A related question: how much do you expect a person you hire for certain expertise to know and how much can they really tell you?
Can an ex-cop/"security consultant" help you in insuring that your "friendly" poker game does not get raided?
Can your accountant show you how to skim money from your business in a manner the IRS will not detect?
Can your real estate agent coach you on how to hide structural defects in the building you want to sell?
There are lots of others, but you get the drift. Would this be part of "street smarts"?
Very good questions. An
outstanding post.
I would myself say that yeah, the "ex-cop/ security consultant" and the "accountant" questions do in their own special ways incorporate the idea of "street smarts".
The "real estate agent coach"? I'm not sure. Maybe, yeah.
As we both know, there are many strata in say, an organized crime family: both "blue-collar" crimes, like loan-sharking, murder-for-hire and drug trafficking; and "white-collar" crimes, like pyramid schemes and securities and investment frauds.
If I am going to try to find a way to make a lot of money in the tough economic climate of America today, I like the idea of talking to someone who knows the legalities involved in my attempts to make it before I try.
In business situations, I usually have two attorneys, one to advise me and draft documents, and a separate attorney for litigation. I advise clients to do the same. Three examples:
1. Under the most current bankruptcy rules, an attorney can be disbarred for advising a client in "bankruptcy planning". Rather than put an attorney in a bad situation, I advise clients to get general information from a non-attorney source and consider options and probable results (look-back periods, when taxes are dischargeable, etc.) before hiring an attorney.
2. If I determine a client has a criminal tax exposure, I don't take a retainer or charge a fee, I return all records, shred all notes, recommend a good criminal tax attorney, wish them well, and tell them I intend to drink enough to impair my memory that night. There is no privilege for tax practitioners (including lawyers functioning under Circular 230 rather than as criminal defense attorneys) but attorney-client privilege attaches in criminal matters to defense attorneys, and also covers my work product when I am hired by the attorney (but not when hired by the client!).
3. If you hire a professional and believe they have botched the job, you need separate representation. For example, if XYZ CPA's butchered your tax return, and you get audited, they are going to protect their malpractice insurer, not you.
In dealing with these kind of issues, if you want justice, go to a whorehouse; if you want to get screwed, go to court. And read the engagement letter before you sign it.