These summaries were prepared by McGuireWoods LLP lawyer Thomas E. Spahn. They are based on the letter opinions issued by the Virginia State Bar. Any editorial comments reflect Mr. Spahn's current personal views, and not the opinions of the Virginia State Bar, McGuireWoods or its clients. 
 
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LEO NumTopicsSummary
1138

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50-Lawyer-Owned Businesses

58-Real Estate Lawyers

A lawyer may own stock in a title company and receive consulting fees that are tied to the number of policies the lawyer arranges for. [This LEO was overruled in LEO 1402.] [Under Rule 1.8(a), a lawyer may not enter into a "business transaction" with a client unless the client is given an opportunity to seek independent advice, and there has been full disclosure and consent in writing.]

Copyright 2000, Thomas E. Spahn