Regulatory
Fiduciary Duty
The highest standard of care imposed by law, requiring an attorney to act in the best interest of their client with undivided loyalty, confidentiality, and good faith. Breach of fiduciary duty is a common basis for legal malpractice claims and can arise from conflicts of interest, self-dealing, commingling of funds, or failure to disclose material information to the client.
Related terms
IOLTAInterest on Lawyers Trust Accounts, a program in which client funds held in trust by attorneys are d...Trust AccountA separate bank account maintained by a law firm to hold client funds, settlement proceeds, and othe...Conflict of InterestA situation in which an attorney's duties to one client, a former client, or the attorney's own inte...