Regulatory and Arbitration Defense Claims - Hiring a FINRA Attorney vs. Permitting Your Firm to Retain One
Nothing could be worse for an employee of brokerage firm, than accepting an attorney chosen by one's employer, with regard to regulatory issues that may involve management or with regard to customer claims that may require the representative to focus on the firm, as with most product cases.
One does not want to learn the hard way that as a result of conflicts of interest the FINRA attorney representing you, is not primarily focused on your benefit vs. the firm which is paying its bills. Representatives should not be penny wise and pound foolish in accepting legal representation from an attorney retained by one's firm as often such attorneys have conflicting loyalties and are not always looking out for the representative's best interest. We have had many clients who had first been represented by a firm's chosen counsel only to learn that they were not pursuing defenses or arguments that may implicate the firm, but would avoid negative impact on the representative.
Stuart D. Meissner Esq.
Stuart D. Meissner Esq. is an experienced FINRA attorney who has practiced law for over 27 years, including as a FINRA Attorney, Securities Regulator and Prosecutor.