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Formal Opinion Number 2003-1

2003 WL 1947992 (2003)

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Formal Opinion Number 2003-1

Ohio Supreme Court Board of Commissioners on Grievances and Discipline

2003 WL 1947992 (2003)

Facts

The Ohio Supreme Court’s Board of Commissioners of Grievances and Discipline (board) provided an opinion regarding ethical issues raised when a business’s purchase or sale involved law-related services. For example, a law firm might help locate a business buyer or seller for a client and want a fee based upon a percentage of the transaction price, or the firm might want to share its fee with a business broker that helped locate a buyer or seller for a client. A lawyer might introduce a buyer or seller to a lender and seek a fee from the lender based on the loan amount. If an investment group asked a lawyer to locate a seller, the lawyer might want to represent the seller and receive a percentage of the transaction price from the investment group. A law firm might want to establish an ancillary business to locate buyers and sellers and have the ancillary business charge fees based on transaction prices.

Rule of Law

Issue

Holding and Reasoning

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