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Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?

 
zephyr
zephyr85100

User ID: 961524
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08/14/2011 02:16 PM

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Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
just tossing this out there in case there are any lawyers around glp today.

I am familiar with MRPC 1.8

Last Edited by zephyr on 08/14/2011 02:28 PM
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Icanttellyou
User ID: 877559
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08/14/2011 02:18 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
Legally or illegally?
Anonymous Coward
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08/14/2011 02:25 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
Are you talking about a 50% interest, or a $50,000 in payment - but the store owner having it classified as an interest payment so he can write it off? There are lots of ways to write things off legally, but you must be clear as to what you're trying to do.
zephyr (OP)
zephyr85100

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United States
08/14/2011 02:27 PM

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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
okay let me rephrase sorry, 50K investement in the business so that he may help make business decisons, he has only written a will for the client and thanks for the responses
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zephyr (OP)
zephyr85100

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08/14/2011 02:30 PM

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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
shamless bump for info
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Anonymous Coward
User ID: 1484730
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08/14/2011 02:33 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
just tossing this out there in case there are any lawyers around glp today.

I am familiar with MRPC 1.8
 Quoting: zephyr


The answer is yes (see link below), but:

What do you mean by: "take"? Do you mean as it is OFFERED by the client or requested by the attorney in a lawsuit? If it's for payment for services rendered, yes. But NOT for the expressed promise of winning a case.

Actually, it's legal for an attorney who seeks payment from a client to sue and claim property or stocks, etc., to repay a balance that is owed by the client, for payment of services (if an attorney chooses to go that route). But a client can also choose to pay with other assets instead of "cash", such as property: house; boat; stocks and bonds; etc., but there are legal disclosures required by law.

It's been done many times before and people still do it. The only problem though is that an attorney can choose to decline such payment and request money. In that case the client would have to SELL said assets and then pay the attorney the earnings.

[link to www.quora.com]
Anonymous Coward
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08/14/2011 02:35 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
Oh, so the lawyer wants to buy into his client's business for a sum of $50K? Of course he can, assuming the the client owns the business. To be legal, they just need a contract specifying the terms. I would be very careful getting into business with a lawyer who I am not a personal friend with, know what I mean? The lawyer would probably end up with the store eventually.
Anonymous Coward
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08/14/2011 02:36 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
okay let me rephrase sorry, 50K investement in the business so that he may help make business decisons, he has only written a will for the client and thanks for the responses
 Quoting: zephyr


I just saw your edit.

Again, yes. But there are ramifications. Basically you're saying he becomes a shareholder. Of course, his decision-making power will depend on how much of a percentage his 50k investment awards him. Example: does his 50k investment earn him a 50% stake??? Or 10%???
zephyr (OP)
zephyr85100

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08/14/2011 02:40 PM

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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
okay great answers, I was just trying to decide if Model Rule 1.8 would apply and from your answers I see that it would not as long as the exceptions were met....

again thanks for the help, I knew there were some sharp lawyers hanging around glp
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Anonymous Coward
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08/14/2011 02:43 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
okay great answers, I was just trying to decide if Model Rule 1.8 would apply and from your answers I see that it would not as long as the exceptions were met....

again thanks for the help, I knew there were some sharp lawyers hanging around glp
 Quoting: zephyr



Just so you know, I am not a lawyer. I do own several businesses though.
zephyr (OP)
zephyr85100

User ID: 961524
United States
08/14/2011 02:45 PM

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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
[

Just so you know, I am not a lawyer. I do own several businesses though.
 Quoting: Anonymous Coward 1383921



:-) awesome and again, thank you
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Anonymous Coward
User ID: 1383921
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08/14/2011 02:45 PM
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Re: Can a lawyer make a 50k investment t in a shoe store owned by one of his clients?
okay great answers, I was just trying to decide if Model Rule 1.8 would apply and from your answers I see that it would not as long as the exceptions were met....

again thanks for the help, I knew there were some sharp lawyers hanging around glp
 Quoting: zephyr



Just so you know, I am not a lawyer. I do own several businesses though.
 Quoting: Anonymous Coward 1383921


P.S. - I also don't know what the hell MRPC 1.8 happens to be, LOL.

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