Kidd Rapinet place beating bogus firms at the top of their 2015 agenda

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12 February 2015


Lawyer Checker200As a regular user of the Lawyer Checker Account and Entity Screen search, Kidd Rapinet LLP is prioritising the security of its client’s money within purchase transactions.

As is advised by LC, all fee earners at Kidd Rapinet have been instructed to ensure that they obtain the recipient solicitors’ client account details at the earliest juncture in the transaction and as part of the process of verifying the instruction.

Why do this?

Conducting the search on the recipient firm later on in the transaction – for example just before exchange of contracts – could throw up many problems if the account number is found to have little or no transactional history. Safeguarding client money has become an intrinsic part of the process for Kidd Rapinet.

As senior partner Paul Taylor explains:

“Here at KR we are keen to adopt a pro-active approach when it comes to looking after client money. This is why we have incorporated a Lawyer Checker search into each and every one of our transactions, where monies are to be remitted to another firm, regardless of how well we know that firm. If any firm refuses to provide its client account details, our policy is to not remit monies under any circumstance. It is imperative to us that we have a satisfactory Lawyer Checker search which will enable the team, in consultation with me as COLP, to make an informed decision.”

 



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Why lawyers should be paranoid about client confidentiality

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In April 2016, a lawsuit was filed claiming one Chicago-based law firm had failed to protect confidential client information. The suit didn’t accuse lawyers at the firm of inadvertently sharing client information. In fact, according to The American Lawyer, “[t]he complaint makes no claim that data was stolen or used against clients.” The claim solely focused on the fact that lax data security could have put client information at risk. In other words, fail to take proper precautions to protect client confidentiality, and you could find yourself in hot water – whether your lack of preparedness breaches confidentiality or not.

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