Consultancy of investment

Dear Client,

             If  the  investment is  in Mutual funds  shares and insurance businesses  etc as  othewise these businesses are incidntal or ancilliary to his profession a  an advocate  the Advocate  may simultaneously carry on  as Investment  consultant as well as Insuranc agent while practising as an  Advocate.

Originally posted by : Ms.Usha Kapoor
	Dear Client,              If  the  investment is  in Mutual funds  shares and insurance businesses  etc as  othewise these businesses are incidntal or ancilliary to his profession a  an advocate  the Advocate  may simultaneously carry on  as Investment  consultant as well as Insuranc agent while practising as an  Advocate.

Dear Mam,

Here is a conflict on this matter with the reply of Arun Shukla 

Please advise.

Dear Client,

IN US and western countries  Legal Practitioners are allowed to carry on the business of investment consultant OR INSURANCE AGENT a S THESE BUSINESSES WERE CONSIDERED ANCILARY TO  THE PROFESSIO OF lAW. In  IndiaI ADVOCATE DOING ANY OTHER FULL TIJME BUSINESS FOR PROFIT IS RESTRICTED AS PER ADVOCATES ACT SECTION 47.

SEE Masachusettes law:

Christa A. Arcos, Assistant Bar Counsel

Although attorneys have historically been allowed both to practice law and to pursue other business activities, the rendering of nonlegal services by attorneys or entities in which attorneys have an ownership interest raises several ethical concerns. These so called “dual practice” or “ancillary business” issues commonly arise where a practicing attorney holds another professional license or owns or has an interest in a company that provides services that are arguably “law-related.” While the Massachusetts Rules of Professional Conduct do not contain a specific prohibition on the simultaneous participation of attorneys in other businesses and professions, they do place constraints.

Rule 5.7 of the Massachusetts Rules of Professional Conduct identifies the responsibilities of an attorney who provides law-related services, defined as “services that might reasonably be performed in conjunction with and in substance are related to the provision of legal services, and that are not prohibited as unauthorized practice of law when provided by a non-lawyer.” Examples of law-related services include “providing title insurance, financial planning, accounting, trust services, real estate counseling, legislative lobbying, economic analysis, social work, psychological counseling, tax preparation, and patent, medical or environmental consulting.” Mass. R. Prof’l C. 5.7, comment 9. It is permissible, and probably advisable, for lawyers to provide law-related services through “an entity that is distinct from that through which the lawyer provides legal services.” Rule 5.7, comment 4..

Djue to mistake I thouhgt  Insurnce  agent or investment consulatant businesse are also permitted to be caried on by an advcate simulatanously practising  law.