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Nevada Ethics Opinion
Counsel Financial
State of Nevada Formal Opinion No. 36January 7, 2007 QUESTIONS 1.  Do the Nevada Rules of Professional Conduct preclude an attorney from financing litigation costs through a loan obtained from a third-party lending institution in which the attorney is obligated to repay the loan and the client is in turn obligated to reimburse the attorney for litigation costs? 2.  May the separate agreement requiring the client to be responsible for litigation expenses also require the client to reimburse coun
Nebraska Ethics Opinion
Counsel Financial
State of Nebraska Nebraska Ethics Advisory Opinion for Lawyers No. 00-2An opinion of the advisory committee has been requested as to whether it is ethical for a lawyer to refer a client to a business which advances money to the client for litigation or living or living expense purposes in exchange for an equity position in the client’s case. The lender will expect a lien on the proceeds of the lawsuit or the settled claim and above-market interest plus service fees. Restatement of Facts: The A
Missouri Ethics Opinion
Counsel Financial
State of Missouri Maintaining the Integrity of the Profession Misconduct Opinion Number: 20030022 – Rule Number: 8.4QUESTION: Attorney’s firm proposes to borrow money from a non-lawyer for the purpose of funding expenses in mass tort litigation. The loan will be on a non-recourse basis. The firm’s duty to repay would be based on successful prosecution of the cases as a whole, but not on the recovery of any individual case. ANSWER: Generally, it is permissible for the law firm toborrow money fro
Minnesota Ethics Opinion
Counsel Financial
State of Minnesota Vol. 61, No. 5 | May/June 2004 Presettlement Funding Agreements: Benefit or BurdenBy Kenneth L. Jorgensen Generally, lawyers are prohibited from providing financial assistance to clients. See Rule 1.8(e), Minnesota Rules of Professional Conduct. An exception to this rule permits lawyers to advance the costs and expenses of litigation and make the repayment contingent upon the outcome of the client’s case. Although lawyers cannot directly lend money to clients, another exception
Michigan Ethics Opinion
Counsel Financial
State of Michigan RI-336October 7, 2005SYLLABUS The Michigan Rules of Professional Conduct do not preclude a lawyer from financing litigation costs through a loan from a third-party lending institution provided the lawyer discloses to the client the terms and conditions of the loan and the client consents in a written contingent fee agreement, upon conclusion the client receives a written statement reflecting interest advanced by the lawyer and charged to the client as an expense in the matter,
Arizona Ethics Opinion
Matthew McCormick | Creative Director
State of Arizona Comments: The Arizona ethics committee in various opinions has rendered guidance to attorneys that litigation funding is both proper and ethical where client confidences and attorney independent judgment are maintained. They also advise that interest charges can be passed to a client upon full disclosure and written consent. Excerpts from “Ethics opinion 01-07 09/2001; Advancing fund to clients; loans; costs and expenses of litigation; financial institutions; interest; confide
Maine Ethics Opinion
Counsel Financial
State of Maine ETHICS OPINION #177 1. It is ethical for an attorney to borrow funds from a third party lending company to cover litigation expenses, or to fund his law practice The costs, fees and interest from the litigation loan may be passed on to the client, provided that: A. The interest rate is reasonable, and the lawyer does not profit financially from the third party lending arrangement. B. The lawyer must explain the terms of the loan to the client. C. Client confidences may not be di
Entering Mass Torts
Kelly Anthony, Esq. | Deputy General Counsel
In 1989, when Tom Rogers first became a shareholder and head of the business practice at Blasingame Burch Garrard Ashley, P.C. (BBGA), the Athens-based firm was involved in insurance and mass tort defense, business and real estate. With the loss of a major asbestos client in the early 2000s the firm underwent a massive transformation—shifting its defense-sided practice to plaintiffs’ litigation. Now, in 2016, BBGA has garnered national recognition as an elite plaintiffs’ mass tort firm due to it
Maryland Ethics Opinion
Counsel Financial
State of Maryland Ethics Docket 98-23 Charging Client for the Cost of Bank Loan for Advances and/or Charging Interest on Advances for Use of Attorney’s Funds. In your letter you state that your standard contingent fee agreement provides that the client assumes a non-contingent responsibility for the court costs and expenses of litigation incurred on the client’s behalf. Such costs and expenses are advanced by you, and they are funded by utilizing your bank line of credit or from your own funds.
