OBLIC news, events and updates.

This OBLIC Alert brings you three important developments for several areas of practice. CTA Updates from FinCEN Ohio Board of Professional Conduct Opinion 2024 -03 on Fee Agreements ABA Formal Opinion 510 on Avoiding Imputation of Conflicts of Interest CTA Updates from FinCEN On April 18, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions […]

OBLIC continues to provide updated information and answer your questions on CTA. Beginning in December 2023, we informed that  the Corporate Transparency Act launches January 1, 2024, what it requires and guidance on some practice considerations. In our January 2024 OBLIC Alert- Your Hotline Questions: CTA, we looked at whether a law firm has to […]

The Corporate Transparency Act (CTA), part of the Anti-Money Laundering Act provisions in the National Defense Authorization Act of 2021, took effect January 1, 2024. The CTA requires a non-exempt business entity (a “reporting company”) to report information on their “beneficial owners” (beneficial owner information – BOI) with the Financial Crimes Enforcement Network “FinCEN.” Reporting deadlines to […]

Following our OBLIC Alert on the Corporate Transparency Act (CTA), inquiring minds contacted OBLIC with questions. This Alert will address the questions we received to date. FinCEN information and resources were used for this Alert. Please keep in mind that the CTA reporting requirement became effective on January 1, 2024. Information on the FinCEN website […]

The Corporate Transparency Act (CTA) is part of the Anti-Money Laundering Act provisions in the NDAA of 2021 (National Defense Authorization Act). Beginning January 1, 2024, the CTA requires a business entity, defined as “reporting company,” that is not exempt, to report information on their “beneficial owners” (beneficial owner information – BOI) with the Financial […]

In the last 20 years, employment-related lawsuits have increased by 400% and lawsuits for wrongful termination have increased 260%. Shifts in cultural expectations coupled with insufficient re-education have also led to an increase in complaints of harassment, hostility in the workplace, and inappropriate behavior between business contacts who are not necessarily employees. Business owners are […]

OBLIC has often stressed the importance of good client communication, including succinctly and clearly informing clients in writing about legal fees for representation. Earlier this month, the ABA in Formal Opinion 505 addressed Fees Paid in Advance for Contemplated Services. As we report on this ABA Opinion, it is important to note the differences from […]

Managing a good relationship with your third-party contractors starts with proactively establishing clear expectations. Making sure that they have their own liability insurance can protect you and your clients in the event of an error. A consistent process when working with third-party professionals will help ensure a smoother relationship and compliance with Professional Conduct Rule […]

The decision to enter into an of counsel relationship requires careful consideration by both the of counsel lawyer and the law firm. The arrangement can be beneficial to both sides if both are aware of the insurance coverage implications and associated ethical obligations. The Of Counsel Relationship The first step is for both lawyer and […]

Attorneys are often asked to serve on corporate or non-profit boards. This can be a fulfilling way to give back to the community, but often there is an expectation that the attorney will provide pro bono legal advice. The dual role of board member and legal advisor creates risks unique to lawyers. Consider the following […]