Lawyers: Cash for Cheated Clients

"Philadelphia lawyer" has long been a layman's synonym for a shrewd or conniving attorney. But, last week, a luckless client whose funds had been embezzled or otherwise misappropriated by his lawyer could rejoice if the lawyer were a Philadelphian: the Philadelphia area now boasts the largest clients' security fund in the nation. Financed from association dues, the fund has reserves of $127,000 and it has paid claims amounting to $26,000.

The idea that the bar is responsible for the financial misdeeds of its members originated in New Zealand in 1929 and soon spread to Europe. The concept did not reach...

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