Shownotes can be found at https://www.profitwithlaw.com/384.
Ethics is an integral part of any professional practice. But be that as it may, it is a fact that lawyers are also human and are susceptible to making errors. There are so many areas in ethics lawyers can miss. However, the repercussions for these mistakes can be more grave as legal entities. That said, lawyers bear the responsibility of being proactive, well-informed, and up-to-date with legal ethics guidelines.
In this episode, Daniel Siegel joins us to discuss the most common violations of ethics lawyers and law firms encounter. He also delves into the number one source of client complaints with lawyers: mismanagement of communication. Daniel shares actionable tips on managing time and client expectations, handling IOLTA, and law firm equity stakes.
The ethics lawyers have to follow may seem complex, but ignorance is no excuse. If you want to avoid ethical pitfalls as a lawyer, this episode is for you.
00:00 Introduction
2:59 Daniel’s Story
6:42 The Most Common Areas of Ethics Lawyers Get into Trouble
10:14 How to Do More in Less Time
18:23 Interest on Lawyers Trust Accounts (IOLTA)
22:26 On Flat Fee Billing
26:02 What is a Formal Opinion?
28:36 Ownership and Equity Stakes in Law Firms
36:00 Daniel’s Parting Piece of Advice
Resources mentioned:
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Connect with Daniel: Website
How to Do More in Less Time by Daniel Siegel
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