Could a lawyer work on trusts and wills through a financial adviser's firm or take its referrals?

Plain-English summary

A lawyer asked about reviewing a financial-adviser company's customized trusts, employment to draft wills and trusts for its clients, ordinary referrals, the company's promotion of an attorney, and an in-house legal department serving company clients.

The opinion raised assistance-with-unauthorized-practice concerns for document review, found such assistance in the employment and advertising plans, and called the proposed legal department unauthorized practice. It also raised possible in-person solicitation under Rule 7.3(b). Simple referrals were acceptable if that was all the relationship involved; Rule 7.2(c) barred giving value for them. The opinion expressly left some scenario-dependent issues open.

Currency note

This 1994 opinion predates Missouri's 2007 amendments to its Rules of Professional Conduct. An official reference note identifies July 1, 2007 amendments to Rules 4-1.9 and 4-1.10. Subsequent rule amendments or later opinions may have changed the analysis. Treat this page as historical context and verify current rules before relying on it.

Common questions

Q: Were simple referrals acceptable?

A: Yes, if referrals were all that was involved and no other relationship existed beyond lawyer and client.

Q: Could the adviser advertise its lawyer for clients' matters?

A: The opinion said that would assist unauthorized practice.

Q: What did it say about a legal department serving adviser clients?

A: It called that unauthorized practice of law.

Background and rules framework

The opinion considered five financial-adviser arrangements and cited Rules 5.5, 7.3(b), and 7.2(c) in its answers.

Citations and references

Rules of Professional Conduct:

• Missouri Rule 5.5
• Missouri Rule 7.3(b)
• Missouri Rule 7.2(c)

See also

• Missouri Informal Op. 940036: Lay estate planning program
• Missouri Informal Op. 940024: Planner referrals

Source

• Landing page: https://mo-legal-ethics.org/informal-opinion/940002/

Original opinion text

Reproduced from the official source for research purposes. The linked source is authoritative.

QUESTION: Attorney has questions about several situations. (1) Client would obtain trust documents from a company which customizes them for client´s financial advisor firm. Attorney would review the document and approve it or suggest changes. (2) Attorney would be employed by the financial advisor firm and draft wills and trusts for its clients. (3) Financial advisor firm refers clients to Attorney just as any friend or former client might. (4) The financial advisor company would advertise that it has an attorney to handle certain matters for its clients. (5) Financial advisor company sets up a legal department to handle the legal affairs of the company and the company´s clients. ANSWER: (1) This raises concerns that Attorney would be assisting in the unauthorized practice of law in violation of Rule 5.5. Other problems may be raised if more details were provided. (2) This would involve assisting the unauthorized practice of law. There may be violations of Rule 7.3(b) regarding in person solicitation. There could be other problems depending on the specifics. (3) Referrals are acceptable as long as that is all that´s involved. No relationship other than that of attorney and client should exist. Rule 7.2(c) prohibits a lawyer from giving anything of value in exchange for a referral. (4) This would involve assisting the unauthorized practice of law. (5) This would be the unauthorized practice of law.