The Law Society of Australia has released a guidance document over the professional and ethical risks for lawyers when navigating issues around crowdfunding. The guidance noted the rise in the use of crowdfunding for litigation, and the questions this raises over discrediting the profession if used for revenue raising. However, the guide also highlighted the added access to justice benefits of crowdfunding, allowing for those with limited financial resources to seek legal remedy.
The guidance aims to clarify the Society’s position and inform legal professionals of the appropriate steps they can take in order to effectively manage risk.
The full guidance is available here.