LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
The following is a more accessible plain text extract of the PDF sample above, taken from our Business Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Conduct
Conflicts of Interest
Principal 4 must act in the best interests of the client
Outcome 3.5 cannot act if there is a conflict or a significant risk of a client conflict
Both clients have to be current clients
IB 3.2 decline to act for clients whose interests are in direct conflict
IB 3.3 decline to act for clients where need to negotiate matters of substance
No conflict with a former client BUT SEE CONFIDENTIALITY
Outcome 3.6 Can act for two or more clients if they have a substantially common interest in relation to the matter or a particular aspect of it
(a) Explained issues & risks of acting to the clients & have a reasonable belief that they understand the risks?
(b) Clients given informed consent in writing?
(c) Satisfied that it is reasonable to act?
(d) The benefits of acting outweigh the risk?
IB 3.5 Question whether it would be appropriate to act for all parties or whether it would be in their best interests to be separately represented
IB 3.12 it will be unreasonable to act if clients have unequal bargaining power
Outcome 3.7 Can act for two or more clients if they are competing for the same objecting
(a) Explained issues & risks of acting to the clients & have a reasonable belief that they understand the risks?
(b) Clients given informed consent in writing?
(c) No other client conflict in relation to the matter?
(d) Unless the clients specifically agree, no individual acts for, or is responsible for the supervision of work done for, more than one of the clients in that matter
(e) The benefits of acting outweigh the risk?
IB 3.5 Question whether it would be appropriate to act for all parties or whether it would be in their best interests to be separately represented
IB 3.6 only acting for clients who are sophisticated users of legal services
IB 3.9 cannot advise a client to invest in a business in which you have an interest
IB 3.13 Cannot act for two buyers competing for same residential property
Confidentiality
Principal 4 must act in the best interests of the client
Outcome 4.1 must keep the affairs of clients & former clients confidential
Outcome 4.2 must disclose to a client all material information that you personally know
Information will be material if it might impact upon a client’s decision making process in the current matter
Outcome 4.3 the duty of confidentiality overrides the duty of disclosure
IB 4.5 Do not act for a client where you hold confidential information of another client which is material to the first client unless the confidential information can be protected
Outcome 4.4 Where you want to act for A, where A has an interest adverse to B and B is a former client, even if you hold confidential information for B that is material for A, you can still act for A if the information can be protected by safeguards PROVIDED
You reasonably believe that A understands that you are going to act for them but you are not going to tell them the information related to B
A must give informed consent
Either
B gives informed consent that you will be acting for A & agrees safeguards for the information
If consent is not possible, then you put in effective safeguards (If B says no to consent then CANNOT act for A)
It is reasonable in the circumstances to act for A
IB 4.4 cannot act where you hold information which is adverse to another client
Is it material?
Money Laundering
What to look out for:
Transaction aborted for no apparent reason before the firm has even been given details of the sellers or their solicitors & nonetheless the client has been very quick to pay money into the firm’s client account
Money being paid out to a third party, domiciled in a different country from the parties to the transaction, for no apparent reason
Firm offered an unreasonably large payment for virtually no work
Payment of large sums in cash with no valid or apparent reason
Client seem to want to instruct trainee directly without going to supervisor
Due diligence – identity checks 15.2.3 Legal Foundations Textbook
Three offences
328(1) POCA 2002 entering into or becoming concerned in an arrangement which you know or suspect facilitates the acquisition, retention, use or control or criminal property
SUBJECTIVE TEST
Must not proceed with transaction as
14 years imprisonment
Defences
Overseas
Simple litigation
Authorised disclosure & consent to complete transaction by firm’s MLO
Will only occur if SOCA allows it, or does not apply to MLO within 7 days of notification to it
330 POCA 2002 Failing to make an authorised disclosure if you know or suspect or have...
Buy the full version of these notes or essay plans and more in our Business Law and Practice Notes.
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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