Ethics Question of the Week: Can I take a security interest in a client's property to guarantee a fee?
Q. Can I take a security interest in property my client owns (but not involved in the representation) to guarantee my fee?
A. IRPC 1.8(i) provides that a lawyer shall not acquire a proprietary interest in the cause of action or subject matter of litigation a lawyer is conducting for his client. See Supreme Court Rule 1.8. Comment [16] to that Rule provides additional guidance on acquiring security interests from clients. That Comment says: “When a lawyer acquires by contract a security interest in property other than that recovered through the lawyer’s efforts in the litigation, such acquisition is a business or financial transaction with a client and is governed by the requirements of paragraph (a)” of RPC 1.8 (which requires: objectively fair and reasonable terms; written disclosure of the terms; written notice that the client should seek review by another lawyer; and informed client consent in writing).
ISBA members can browse past ISBA Ethics Opinions, access our Ethics Hotline, and other resources on the ISBA Ethics Page.
Justices of the Illinois Supreme Court and the Illinois Appellate Court administered the attorney’s oath to 691 new attorneys at five separate locations on Thursday, May 1.
The Fellows of the Illinois Bar Foundation will honor Patrick Kinnally and Susan Rogaliner on May 22. The Kane County Fellows Reception will be held at Riverside Reception, 35 N. River Lane in Geneva. The event takes place from 5-6:30 and tickets are $40.
Nearly two dozen volunteer attorneys helped answer over 350 phone calls, emails and Skype calls at the 33rd Annual Ask A Lawyer Day on Saturday, April 26. Those calls helped members of the public resolve their legal issues or gave them the next steps toward resolving those issues. The endeavor also garnered much positive media coverage throughout Illinois.