malpractice-alerts

FinCEN’s new Residential Real Estate Reporting Rule goes into effect March 1, 2026, and creates federal reporting obligations that extend beyond traditional real estate closings. If you: this rule may apply to you. The transfer of residential real property itself — not the practice area — is what triggers the reporting requirement. What Transactions Are Covered? A…

Lawyers Mutual has recently seen multiple reports involving a sophisticated fraud in which fraudsters pose as representatives from a law firm’s bank. The caller appears credible, they know the firm’s name, account details, and use urgent language to gain trust.  Then they convince the lawyer or staff member to provide online banking credentials or one-time…

As Independence Day approaches, so do heightened risks from online scams targeting law firms. Scammers often intensify their efforts before holidays. It is crucial for law firms to be vigilant and proactive in defending against ransomware, wire fraud, and social engineering threats during this time. Holidays like July 4th create ideal conditions for scammers. Cyber…

On Feb. 27, FinCEN announced that all reporting and enforcement of the CTA would be suspended until a new reporting rule was finalized. Then, on March 2, the Treasury Department issued a press release in which it announced the indefinite suspension of CTA reporting requirements. The Treasury Department said that it would “not enforce any penalties or fines against…

In a notice published on February 18, 2025, FinCEN has issued a new deadline for reporting companies to file beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA). The new deadline for filing BOI reports is March 21, 2025. The new deadline comes as a result of a ruling by the U.S. District Court for the…

Lawyers Mutual has published previous alerts regarding the new filing requirements under the Corporate Transparency Act (“CTA”) that went into effect January 1, 2024. After reviewing additional resources, we want to emphasize concerns that we have about the risks and increased potential liability for lawyers undertaking the reporting requirements. This is especially true for the continuing reporting requirements after entity formation and initial reporting.

The North Carolina Administrative Office of the Courts (NCAOC) recently announced additional go-live plans for counties transitioning from paper files to Enterprise Justice (Odyssey), which currently serves Harnett, Johnston, Lee, Mecklenburg and Wake counties. Twelve northeastern counties comprising Track 3, as previously announced, will go live on February 5, and 10 counties comprising Track 4 (Alamance, Chatham, Durham, Franklin, Granville, Guilford, Orange, Person, Vance and Warren) will go live on April 29. 

Beginning January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect and will impose stringent Federal reporting requirements on many small businesses. The CTA was passed by Congress to enhance transparency in entity structures and ownership in an effort to help the government combat money laundering, foreign interference, fraud, and other illegal activities.