Legal Ethics and Conflicts of Interest Quiz

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Questions and Answers

What is at the core of legal professional conduct?

  • Ensuring maximum profit for the law firm
  • Avoiding conflicts of interest
  • Acting in the best interests of each client (correct)
  • Favoring influential clients

What does legal ethics broadly refer to?

  • Unique responsibilities of lawyers and the legal system (correct)
  • Avoiding legal regulations
  • Maximizing billable hours for lawyers
  • Exploiting loopholes in the legal system

What are lawyers subject to due to their close involvement in the administration of law?

  • Special standards, regulation, and liability (correct)
  • Immunity from conflicts of interest
  • Complete autonomy in decision making
  • Exemption from legal consequences

What does legal ethics mostly refer to in terms of rules of professional conduct?

<p>Conflicts of interests, legal privilege, and client confidentiality (C)</p> Signup and view all the answers

What do model rules and regulations serve as for lawyers?

<p>A minimum to be met (C)</p> Signup and view all the answers

What is a long-fought battle in legal ethics?

<p>Balance between client protection or representation and lawyers’ interests (D)</p> Signup and view all the answers

What do legal ethics also apply to, besides the rules required by law?

<p>Norms lawyers must follow that are NOT required by law (A)</p> Signup and view all the answers

What is a conflict of interest?

<p>When a lawyer’s personal or financial interests interfere with their ability to represent their client’s interests (A)</p> Signup and view all the answers

What is an example of a financial conflict of interest?

<p>A lawyer stands to gain financially from a client (B)</p> Signup and view all the answers

How can conflicts of interest be managed?

<p>By identifying risk and raising awareness (A)</p> Signup and view all the answers

What are the types of conflicts of interest mentioned?

<p>Direct, Financial, Personal, Secondary (C)</p> Signup and view all the answers

Which is an example of a direct conflict of interest?

<p>A divorce where the firm is asked to act for both husband and wife (D)</p> Signup and view all the answers

What is a commingle conflict of interest?

<p>Combining a client’s funds or properties into a common fund with the lawyer's assets (B)</p> Signup and view all the answers

How can conflicts of interest be prevented?

<p>Through internal training programs and mentorship programs (D)</p> Signup and view all the answers

What are the penalties for preventing conflicts of interests?

<p>Fines, Suspension, Disbarment (C)</p> Signup and view all the answers

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