Saturday, May 22, 2004
IN REPLY.....
Mr. David Giacalone takes issue with Mr. Olson's and my opinion on caps for client protection funds. I appreciate the point made by Mr. Giacalone that the client protection funds are a separate entity and that individuals are free to pursue lawsuits against lawyers that they feel have defrauded them. Mr Giacalone writes:
Typical losses covered include the theft of money from estates of dead clients; escrow funds in real property closing; settlements in personal injury actions; and money embezzled from clients in investment transactions.
So these funds serve to compensate the client for what appears to be criminal conduct on the part of their attorney. A point that Mr. Giacalone does not mention, but Mr. Olson does, is that the caps advocated by physicians and others would apply only to non-economic damages. I have seen nothing that indicates that these funds provide any compensation for "pain and suffering".
And according to the Georgia Bar website there is not even a legal right to payment.
Mr Giacalone then inquires about any analogous programs for physicians. The Florida and Virginia no-fault cerebral palsy funds. These are funds, supported by annual contributions ($5,000 to $250)by all physicians, regardless if they practice obstetrics or not. While the argument may be made that this program's primary purpose was to assist with liability insurance affordability, do not client protection programs also have an effect on liability insurance for attorneys? |
Mr. David Giacalone takes issue with Mr. Olson's and my opinion on caps for client protection funds. I appreciate the point made by Mr. Giacalone that the client protection funds are a separate entity and that individuals are free to pursue lawsuits against lawyers that they feel have defrauded them. Mr Giacalone writes:
Typical losses covered include the theft of money from estates of dead clients; escrow funds in real property closing; settlements in personal injury actions; and money embezzled from clients in investment transactions.
So these funds serve to compensate the client for what appears to be criminal conduct on the part of their attorney. A point that Mr. Giacalone does not mention, but Mr. Olson does, is that the caps advocated by physicians and others would apply only to non-economic damages. I have seen nothing that indicates that these funds provide any compensation for "pain and suffering".
And according to the Georgia Bar website there is not even a legal right to payment.
Mr Giacalone then inquires about any analogous programs for physicians. The Florida and Virginia no-fault cerebral palsy funds. These are funds, supported by annual contributions ($5,000 to $250)by all physicians, regardless if they practice obstetrics or not. While the argument may be made that this program's primary purpose was to assist with liability insurance affordability, do not client protection programs also have an effect on liability insurance for attorneys? |
