Bob Parrish C PA. P.C.

 Lawyer's Responsibility for Privacy Statements

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Privacy Statement

Privacy Statement

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Question or Topic

Must a lawyer draft a Privacy Statement, post it on the lawyer's web site and send the statement to clients?

The Answer

Apparently - YES

The Gramm--Leach-Bliley Act, Public Law 106-102 requires those persons or entities with financial information on its clients or customers must meet the mandates of this act.

A "financial institution" is defined as "any institution engaged in the business of providing financial services to customers" including, "any investment advisor".

Examples of those included:

1. Collection agencies

2. Credit counselors

3. Other financial advisors

4. Tax Preparation firms

5. Property leasing

6. Those providing real estate settlement services

7. Financial advisory services

8. Investment advisory services

9. Those providing instructions on individual financial management

10. Tax advisory firms

11. Probably bankruptcy lawyers

The initial notice is due to your clients July 1, 2001.  For continuing clients, there is a requirement to send the statement annually.

Possibly for lawyers, the statement may be more simple because of the ethics that lawyers must follow.

Solutions are dependent upon facts & circumstances, law and the objectives.  These elements vary from one time to another, from one circumstance to another and from person or entity to another

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