What is a consultation?
A consultation is a crucial step involving an initial meeting between you and a civil litigation lawyer to understand and address your legal needs.
This session, scheduled for 60 to 90 minutes, ensures a detailed discussion of your legal matter. It provides you with a comprehensive explanation of your current legal position (standing), the legal options available pertaining to your unique circumstances, the potential strength of your case (e.g., whether it is 10% strong or 90% strong), as well as any potential risks and pitfalls relevant to your situation. Additionally, it covers the civil litigation steps that might be necessary to take going forward, should the matter proceed to formal litigation.
An initial informed and comprehensive step (or, in some instances, a second opinion) is the most critical aspect of any civil litigation engagement. Similar to how a doctor evaluates a patient's health-related concerns by understanding symptoms, and prior health history, and possibly ordering medical tests, a lawyer evaluates a client's legal case to determine the essential steps required to resolve the issues. This evaluation forms an integral part of the civil litigation process.
Statistics show that about 90% of legal matters could have been resolved if prospective clients had initially hired a lawyer to go over the potential risks and scenarios. Many litigious issues could have been avoided if clients had received qualified legal advice before engaging in legal matters. Thus, obtaining evaluations and legal advice from an experienced and qualified lawyer can help parties make informed decisions based on accurate information and a comprehensive understanding.
When should you consider booking a consultation?
You should consider booking a consultation whenever you find yourself entangled in or foresee the possibility of civil, estate, real estate, or commercial litigation proceedings. Specifically, seeking the advice of a civil litigation lawyer becomes imperative under the following circumstances:
- You are engaged in a dispute or are at risk of litigation over a contract, property, or commercial dealings.
- You're dealing with real estate transactions or property disputes
- Your business is encountering legal disputes that may involve a breach of contract, partnership disagreements, or commercial disputes.
- You are dealing with disputes over the terms or enforcement of a contract.
- You suspect rights violations or have suffered damages.
- You are considering legal action to resolve a dispute or to recover damages.
- You need legal representation to navigate the complexities of civil litigation, from filing a lawsuit to negotiating settlements or preparing for trial.
In these situations, a consultation with a civil litigation lawyer is key to gaining the insight and strategy needed to navigate your case.
What happens during a consultation?
After completing the preliminary mandatory steps required by the Law Society of Ontario, the following can typically be expected from a consultation with a lawyer:
- Document Submission: To enhance the effectiveness of the consultation, we request that you submit all relevant documents (i.e., any formal supporting documents (e.g. contracts, claims), etc, expert reports, correspondence between the parties involved, letters from other lawyers/Counsel, and etc) in advance. This allows the lawyer to familiarize themselves with any official and formal documents relevant to your case.
- Summary of Facts: We strongly suggest that all clients provide a summary of their side of the story for the initial comprehensive consultation. This should outline all relevant factual information deemed critical, including all involved parties, dates of events, and other pertinent details, preferably disclosed in chronological order.
- Focused Discussion: This preparation allows your lawyer to delve deeper into the matter during your meeting, avoiding the need to spend time gathering basic information. This way, the lawyer can start offering tailored solutions, advice, and strategies to resolve your issues during the meeting.
- Volume of Materials: It is important to be upfront with the lawyer if you plan to submit a large volume of legal materials. No lawyer can realistically review thousands of pages (e.g., 3,000-4,000 pages) if you are already in the midst of litigation proceedings. For such comprehensive reviews, we provide a different type of retainer (i.e., limited scope retainers) where we do review all available materials in-depth first and then engage in detailed discussions address all major issues.
How can I be confident that you are the right firm to represent my case?
Our firm is dedicated to your success. We stand out through a blend of expertise, tailored attention, and a solid commitment to our clients’ success.
Our goal is not just to deliver exceptional results but to exceed your expectations in obtaining legal advice that will set up a benchmark. Our company is not interested in just being your lawyers but we are investing in being your partners for life.
With seasoned lawyers specializing in civil litigation, we offer a creative approach, solutions, and strategy suited to your unique case. Transparency and communication are pillars of our practice; we keep you informed and involved at every step.
We invite you to discuss your case with us during the first no-obligation case evaluation call, where you can see firsthand how our approach aligns with your needs.
How do I start?
