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Business deals

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Updated: 4/13/2007 6:36 pm
Sometimes lawyers will enter into business deals with their clients. However, some problematic situations can arise when the lawyer acts as the officer or director of a client's company, invests in a client's securities, engages in one-on-one business deals, or accepts stock instead of a cash fee. Even though lawyers generally carry malpractice insurance, business deals with clients are usually not covered by such policies. Professional liability policies usually only cover acts, mistakes, or omissions of legal services, and generally don't cover lawyers who've engaged in business deals with clients, either. Thus, it's not always in an attorney's best interest to make a deal with a client. If you're the client of a lawyer, and the two of you agree to payment terms other than cash, there are a few ways you can protect yourself. Make sure that the terms you agree to are fair and reasonable and in your best interest. These terms should be spelled out in a written document. Take some time to look over the agreement and consider seeking independent counsel. You should provide your written consent to the terms you agree to. If you think you've been treated unfairly in a business deal, you can speak to attorney about your legal options.
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