Before any settlement is finalized between the parties, attorneys are under a continual duty to protect and preserve their client’s interests to the conclusion of representation. Failure to perform due diligence via an asset search prior to any settlement could jeopardize a client’s claim and potentially leave them without recourse to pursue assets that would have otherwise aided in making the client whole. Attorneys must use due diligence to discover whether the liable party has obtainable assets to make their client whole-above and beyond whatever insurance coverage exists.
Through an attorney’s due diligence of performing an asset of the liable party, legal counsel is able to more competently advise their clients in the matter. Whether the asset report serves to reveal a lack of assets owned by the defendant or alternatively confirms a defendant’s assets in excess of insurance coverage, the client being informed prior to any finality of the case is paramount. In all matters, an attorney has a duty to keep their client informed and obtaining an asset search aids that duty.
While it is the duty of every attorney to protect and inform their client in all matters of representation; most attorneys lack the time and/or ability to perform a comprehensive asset report to share with their clients. These days, almost all attorneys practice in a limited practice area (personal injury, bankruptcy, family law, etc..) and thus the implementation of an asset search performed by a law firm that practices exclusively in judgment enforcement and asset searches is vital. By delegating this review to the law firm of Angell Molony, it allows a firm to maximize its time and resources in its specific practice area while protecting from potential claims of failure to investigate or perform due diligence. Protect and inform your client first and foremost, but also protect your firm by allowing Angell Molony to perform an asset search and accompanying opinion letter.
