With all the recent mergers and advisors moving from one firm to another, I was surprised to learn that my old firm is threatening to sue me for taking client accounts. I've met with a few employment lawyers but none of them are familiar with the industry. How can I go about finding an attorney in my area that both knows the business and employment law?

-S.O, New York

You may want to consider joining the National Association of Investment Professionals. The NAIP was originally a not-for-profit organization that was dissolved in 2006 due to lack of support by reps. It has recently been restarted as a for-profit enterprise and has an attorney referral service available for members. At one point I was a member of the board (and Chairman of the Government Relations Committee) for the NAIP and we had some success in lobbying Congress. Although I am listed in the NAIP's attorney referral section, I do not have any other involvement with the organization. Nevertheless, I still believe in the NAIP and feel that it can do a lot of good for reps. With all the new regulations that will likely be coming about as a result of the current economic situation, reps need to have an organization that will speak for them with one voice. I would encourage anyone who is concerned with the direction the industry is heading and how their business may be affected to take a look at the new NAIP website at www.naip.com.

I just learned that I'm being sued in an arbitration. I'm not currently registered with a firm and moved to another city over a year ago. FINRA sent the claim to my old home address and it was delayed in getting to me. I want to get an attorney but I need more time to answer. Can I get an extension from FINRA?

-K.R., California

Rule 12303 of the FINRA Code of Arbitration Procedure requires respondents to file an answer within 45 days from receipt of the claim. However, Rule 12207(a) of the code states that, "The parties may agree in writing to extend or modify any deadline for: Serving an answer..." I would suggest you first contact the customer's attorney and see if he would consent to a reasonable extension of time under the circumstances. If he does, make sure you both know exactly what date your answer would now be due and send a letter to FINRA (with a copy to the customer's attorney) confirming the extension. If the customer's attorney refuses to grant you an extension, your next step should be to contact FINRA directly as 12207(c) states that "The Director [of Arbitration] may extend or modify any deadline or time period set by the code for good cause. The Director may also extend or modify any deadline or time period set by the panel in extraordinary circumstances." Typically, FINRA is fairly lenient about granting an extension for a first request if you have a good excuse. Also, keep in mind that you have an obligation to make sure your address is current with the Central Registration Depository since that is where FINRA will look to serve you with a claim if you are not currently registered with a firm. Because of that, it is extremely difficult to get out of having to pay an arbitration award, even if you never received the claim. FINRA may also attempt to serve you at your old firm so it would be a good idea to let your previous employer know your new address as well in case they need to forward something to you.

ALAN J. FOXMAN, ESQ., is an attorney with Fred Chikovsky & Assoc. in Boca Raton, Fla. His comments are not intended to be legal advice.