At ME Law, we've streamlined the intake process, keeping your comfort and convenience in mind. You can connect with us in a way that suits you best to initiate discussions if we are the right law firm for your needs and if we are a good fit to each other.
A simple phone call, an online consultation scheduled through our user-friendly form on our website, or a straightforward email are all standard ways to get in touch with us as a first step.
We're here to listen to your needs, provide information about us and start the journey of resolving your legal matter.
Can you explain the typical steps involved?
While the specifics of handling each case can vary depending on the type and complexity of the legal matter, here's a general overview of the typical steps we follow:
- An initial call to collect basic info and identify whether we are the right firm to address the potential client’s inquiry.
- Conflict Check: Ensure that there are no conflicts.
- Initial Case Evaluation Call with a Lawyer: to understand your case, goals and introduce each other.
- Engagement Agreement or Paid Consultation: Outline our services, fees, and other terms of engagement.
- Retainers top up and Client Identification gathering.
- ID Verification pursuant to the Law Society of Ontario rules.
- Subject to clearance of all the preliminary steps.
* An upload link will be provided to the client to obtain all formal documentation.
* Videoconference or an in-person appointment scheduling to meet a lawyer for an in-depth discussion.
* A suggestion to provide a client’s outline of their side of the history of the matter in chronological order.
* Lawyer’s comprehensive review of all materials provided, research if necessary, and preparation for the client’s meeting.
- A meeting with the client to report on all the findings, an explanation of the strategy to handle the client’s matter, potential risks involved, chances of success, defence strategies available by opposing sides, and an initial cost assessment provided to the client.
- Detailed discussion on Counsel’s part of terms of conditions for potential engagements.
Accordingly, each stage is tailored to achieve the best outcome for you efficiently and effectively while also complying with all the relevant laws and obligations pursuant to the rules of the Law Society of Ontario.
Why is it necessary to complete a conflict check form after the initial call?
Following our initial call, we request you to complete a conflict check form. This step is not just a formality but a crucial part of ensuring that our law firm can represent you effectively, ethically, and in compliance with the Law Society of Ontario's requirements.
Your participation in this process helps us identify potential conflicts of interest that could impact our ability to serve you impartially.
Conflicts may arise if we've represented parties with opposing interests, which could compromise our neutrality. By conducting this check early on, we safeguard your interests and uphold the integrity of our practice, enabling us to proceed with your case confidently.
What is your intake process for B2B & other corporate entity clients?
Our approach to B2B process intake is methodical and thorough. We begin with a detailed preliminary assessment of your business and potential risks to determine if we are the right firm to build a long-term partnership with you. This allows us to provide tailored legal strategies that address your unique circumstances effectively.
We are not a traditional transactional solicitor-type law firm but a specialized litigation law firm. This specialization allows us to provide tailored legal strategies that address your unique litigation circumstances effectively, ensuring we can be readily available when you need us.
It's important to note that many litigators are often in court and may not be immediately available for ad-hoc urgent calls that corporate clients like to make to their in-house counsel. However, we have experience with B2B client representation and have developed strategies to handle urgent requests effectively.
We focus on high-stakes litigation corporate matters such as enforcements, injunctions, arbitration, appeals, inter-jurisdictional litigation, shareholder disputes, directors' liability claims, and other complex legal issues. This approach enables us to handle intricate and high-risk cases effectively.
Essentially, we could be compared to Mount Sinai / St. Michael’s / Toronto General Hospital top surgeons, as opposed to walk-in clinics or family doctors.
This non-cookie cutter focus enables us to handle intricate and high-risk cases effectively, as opposed to traditional in-house counsel and transactional solicitors who may not be as familiar with case law, civil procedure, and litigation techniques.
We represent multiple B2B clients as their 'in-house' litigation counsel on a retainer basis. This arrangement allows us to provide continuous and comprehensive legal support tailored to their ongoing business needs. In addition, it is not uncommon for us to act as agents for our clients to seek and source specialized counsel when required, such as, for instance, IP litigation lawyers or employment lawyers. We have the expertise to vet these lawyers thoroughly, given our specialization in litigation, ensuring our clients receive the best possible representation, as well as we have a network of connections already in place.
Our intake process for B2B and corporate clients includes the following steps:
- Initial Consultation: We conduct an in-depth consultation to understand your business's legal needs and challenges. This involves a comprehensive discussion to identify the specific legal issues you might face, where we can have the most impact and add value as your go-to litigation Counsel, and how we can gather all relevant information and documentation that might be helpful for the critical moments if such were to arise.
