who are asked to serve on the boards of organizations that are also
their clients should be extra cautious about avoiding risks to
themselves, their firms and their clients.
A whitepaper created
by the lawyers who work for CNA to provide risk management and loss
prevention services to attorneys insured by the ISBA’s endorsed
professional liability insurance provider, Lockton Affinity, LLC,
outlines six risks that lawyer-directors must identify and mitigate. It
also presents four items to consider in determining whether a conflict
of interest exists. And, it concludes with risk control policies that
lawyer-directors should put in place to manage risks.
risk control policies that lawyer-directors should put into place are
drafting a memorandum to the organization’s board outlining the
potential risks of having a lawyer-director on the board, doing whatever
is necessary to protect attorney-client privileged communications and
documents, and recusing himself/herself from all decisions and votes
that may involve a conflict of interest or other ethical considerations.
To read the entire paper, click here.
For more information, contact Mike Schrandt, senior account manager,
Lockton Affinity, LLC; Phone: 800-679-7154; Fax: 913-652-4682; Email: MSchrandt@locktonaffinity.com.