It had rules in place that should have protected client money, but they were not properly enforced.
Mr Friedman said that a "leading identity theft protection and monitoring service" had been tasked with protecting clients.
To lawyers, protecting clients' confidentiality is a cornerstone of the practice of law.
That won't protect clients against, say, forged money transfer forms.
Society wants lawyers to be able to protect clients' secrets, Ms. Collett said.
We're making these changes in the interest of protecting clients to make sure we can make their payments".
AIG's undoing has been its bulging book of credit-default swaps, written to protect clients holding mortgage-linked securities.
In fact, the existing legal licensing system doesn't even do a great job at protecting clients from exploitation.
Dickens, for all his genius and wrath, was himself unable to undertake reforms, or protect clients, or draft fairer rules.
As for promoting a book, publishing houses can hire security to protect clients who require it, he said.
Similarly, AIG delved into insurance policies intended to protect clients against the risk of default on mortgage-related derivatives.