Massachusetts Ethics Opinion
Counsel Financial
Commonwealth of Massachusetts ETHICS OPINION 83-7 1. It is ethical for an attorney to borrow funds from a third party lending company to cover litigation expenses, or to fund his law practice Excerpts from Massachusetts Ethics Opinion 83-7: Facts: The committee has received two inquiries. In the first, an attorney who represents the plaintiff in a personal injury case inquires if he may borrow funds from a chartered lending company to help defray the costs and expenses of the litigation, suppor
Kansas Ethics Opinion
Counsel Financial
State of Kansas OPINION No. 94-08; August 16, 1994Topic: Assignment of lawyer’s accounts receivable Digest: The proposal to assign client accounts to a bank in return for a discounted loan may be permissible but amounts to self-dealing for the attorney and is not permissible under the Model Rules unless there is consent, after full disclosure, by the client, which under Kansas case law may require independent advice of counsel. We feel such an assignment, if undertaken, should be restricted to
Louisiana Ethics Opinion
Counsel Financial
Commonwealth of Louisiana Ethics Opinions CHITTENDEN V. STATE FARM MUT. AUTO. INS. CO., 788 SO. 2D 1140 ( LA.), REH. DEN., 2001 LEXIS 2154 ( LA. 2001) 1. It is ethical for an attorney to borrow funds from a third party lending company to cover litigation expenses, or to fund his law practice. 2. The cost of the fees and interest associated with the loan may be passed to the client provided that the client consents in writing to the loan and its charges/interest rate. Please reference your loca
Kentucky Ethics Opinion
Counsel Financial
State of Kentucky KBA E-42011/15/02Subject: Lawyer Borrowing Litigation Costs and Granting Lender a Security Interest in Lawyer’s Contingent Fee Question 1: May a lawyer who represents a client under a contingent fee contract borrow funds from a lending institution to cover litigation expenses?Answer: Yes, subject to the cautions set forth below. Question 2: May the lawyer pass the interest on the loan (along with other related fees) on to the client by deducting them from the proceeds of a jud
Illinois Ethics Opinion
Counsel Financial
State of Illinois Illinois State Bar AssociationCHARGING INTEREST ON ADVANCED EXPENSES TO CLIENT ISBA Advisory Opinion on Professional ConductOpinion No. 94-06 July, 1994 ISBA Advisory Opinions on Professional Conduct are prepared as an educational service to members of the ISBA. While the Opinions express the ISBA interpretation of the Illinois Rules of Professional Conduct and other relevant materials in response to a specific hypothesized fact situation, they do not have the weight of law an
Georgia Ethics Opinion
Counsel Financial
State of Georgia Comments The Georgia ethics committee in various opinions has rendered guidance to attorneys that litigation funding is ethical where client confidences and attorney independent judgment are maintained. They also advise that interest charges can be passed to a client upon full disclosure and written consent. Excerpts from FORMAL ADVISORY OPINION NO. 05-5 Approved And Issued On February 13, 2007 Pursuant To Bar Rule 4-403 By Order Of The Supreme Court Of Georgia Thereby Replaci
Hawaii Ethics Opinion
Counsel Financial
State of Hawaii Comments An arrangement whereby an attorney refers a client to a bank or other lending institution to obtain a loan for legal fees and costs is generally regarded as consistent with the attorney’s duty to make legal services available, thus preserving the integrity and independence of the legal profession. In making such a referral, an attorney need not determine that the credit arrangements are fair to the client or otherwise become involved in such arrangements. An attorney m
Connecticut Ethics Opinion
Counsel Financial
State of Connecticut Informal Opinion 99-42September 17, 1999Connecticut Bar Association Committee on Professional Ethics. Advance Of Funds To Client By Third Party: The requester has asked for the opinion of this committee concerning whether it would be unethical for his office to participate in or to encourage his clients to participate in a program in which a Florida corporation has offered to advance money to personal injury claimants secured by the claimant’s potential recovery in the pers
