Session 1: “Cover Your Bases” — Law Firms as Fiduciaries (Multiple Models)
The practice of lawyers serving as fiduciaries has a long history and is relatively commonplace today in certain parts of the country, particularly Massachusetts. The scope of services provided by such lawyers and their firms varies widely, however. Some will act as trustee and rely on outside service providers to handle many aspects of the fiduciary function, such as bookkeeping, accounting, and investment management. Others offer fully integrated fiduciary services, including investment management, either through the law firm itself, or a combination of services provided by law firm personnel and professionals employed by a wholly owned or affiliated registered investment adviser or trust company. This session will explore the phenomenon of the lawyer as trustee and the different business models used by law firms to offer integrated fiduciary services, from both a large and smaller firm perspective. It will examine the advantages and disadvantages of these models, the infrastructure needs and overhead, and the general challenges in building an integrated fiduciary management practice.
Thomas E. Bator, Boston, MA
Nancy E. Dempze, Boston, MA
Martin Hall, Boston, MA
Michael J. Puzo, Boston, MA
Session II: “Inside Baseball” — Family Offices (Multiple Models)
These days the phrase “family office” is pervasive in financial institutions, law firms, investment firms, and other companies who work with high net worth clients. This session will unpack the definitional issues involved when discussing family offices and their common flavors (single family offices, multi-family offices and virtual family offices). The presenters will answer common questions about family offices. What services do family offices tend to provide? What are some important issues for attorneys to keep in mind when interacting in the world of family offices? What are some ethical traps for the unwary?
Kim Kamin, Chicago, IL
Prof. Charles E. Rounds, Boston, MA
Michael D. Whitty, Chicago, IL
Session III: “It’s a Whole New Ballgame” — Trust Directors with Powers to Advise/Consent/Direct and with Powers of Protectors
This presentation will discuss the various roles lawyers fulfill related to our clients’ trusts – advisor, advocate, amender, approver, consenter, director, enforcer, mediator, remover, tie-breaker and trustee, are among some of the titles. Some of these functions involve the direction of a trustee in carrying out ordinary duties in administration of a trust, such as directing the trustee as to trust investments or discretionary distributions from the trust. Other functions involve decisions that would otherwise be made by courts or that would not easily be made by trustees due to the trustees’ fiduciary duties to beneficiaries. It will examine the issues surrounding the lawyer fulfilling these various functions, and the scope of any duties and other considerations for lawyers prior to agreeing to undertake such functions or roles.
Kathleen R. Sherby, St. Louis, MO
Suzanne L. Shier, Chicago, IL
Session IV: “Safe!” Why Doesn’t Everyone Do It — A Review of the Ethical and Practice Implications
The panel will discuss the Model Rules of Professional Conduct which may apply to wearing one or more of the hats modeled by the previous speakers. Any relevant ACTEC Commentaries, ethics opinions or case decisions will be discussed to provide guidance.
Leiha Macauley, Boston, MA
C. Kevin McCrindle, Waterloo, IA
J. Lee E. Osborne, Roanoke, VA
ACTEC 2016 Summer Meeting
June 18, 2016