As third party funding markets around the world mature, regulatory scrutiny will continue. Attorneys looking to engage in funding arrangements that are in contrast with ethical guidelines may be reprimanded in various ways, including censure.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
As third party funding markets around the world mature, regulatory scrutiny will continue. Attorneys looking to engage in funding arrangements that are in contrast with ethical guidelines may be reprimanded in various ways, including censure.
The Chicago Daily Law Bulletin conducted an investigation reporting on a father/son, lawyer/funder team that tried to game ethics rules. The son allegedly referred clients to his father for litigation loans. In one instance, a client defaulted on a loan … Only to find himself under recourse by the son’s law firm.
Illinois Rules of Professional Conduct were examined and the Attorney Registration and Disciplinary Commission found various violations, including forbidding guarantees of client financial aid.
Chicago’s Patterson Law Firm, LLC profiled the ethics conclusion on LinkedIn.