- Strategic Planning: Based on our assessment, we formulate a tailored legal strategy that aligns with your business objectives. We ensure that our approach is designed to address your unique circumstances and achieve the best possible outcome exactly when you need it.
- Ongoing Communication: Throughout the process, we maintain open and transparent communication with you. We keep you informed of any developments and ensure you understand the steps we are taking on your behalf. We believe in creating long-term partnerships as opposed to having cut-and-dry relationships.
We represent multiple B2B clients as their litigation 'in-house' counsel on a retainer basis, primarily, once again, for litigation matters. This arrangement allows us to provide continuous and comprehensive legal support tailored to their ongoing business needs. By acting as in-house counsel while outsourcing any solicitor and regulatory work to our strategic partners, we ensure that your business receives consistent and reliable legal advice at the right cost and value, helping you navigate any legal challenges that arise.
Once again, litigation is much like the medical or construction fields, where specialization is key. Just as you wouldn't expect a heart surgeon to perform brain surgery, you wouldn't expect a litigator to handle all aspects of corporate, immigration, employment, construction, and estate law.
Our firm represents many mortgage companies that require enforcement actions, high-stakes insolvencies and business reorganizations, we assist corporate entities application with specific performance for contract matters, urgent motions, commercial list court.
We act as plaintiff and defense counsel for traditional Superior Court matters, handle Discoveries and Cross-Examinations, well-versed in all types of motions, case conferences, negotiation with Other Litigation Counsel, and won High Stakes Trials for our Clients. Essentially, we handle non-trivial, very complex, and unique litigation issues, providing robust and effective legal solutions.
We are always committed to providing value and results to our clients, fostering long-term strategic partnerships and relationships.
How quickly you can schedule an initial call with a lawyer?
When it comes to legal matters, we understand the need for prompt action. Typically, we can assist you over the phone during an initial call to obtain a basic idea regarding whether our firm focuses on the area of law your query is in and provide you with an idea regarding the next steps.
However, please appreciate that we tried to address most general and common queries on this page.
Accordingly, once we clear the initial mandatory clearances (e.g. conflict check), we aim to arrange consultations the same day, ensuring a swift and efficient action to start to addressing your legal needs almost immediately.
What to expect from an initial consultation with a lawyer?
An initial consultation with a lawyer refers to the initial 10–30-minute case evaluation consultation with a licensed professional. However, at no time during this consultation is a client-solicitor relationship formed.
The primary focus of an initial case evaluation on the lawyer’s part is fact-finding and evaluating whether the lawyer has the capacity and experience to take on the inquiries case, as well as being effective in advancing the prospective client’s matter.
Please be mindful that during initial case evaluations, ME Law's lawyers, or any of its staff, will not review any documentation with the purpose of forming a legal opinion on the inquiries matter. Legal opinions and thorough reviews of supporting documentation are only formed during Independent Legal Advice (ILA) consultations, or as part of limited-scope retainer engagements.
Essentially, the reason for the above is that ME Law does not believe that such rushed consultations can serve any useful purpose for either the prospective clients or the lawyer, based on the limited amount of information, as well as the inability to review it in a reasonable manner. Lawyers typically need a comprehensive review of documentation to provide a legal opinion or assess the current legal standing of the inquiry matter. Each case involves unique circumstances that require careful consideration. Therefore, rushed discussions without formal documents should not lead to speculation, second-guessing, or confusing prospective clients. Instead, the goal is to provide a detailed evaluation of the case, identifying potential pitfalls, risks, strategies, chances of success, and relevant case law, and explaining the civil procedural steps involved.
However, ME Law litigators can inform prospective clients if they have handled similar cases in the past, address the preliminary assessment of whether the lawyer and prospective client can potentially work together, explain their typical operating style and how the engagement process will be conducted, and offer standard information on the retainer required to initiate a formal agreement, as well as the terms of their hourly rates.
What are the costs associated with a consultation?
Our lawyers, recognized for their expertise, rightfully earn their fees for the services they provide. Initial consultations are charged at our lawyers' hourly rates at ME Law. Please contact intake@melaw.ca for more details regarding our Lawyer’s current hourly rates.
