This CLE program presented by attorney Norman Arnoff, will discuss Legal Malpractice, Fiduciary Duty in the legal profession and how the legal profession's concepts and standards of fiduciary duty can be adapted to the capital markets and the financial services industry. He outlines the elements of legal malpractice (1) attorney client relationship; (2) breach of the duty of care; (3) causation ("but for" or proximate cause) and (4) cognizable economic damages (and not pain and suffering or damages not easily quantifiable into dollars and cents). The defenses to and measures to avoid being sued and being held liable such as heightened awareness of time deadlines; the lawyers judgment rule (i.e. the lawyer does not have to be right all the time but reasonable) and how the lawyer supports the fact he or she exercised rational and informed judgment for the client by documenting same; informed consent and updating clients through ongoing reports including descriptive bills.