Thursday, August 13, 2009

The end to "run road" lawyers...

In Dec 2007, I wrote "Another lawyer run road". That article was about lawyers who ran off with clients' money deposited with the law firm for property purchases. The solution is actually quite simple - use cashier's order or deposit the money with an escrow e.g bank. Big law firms that handle millions prefer not to do this because they earn hundreds of thousands in interest when the money is in their accounts. The cases of lawyers running off with clients' money affects smaller less well known law firms more negatively than bigger ones. So it took a long time for a few simple changes to take place, but they are finally here:

I tell you why I'm only half happy with this....... The other issue is why are lawyers allowed to monopolise and set minimum prices for conveyance services (read the Law Society guidelines for conveyance fees) when such services can be provided by licensed conveyancers (who compete) as in other countries. Our lawyers are intelligent highly trained individuals and a precious resource in our justice system - they should be freed up from mundane tasks to do more important things. This price setting is completely inconsistent with other professions having no minimum price for service provided and having to compete with foreign talents from anywhere in the world. Our software developers don't fix prices for applications they develop . Our cleaners have to compete much harder than our lawyers. Why does our society have to feed and protect people who drive BMWs while others have to compete so hard to make ends meet?

13 comments:

Anonymous said...

Ha ha ...which ministers and ex-ministers have wives or relatives who own law firms? Let's see......

Anonymous said...

Big law firms that handle millions prefer not to do this because they earn hundreds of thousands in interest when the money is in their accounts.

Our wise old fart himself own a law firm.

Now you know why our ezlink card requires $3 or $5 refundable deposits. $3 minimum in card now before it can be used.

Multiply the $3 or $5 previously by the number of population in Singapore. That will be much more than 4 millions, accruing interest in banks.

Who benefits from this interest?

Now the food court chain Kopitiam clearly copied this idea from ezlink while ezlink most probably copied this idea from lawyers.

Can the interest earned subsidized public transport, given that though the $3 technically belongs to us but they need to be kept away from us as long as we or other foreigners live in Singapore, the millions in float will most likely earned interests forever.

Anonymous said...

Mundane tasks? Haha!

That's where the money is, if you have the volume.

If you were a lawyer, what would you do? Where there is easy (and of course legal) money, isn't it?

That's why few lawyers want to specialise as criminal case lawyers.

Onlooker said...

What to do? It happened....
"Run road" Lawyers run because of the availability of the money to them but it is the lack of ethics in these lawyers that is sad.
Changing the law will not change this fact.

Anonymous said...

It's meritocracy... I guess it's a way of telling us "you so deserve all this s**t cos who ask you not being able to be an elite?!"

Anonymous said...

>>Our lawyers are intelligent highly trained individuals and a precious resource in our justice system - they should be freed up from mundane tasks to do more important things.<<

yes, like blog lol

Anonymous said...

it is important to keep people (who are otherwise capable of forming opinions and dissents)sedated by giving them enough economic incentives. Nobody endangers a system when his interests are well-vested in it. And cleaners never start a revolution.

Hence, it is obvious that Lucky is not sufficient rewarded in his profession.

A tip to PAP - you should do a "Vivien Bala" on Lucky to domesticate his ranting mind.

Anonymous said...

@Anon 14:29

Lucky is a millionaire!

And Vivien Bala was leader of the Junior Pyramid Club when he was supposedly a "dissident".

U guys really believe everything u read in the MSM?!!

Anyway, Lucky is not significant yet .. not until his readership exceeds XiaXue's ...

Anonymous said...

nope .. PAP should do a "Tharman" on Lucky ...

Anonymous said...

good one lucky! lawyers have it easy in sg coz you know who was a lawyer!

Anonymous said...

Did you read about the case where the rogue lawyer forged the Sim Brothers signature, and sold off their properties without their knowledge?

The High Court's judgement was expected, but disappointing.

I am not expert in legal affairs. But the verdict sends a strong message; that if you can successfully forge a signature, you can be recognized as the legal owner of the property, even if the truth is found out later on.

The lawyer has forged the signatures, sold the properties, run road. And the High Court, even after confirming that the signatures on the properties sales documents were forged and illegtimate, has allowed the bank to possess the property.

I guess I now don't have to endure long queues to buy a new condo. All I need to do is learn how to forge a couple of easy signatures.

rookielim said...

Lucky,

I am very surprised that there is a published guideline rates for conveyance service.

I am aware that Singapore has a Competition Commission that barred all such guideline rates. The medical association was in the news because their published rates were disallowed.

Is this another case of Animal Farm???

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