UK general counsel have reported a huge increase in the number of regulatory investigations initiated against them, according to research by the London office of US firm Fulbright & Jaworski.

The firm’s Litigation Trends survey of 128 UK in-house lawyers across a range of sectors found that 32% had faced at least one regulatory proceeding in the past year, compared to 9% in the previous year.

Nearly a third of corporate counsel said regulatory matters were the issue that most concerned them, and more than a quarter said they expected the number of these proceedings to increase across all UK companies, regardless of size. Just over a quarter said they had employed external lawyers to advise them on regulatory investigations in the past year, up from 17% in 2009.

In addition, some 16% of UK general counsel said they anticipate a rise in the number of internal investigations their employer will face in the coming year.

Lista Cannon, managing partner of Fulbright & Jaworski’s London office and head of the firm’s international regulatory investigations practice, said: ‘Regulatory activity is being played out on a global stage, with regulators cooperating closely with their international counterparts in the supervision of and enforcement against regulated businesses.

‘As a result, companies are increasingly finding themselves subject to regulatory investigations, often on a multi-jurisdictional basis.’