To accommodate our clients, we offer a variety of payment methods, including:
- Credit/Debit card payments
- E-transfers
- Wire/Bank Draft/Cash payments
Our philosophy is that our lawyers take on only a limited number of cases so they can focus comprehensively on each client's matters. This approach ensures they do not take on more cases than they can effectively manage and assist clients with.
We do not believe that a full-scale consultation can be performed for free. Reviewing each inquiry's materials in detail requires a significant amount of time and effort. Our lawyers need to thoroughly understand the complexities of each case, which involves carefully examining all relevant documents, researching applicable laws, and considering potential legal strategies. This process is integral to ensuring that the advice and solutions we provide are tailored to the specific needs and circumstances of each client.
Given the high volume of calls and inquiries we receive daily, it is not feasible for our lawyers to provide this level of detailed analysis and advice without compromising the quality of service provided to our existing clients. Each consultation requires a significant investment of time to read through documents, understand the client's situation, and prepare a thoughtful, comprehensive response. Without adequate compensation for this time, the ability to maintain high standards of client service would be severely impacted.
Providing free consultations would mean our lawyers could not devote the necessary time and attention to each client's unique circumstances. This could lead to superficial advice that might not fully address the client's legal issues or explore all possible solutions. Comprehensive legal advice requires more than a cursory review; it demands an in-depth understanding of the case details and context, which can only be achieved through careful and methodical preparation.
Moreover, offering free consultations would detract from the time available to assist clients who have already engaged our services and rely on us for thorough and effective legal representation. Our existing clients expect and deserve a high level of attention and diligence in managing their cases. If our lawyers were inundated with unpaid consultation requests, it would inevitably reduce the time and resources available to serve our committed clients, potentially jeopardizing their cases and outcomes.
Furthermore, our lawyers require the necessary infrastructure to perform their duties and cover basic business overheads, such as office expenses, communication devices, legal research libraries, and assistant salaries. Operating a professional legal practice involves significant costs, which must be supported through client fees. Therefore, it is unfair to respond to queries from individuals who are not seriously considering litigation or are merely seeking free legal advice, while our lawyers strive to provide quality advice rather than engage in speculation and second-guessing.
Our goal is to provide value and results to our clients and to foster long-term relationships, as litigation is a very unique industry.
How will we communicate through my case and how often?
We tailor our communication to your needs, offering regular updates and ensuring we're accessible via phone, email, or video conferencing.
You should expect at least monthly updates, if there are any substantive updates on your matter, with the frequency adjusted as needed based on your case's progress and your preferences, as well as, by all means, daily updates during the active civil proceedings’ stages.
However, please do not hesitate to contact us at any time, should you have any additional queries you’d like to address with your lawyer, although, our goal is not to inflate any fees on your retainer account, if your retainer is based on an hourly rate basis, as well as to keep focused on discussions pertaining to any substantive matters on your case, rather than depleting your resources on wasteful communications if such are not needed.
We aim for quick responses, usually within one business day, and prioritize clear, understandable information to keep you well-informed, should you wish to get in touch with us and initiate any contact with your lawyer. If your lawyer is busy (e.g. in the midst of court proceedings that day) they will provide a time when they will be available to address your queries.
What should I know before retaining ME Law to represent me?
Before you decide to retain us as your lawyers, please know about our commitment to transparency, our dedication to client success, and how we manage our client relationships. Here's a brief overview:
Transparency: We are committed to clear and open communication. From the initial consultation, we ensure that you understand the legal process, potential outcomes, and associated costs. Our transparent billing practices and regular updates keep you informed every step of the way.
Dedication to Client Success: Your success is our priority. We strive to achieve the best possible outcomes tailored to your needs and goals. Our experienced team uses strategic approaches to protect your interests and secure favorable results.
Client Relationship Management: We believe in building strong, collaborative relationships with our clients. We foster a supportive and responsive environment, ensuring your concerns are heard and addressed promptly. We work closely with you to develop effective legal strategies and provide continuous support throughout your legal journey.
Fee Structure: Understanding our fees, any required retainers, and billing practices is crucial. We aim for clear, upfront communication about costs.
Client Involvement: We value your input and explain how you can help us achieve the best outcome in your case.
Competency, Professionalism, and Time Management: These are the principles upon which we strive to operate, and, therefore, our goal is nothing but delivering value to our clients and results at the end.
