Risk Management & Claims Prevention
When a Law Firm Gets Hacked: A Case Study in Cybersecurity Risks and Recovery
As cyberattacks become increasingly sophisticated and prevalent, law firms are emerging as targets due to the highly sensitive nature of their data and pools of money. Law firms can hold a wealth of confidential data, including client identities, case details, and proprietary legal strategies, making them prime candidates for cybercriminals seeking to exploit this valuable… Read More »
Categories: Fraud PreventionVerify the withdrawals from your accounts
LAWPRO has received claims from lawyers who fell victim to fraudsters diverting and depositing cheques meant for their clients. In two cases to date, lawyers issued cheques to their clients as part of their professional services. However, in both cases, an identical amount was withdrawn from the lawyer’s trust account but payable to a third… Read More »
Categories: Fraud PreventionWhen ILA isn’t
This is a story of what seemed like a simple independent legal advice (ILA) matter that turned out to be more complicated than it looked. The claim story A lender sought ILA about a loan that he wanted to advance to a friend. The friend intended to use the money to purchase additional shares in… Read More »
Categories: Risk Management StrategiesEstates and Limitation Periods – Recent case decision
Navigating limitation periods is a critical aspect of legal practice in Ontario and lawyers are often faced with the challenge of determining which legislation applies to their clients’ cases. In a recent case, the Ontario Court of Appeal ruled that the two-year limitation period under the Trustee Act applied to the respondent’s equitable trust claim… Read More »
Categories: Limitations Claims, Wills & EstatesHow to ensure you have secure funds
[Updated May 14, 2024] Article highlights: 1.For funds to be truly irrevocable, you need a PCRN. Anything else is a risk. 2.Financial institutions that have adopted the Uniform Treatment of Wire Payments have agreed to treat “On-Us” funds (e.g. when the payee and the payor are at different branches of the same financial institution) as… Read More »
Categories: Fraud PreventionAre you ready for the Law Society’s new client ID requirements on January 1, 2024?
As of January 1st, 2024, the Law Society of Ontario requires lawyers who only meet with clients virtually to verify their clients’ identity online by authenticating their identification documents, or using an alternate, approved verification method. This ends the emergency virtual-verification measures that permitted verification through simply viewing identification documents online. The virtual authentication of… Read More »
Categories: Fraud PreventionNew wellness resources from the Member Assistance Program
Beginning December 1, Homewood Health will be updating the myassistplan.com web portal to incorporate the new “Pathfinder” user-interface system. Through a series of simple questions, the anonymous Pathfinder system will quickly guide lawyers to curated lifestyle coaching, counselling, peer-support, and online resources that are directed at the specific needs of each lawyer. Lawyers can book… Read More »
Categories: Wellness and BalanceFederation of Law Societies launches online program to combat money laundering risks
The Federation’s of Law Societys has launched an online learning program entitled “Anti-Money Laundering and Terrorist Financing in the Canadian Legal Profession”. The program is free and the Law Society of Ontario has accredited the program for 3 hours and 45 minutes of Professionalism content. From the website: “The practice of law exposes legal professionals… Read More »
Categories: Fraud Prevention, Technology