Colorado Ethics Opinion
Counsel Financial
State of Colorado Comments It is the opinion of the Colorado Bar Association Ethics Committee that the Code of Professional Responsibility prohibits the unilateral charging of interest by an attorney on a delinquent account for legal services, unless there has been a prior agreement between the attorney and the client which specifically states both the amount of interest and the time periods under which interest would be imposed. This opinion is a logical extension of Formal Opinion 338 of the
Florida Ethics Opinion
Counsel Financial
State of Florida Comments For purposes of this inquiry, the Committee assumes that the professional services have been completed and the fee fixed and agreed upon. The assignment of a receivable representing a fee for professional services immediately raises concern about the confidential relationship between lawyer and client, including such confidential matters as the client’s need for legal services and amount of the fee owed for such services. Such assignment also poses ethical problems sho
California Ethics Opinion
Counsel Financial
State of California Comments The Committee interprets the inquiry to ask not about the ethicality of charging interest on costs advanced when they have already been billed to the client and become past due, but, rather, about the ethicality of charging interest from the time they are paid by the lawyer until the time they are billed. As to the former query, the Committee has previously stated that it is not improper for a lawyer, with the prior agreement of the client, to impose a reasonable in
7 Essential Tips for Plaintiffs' Attorneys
Robert Carbone, Esq. | Deputy General Counsel, Attorney Relations
Choosing the right lender and loan terms can be one of the biggest accelerators of growth for a firm. Conversely, choosing the wrong lender or failing to thoroughly investigate loan terms can set a law firm back severely and cost a fortune.  Before borrowing, every attorney should consider these points: “Sleeper” Fees Credit Ceiling Company Ownership Clients Defense Firm Affiliations Trial Organization Endorsements Use of Proceeds Restrictions
Hybrid Line™ from Counsel Financial Offers Bank Alternative to Litigators
Kelly Anthony, Esq. | Deputy General Counsel
Financing solution dedicated to maintaining pricing advantages
Counsel Financial Supports Community by Competing in J.P. Morgan Corporate Challenge®
Kim Gomlak | Marketing Director
Financing company committed to serving law firms and the local area
Building a Business of Law
Kelly Anthony, Esq. | Deputy General Counsel
Owner of employment law and False Claims Act practice speaks on the importance of business acumen in running a law firm. Our Deputy General Counsel, Kelly Anthony, Esq., recently sat down with Adam for a one-on-one interview on what helped his firm grow, what inspired him to start his own legal practice, financing their firm with Counsel Financial and advice on starting your own practice. This is the first installment of our new monthly series. Read what he had to say...
Platinum Sponsor Counsel Financial to Speak at AAJ Day at the Races Seminar
Kim Gomlak | Marketing Director
Law firm financing company proud to support AAJ Education Programs
Counsel Financial Helps Grow Support for The Mikey’s Way Foundation
Kim Gomlak | Marketing Director
Nation’s largest financing company for the plaintiffs’ bar hosts seventh annual fundraising event
Counsel Financial Announces Over $1.5 Billion Advanced to Plaintiffs’ Law Firms
Kim Gomlak | Marketing Director
Specialty lender achieves notable financial milestone
Counsel Financial Celebrates Win of Largest Personal Injury Settlement in New York State History
Kelly Anthony, Esq. | Deputy General Counsel
Edelman & Edelman, P.C. Obtains $35 Million on Behalf of its Clients
AAJ Exclusively Endorses Counsel Financial for the Tenth Year
Kim Gomlak | Marketing Director
Trial Bar Organization Selects Company as Preferred Lender to Members Nationwide
Counsel Financial Announces Support of Cutting-Edge Mass Tort Event
Kelly Anthony, Esq. | Deputy General Counsel
Specialty lender sponsors Mass Tort Med School™ Conference