We're here to answer any questions and give you the clarity you need to feel confident choosing us as your legal representative.
Our goal is to provide valuable service that aligns with your financial circumstances.
What are the types of retainers you offer?
Types of retainers:
1. Consultations Retainer
A consultations retainer involves engaging a lawyer for specific advisory services or legal consultations. It typically covers initial meetings and ongoing discussions to provide legal advice on particular issues without committing to full representation.
Pros:
Cost-Effective: Clients pay for specific advice rather than ongoing representation.
Focused Expertise: Access to legal insights and guidance tailored to immediate needs.
Flexible: No long-term commitment, suitable for one-off legal queries or occasional advice.
Cons:
Limited Scope: Does not cover ongoing representation or litigation.
Potential Costs: Additional fees if consultation leads to further legal action or extended services.
Client Management: Requires clear communication on scope and expectations to avoid misunderstandings.
2. Limited Scope Retainer
A limited scope retainer involves hiring a lawyer for specific tasks within a larger legal matter, such as reviewing documents, engaging in preliminary negotiations or prelitigation steps to attempt to resolve the matter without taking formal civil litigation steps, or representing the client in specific court appearances.
Pros:
Cost-Controlled: Clients only pay for services needed, reducing overall legal costs.
Tailored Services: Access to specialized legal expertise for defined tasks.
Client Involvement: Clients can be actively involved in managing parts of their legal matter.
Cons:
Cost-Controlled: Clients only pay for services needed, reducing overall legal costs.
Scope Management: Clear delineation of responsibilities to avoid scope creep.
Risk of Fragmentation: Potential for disjointed strategy if tasks are not well-integrated into the overall legal case.
3. Lawyer of Record Retainer
A lawyer of record retainer involves retaining a lawyer to handle all aspects of a legal case, acting as the primary representative throughout the litigation process. This includes court appearances, filings, and strategic decision-making.
Pros:
Comprehensive Representation: Full-service legal support covering all stages of the case.
Consistent Strategy: Ensures cohesive legal approach and representation in court.
Expertise and Experience: Access to seasoned legal professionals for complex matters.
Cons
Cost Considerations: Higher fees compared to limited scope or consultations retainers.
Long-Term Commitment: Requires ongoing engagement for the duration of the case.
Less Client Control: Clients rely heavily on the lawyer's decisions and strategy.
Conclusion
Each type of retainer offers distinct advantages depending on the client’s needs and the complexity of the legal matter. Consultation retainers provide cost-effective advice for immediate legal questions, while limited scope retainers offer flexibility and cost control for specific tasks. On the other hand, lawyer of record retainers ensure comprehensive representation but involve higher costs and a longer-term commitment.
Choosing the right retainer involves considering factors such as the nature of the legal issue, budget constraints, and desired level of involvement in legal proceedings. By understanding these options and discussing them with a qualified legal professional, clients can make informed decisions that align with their specific legal needs.
Can you provide examples of similar cases you have handled and their outcomes?
Please follow this link to view some of our cases.
While these examples illustrate our experience across various legal challenges, remember that every case is unique, and past successes do not guarantee future results. We're dedicated to leveraging our expertise and resources for the best possible outcome for each client.
What happens if I'm dissatisfied with services provided?
If you're dissatisfied with our services, please contact us directly. We're committed to client satisfaction and take your concerns seriously, aiming to resolve any issues by adjusting our approach, clarifying case details, or exploring alternative strategies. Your feedback is a valuable opportunity for us to improve and ensure your confidence in our representation. Email us at office@melaw.ca
What are my legal options and potential risks?
Knowing your legal options is key to making informed choices for your case. Before we delve into specifics, our team at ME Law will conduct a thorough review to identify the best strategies for you, which may include negotiation, litigation, or alternative dispute resolution (ADR) like mediation. Each path has its benefits and challenges:
- Negotiation can be quicker and less costly but may require compromises.
- Litigation might offer a more favorable outcome but tends to be longer and more expensive.
- ADR provides privacy and efficiency but may limit appeals.
After understanding your case fully, we'll outline each option's potential timelines, costs, and outcomes. Our goal is to provide the information you need to make decisions that align with your interests. We're committed to guiding you through every step, advocating for you all the way.
What guarantees you are offered if I retain you as my lawyer regarding the outcomes?
