Thursday, April 10, 2008

Love (But Don't Represent When There's A Conflict) Thy Neighbor

The Maine Board of Bar Overseers reprimanded a lawyer who had represented both his neighbors and a local bank. The attorney stipulated that he should not have undertaken to represent the neighbors in re-financing their residential property as his "personal interests became potentially adverse...due to a previous restrictive covenant in favor of [him] (which [he] had drafted in 1974) likely affecting the property." He had failed to disclose potential conflicts to the neighbors and the bank. The neighbors eventually paid the lawyer $20,000 to release his interest in their property.  He later came to realize his error and apologized. Part of the sanction requires the attorney to "participate in one or more live CLE courses that address conflicts analysis, real estate law, and fiduciary relationships." (Mike Frisch)

http://lawprofessors.typepad.com/legal_profession/2008/04/love-but-dont-r.html

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