A century ago, Gov. Woodrow Wilson prophetically warned our State Bar Association: “the public is losing respect for the law profession.” If we hope to reverse that trend, the Bar Association must withdraw its endorsement of the Professional Services Business Enhancement Act. If enacted, it would absolve dishonest and negligent lawyers of responsibility for the full measure of consequential damages to undo the harm they cause their clients. It would also slash the current six-year statute of limitations to two.
Sadly, today’s legal landscape is littered with metaphors like Madoff, Dreier and Enron — catastrophes inflicting damage on innocent clients that could have been avoided if the lawyers involved had taken their fiduciary duties seriously. The fiduciary duty is central to our creed: We must put the interests of those who rely on our professional advice and acts ahead of our own.
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