We can't ethically guarantee case outcomes in the legal profession due to each case's unique variables and uncertainties. However, ME Law guarantees our unwavering commitment to represent your interests with our extensive knowledge, experience, and resources. We focus on delivering high-quality legal advice, transparent communication, and a strategic approach tailored to your case, working tirelessly to achieve the best possible outcome.
How can I contribute to the success of my case?
Your active involvement plays a crucial role in the success of your case. By diligently providing comprehensive and accurate information, swiftly responding to all inquiries and requests for information, adhering closely to the advice and guidance offered by your legal team, remaining consistently engaged in the decision-making process through regular updates, and ensuring the confidentiality of case details, we can collaboratively navigate the complexities of your legal situation with greater efficacy.
How can you ensure the confidentiality of my information and case details?
We take the confidentiality of your information and case details very seriously. To ensure the utmost protection, we implement several key measures:
Strict Privacy Policies: Our firm adheres to rigorous privacy policies that comply with legal standards, ensuring your information is handled securely and confidentially.
Secure Communication Channels: We use encrypted communication methods for sharing sensitive information, and safeguarding your data from unauthorized access.
Access Control: Access to your information is strictly limited to team members directly involved in your case, preventing any unnecessary exposure of your details.
Data Protection Practices: We employ advanced data protection technologies and practices, including secure data storage and regular security audits, to prevent data breaches.
By implementing these measures, we ensure that your information and case details are protected at all times, maintaining the trust you place in us.
Do you provide Contingency-Fee-Arrangements (i.e., do you represent clients with legal fees compensation solely based on percentage of winnings?)
For further clarity, we do not offer contingency fee arrangements, which are typically common only to personal injury cases (e.g., suing insurance companies). We provide litigation legal services solely on a retainer basis, meaning we require funds to be held in our trust account, and our lawyers' bill on an hourly-rate basis according to the volume of work done on clients' matters.
We are always transparent from the get-go with our clients about the potential need, in addition to counsel legal fees, also to allocate additional funds for expert reports, disbursements (such as filing fees, process server fees, postage, and courier charges), and other necessary costs (such as private detective services, forensic expert examinations, business valuations, and similar charges and fees) as part of the litigation proceeding.
Additionally, we emphasize that the lack of funds for these expenses might seriously hinder the success of litigation proceedings. In essence, this can limit the effectiveness of the lawyer in advancing the client's matter and can drastically prejudice the clients themselves. Insufficient supporting evidence can result in clients potentially facing substantial legal costs from the opposing counsel if the litigation is not handled properly and is consequently lost. Therefore, we always advise clients to be cautious of contingency-based arrangements with other lawyers.
These additional costs, especially expert report fees, are never covered by civil litigators themselves. Many clients, while not paying for legal fees, find themselves in a difficult position if the lawyer requests them to pay significant fees to obtain expert reports for litigation purposes. It is essential, in our view, that clients make fully informed decisions and understand the complexities of litigation proceedings upfront.
Finally, our lawyers require the necessary infrastructure to perform their duties and cover basic business overheads, such as office expenses, communication devices and related IT costs, legal research libraries, and assistant salaries. Operating a professional legal practice involves significant costs and stress on the lawyer’s part, requiring expert knowledge and skills. Therefore, it is simply unfair to expect lawyers to finance clients' litigation proceedings out of their own pockets. We believe that all professionals deserve to be paid for their work and expertise at market rates.
At the end of the day, lawyers, like any other professionals, are hired to do their job well and have the right to expect fair compensation. They should not be treated as financial institutions providing services on credit.
Clients need to be aware that while lawyers understand how stressful and intense legal proceedings can be, they are professionals hired to perform their duties with impartiality and competence. They are not psychotherapists, friends, or family members providing favors, nor should they be seen as magicians who can guarantee results or consumer stores where decisions can be bought or demanded for a fee in return.
We repeatedly emphasize that civil litigation is a serious endeavor, involving many risks, including uncertainties in the law, evidence, and facts. Clients with unsuccessful cases may face significant legal costs imposed on them by the opposing counsel. Additionally, contingency-fee arrangements should not be viewed as quick money schemes. Lawyers do not operate solely in a commercial environment motivated by profit; they are actually Officers of the Court and owe a fiduciary duty to their clients, operating under very stringent regulatory rules.