Sentences with phrase «lawyer as a fiduciary»

It will surprise no one, for example, to see that the list of topics for the required ethics course developed by the Federation of Law Societies includes the lawyer as a fiduciary, conflicts of interest and confidentiality.

The Supreme Court of Canada set out the importance of this trust in articulating the lawyer as a fiduciary in R v. Neil (2002) as confirmed in Canadian National Railways v. McKercher (2013).

Not exact matches

It's important because it draws attention to the fact that, unlike doctors and lawyers, many financial advisors are not legally obligated to act in their clients» best interests (this concept known as the fiduciary standard).

As Justice Newbury points out, lawyer and client are not typical contracting parties and are not equal; among other things, the lawyer owes a fiduciary duty to the client, owes professional duties to the court, takes on most or all of the financial risk, and possesses expertise that the client lacks (para. 92).

In the same way, applying fiduciary law to the lawyer - client relationship can be seen as providing assurance in the face of information asymmetry and addressing the fact that law is a credence good.

of the Legal Prof. 283, at pp. 296 - 298, I suggested that we should regard lawyer independence as a public trust and that we should meld non-governmental oversight and the public trust as the way to deal with lawyer regulators who breach their fiduciary duty to regulate in the public interest.

More specifically, lawyers «must maintain financial books and records on a current basis, and shall preserve the books and records for at least five years following the completion of the year to which they relate, or, as to fiduciary books and records, five years following the completion of that fiduciary obligation.»

Professor Woolley's academic articles have discussed lawyer billing, the good character requirement for law society admission, the regulation of extra-professional misconduct, legal ethics teaching, access to justice, the regulation of civility, independence of the bar, the lawyer's duties as fiduciary and as an advisor, criminal lawyer ethics and the theoretical foundations of the lawyer's role.

As a fiduciary, a lawyer places the interests of his clients above his own and may not accept a legal fee for doing nothing.

May a corporate lawyer and his law firm be sued in Delaware as to claims arising out of their actions in providing advice and services to a Delaware public corporation, its directors, and its managers regarding matters of Delaware corporate law when the lawyer and law firm: i) prepared and delivered to Delaware for filing a certificate amendment under challenge in the lawsuit; ii) advertise themselves as being able to provide coast - to - coast legal services and as experts in matters of corporate governance; iii) provided legal advice on a range of Delaware law matters at issue in the lawsuit; iv) undertook to direct the defense of the lawsuit; and v) face well - pled allegations of having aided and abetted the top managers of the corporation in breaching their fiduciary duties by entrenching and enriching themselves at the expense of the corporation and its public stockholders?

The Taube Summers lawyers have significant experience in real estate entitlement litigation, workouts, bankruptcy reorganization and litigation, as well as partnership, trust and fiduciary litigation and employment matters.

It raises a fundamental question: are law firms like ordinary businesses, which may protect as privileged communications between employees and in - house lawyers seeking legal advice, or does lawyers» status as fiduciaries for their clients mean those communications should be treated differently?

Reviewing the facts, the Court held that the plaintiff's claim that the law firm had a conflict was «colorable,» the lawyers should have realized there was a conflict, and the lawyers, as fiduciaries, «were *** obligated to inform him of the facts underlying [MasterCard's] claim that his attorneys» «failures» might have caused his losses, the existence of a potential conflict, and that he should seek independent counsel for advice.»

But any ruling upholding the in - house privilege should emphasize the firm's fiduciary obligation to notify clients as quickly as possible about potential malpractice or malfeasance, or any other situation that may create differing interests between lawyers and their clients.

Lawyers who wear multiple hats such as trustee, executor or other fiduciary or who have a direct or indirect personal interest in the matter at hand are a good example of this risk.

Unlike plaintiffs» lawyers who take a percentage of recovery as fees, the litigation investors and funders are not regulated, and unlike the lawyer, owe no fiduciary duty to the client.

Fiduciary duties can arise out of formal relationships, such as a lawyer or partner, or even informal relationships, if the specific facts or circumstances require the imposition of fiduciarFiduciary duties can arise out of formal relationships, such as a lawyer or partner, or even informal relationships, if the specific facts or circumstances require the imposition of fiduciaryfiduciary duties.

This suggests that Neil, McKercher and Federation of Law Societies may be seen as establishing that the lawyer's duty of loyalty is founded both in fiduciary law and in the law protecting the administration of justice.

As noted, the departing lawyer is most likely to cross fiduciary or ethical boundaries when pre-departure preparations are surreptitious and / or dishonest.

As in any business venture, a law firm partner's fiduciary obligations prohibit the lawyer, prior to departure, from recruiting other owners or employees to join or follow him in leaving the firm.

As in the case of pre-departing solicitation of clients or staff, secretive or devious removal of the firm's records could amount to a breach of the departing lawyer» s fiduciary duties to the firm.

Actually [the district court] did commit one clear error on the fiduciary count, and that was to apply the normal civil standard of preponderance of the evidence, rather than the higher standard of proof — proof by clear and convincing evidence — that Illinois requires to establish the existence of a fiduciary duty outside of the per se categories such as lawyer - client and guardian - ward.

LawPRO has always taken the position that consumers benefit when lawyers are maintained as the fiduciaries and quarterbacks at the heart of real estate transactions.

ALSs are charity; and as such do not provide a traditional solicitor - client relationship, involving a fiduciary duty that requires the lawyer to act in the best interests of the client.

While it is true that lawyers have duties to their clients as fiduciaries, and that such concerns may impact the assertion of privilege for communications which relate to the representation of a current client, the threshold of establishing privilege in the first place should be no higher for law firms than for other firms.

Adoption of an approach to regulating conflicts of interest that diverges significantly from the Supreme Court's bright line test and interpretation of fiduciary duties might lead to lawyers being removed as counsel by a court even though they have complied with the rules set by law societies.

With no regulated fiduciary like a lawyer to rely upon as the protector of borrower information, US lenders are increasingly demanding that title agents obtain formal industry certification for their data security compliance.

Corporate lawyers in the Los Angeles office also regularly advise trustees and directors of investment funds such as banks, thrift institutions, trust companies, investment advisers, broker - dealers and other institutional investment managers regarding their fiduciary duties under ERISA and state fiduciary statutes.

A similar point of ambiguity arises with respect to the Court's treatment of the relationship between the lawyer's duty of loyalty and the lawyer's status as a fiduciary.

I thereupon told them that the sellers had hired me to help sell their properties as quickly as possible for the highest price possible, that I had a contractual fiduciary duty to «them», and that they (the buyers) should contact their lawyers for further guidance vis a vis any offers that they might proffer on the subject properties.

A plaintiff shareholder of the company alleged that the lawyer breached his fiduciary duty and duty of loyalty as a shareholder of the company and the lawyer failed to advise the plaintiff and others (the plaintiff was the majority shareholder) about the changes he made.

Other professionals (who also surely must have fiduciary duties) such as doctors, lawyers and accountants don't explain agency.

All lawyers who have a cause of action against a real estate brokerage should first do a fiduciary analysis to determine if advantages exist such as the extension of the statute of limitations, the burden of proof shifting, fee forfeiture, rescission, criminal prosecution or punitive damages.

All lawyers who have a cause of action against a real estate brokerage should first do a fiduciary analysis to determine if advantages exist such as the extension of the statute of limitations, burden of proof shifting, fee forfeiture, rescission, criminal prosecution or punitive damages.