New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM LEGAL PRACTICE (SOLICITORS) RULES 2015 - REG 8

8 Conducting another business

8.1 A solicitor who engages in the conduct of another business concurrently, but not directly in association, with the conduct of the solicitor's legal practice must:

8.1.1 ensure that the other business is not of such a nature that the solicitor's involvement in it would be likely to impair, or conflict with, the solicitor's duties to clients in the conduct of the practice, and

8.1.2 maintain separate and independent files, records and accounts in respect of the legal practice and the other business, and

8.1.3 disclose the solicitor's financial or other interest in that business to any client of the solicitor who, in the course of dealing with the solicitor, deals with the other business, and

8.1.4 cease to act for the client if the solicitor's independent service of the client's interest is reasonably likely to be affected by the solicitor's interest in the other business.

8.2 For the purposes of this rule, a solicitor is taken to engage in the conduct of another business where the solicitor, or an associate:

8.2.1 is entitled, at law or in equity, to an interest in the assets of the business which is significant or of relatively substantial value, or

8.2.2 exercises any material control over the conduct and operation of the business, or

8.2.3 has an entitlement to a share of the income of the business which is substantial, having regard to the total income which is derived from it.