looking to get into case law work.

"We will certainly be looking at new hires. They will first and foremost have to have knowledge of consulting and the industry," Vaughan said.

QMV is privately-held and was co-founded by Vaughan, Michael Quinn and Stephen Mahoney in 2008.

It generated $12 million in revenue this financial year.

Read more: QMV LegalQMV SolutionsDavid ReckenbergJonathan SteffanoniMichael QuinnMike VaughanStephen Mahoney
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