As We See It


 

DOES THE LEGAL PROFESSION NEED BETTER REGULATION?

Posted by SR (riley) on Mar 11 2017 at 1:31 AM
As We See It >>

The recent disbarring of a noted and well-connected Attorney-At-Law for professional misconduct has once again stirred discussions across the country, which points to the need to implement a better mechanism to handle funds of clients who transact real estate deals.

On the face of it, an attorney who is prevented from practising for whatever reasons, stands to lose millions upon millions of dollars of income that would seem to be a deterrent against any kind of misconduct, but why can’t the financial sector become more directly involved to better safeguard the interests of clients?  So how would this work? 

The banks would love this, for a fee they would act as a clearing house for all real estate transactions, while lawyers would only be responsible for the paperwork involved in the transfers of titles and not be required to take deposits or payment in full from their clients and thus prevent the obvious temptation to rinse funds held escrow for their clients.

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