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23-Jun-2020 10:09

For young lawyers who have already earned a place in their firms, mentorship was also a key area with room for improvement.

Noting that such elements cannot be enforced by “hard legislation”, the task force recommended that firms adopt structured feedback systems which include at least two face-to-face appraisal sessions per year.

B2C2 is alleging that this reversal, which denied them the “fruits of the previous day’s highly advantageous transactions”, was in breach of their commercial agreement with Quoine and in breach of trust.

Quoine maintains that it was entitled to carry out the reversal because the trades were “mostly trades with huge mark-up over fair global market price” — one ethereum could only be exchanged for about 0.03929075 bitcoin on average on April 19.

Over the last two years, the issue of young lawyers working under increasing strain was flagged as a concern by Chief Justice Sundaresh Menon during his addresses at Mass Call ceremonies — to formally admit lawyers to the Bar.

In his latest speech in August, CJ Menon urged law firms to “make it a priority” to ensure that safeguards are in place for lawyers who may be struggling.

Releasing his grounds of decision dated Wednesday (Dec 27), Mr Thorley said: “The doctrine of unilateral mistake is well developed in circumstances where the error is a human error and the knowledge or lack of it is directly ascertainable from the humans involved.

Where computers are concerned, the law is less well developed.” He added: “When can the workings of a computer or computer programme constitute actual knowledge on the part of the programmer or operator of the computer?

In response to queries, a Law Soc spokesperson said the welfare of young lawyers and trainees “is a top priority” as “they are the future of the profession, and an important resource that we must invest in”.

However, B2C2 alleges that Quoine had “acted fraudulently”, based on the agreement that an order, once fulfilled, is “irreversible”, and sought to recover its losses of over 3,000 bitcoins.

B2C2 also argues that Quoine’s breach of trust “deprived it of the opportunity to sell the proceeds on the date of their highest immediate value”, the court was told during a hearing on Dec 5.

The call came from the Young Lawyers’ Task Force commissioned by the fraternity’s professional body in 2016 to suggest ways to address problems young lawyers face — a group with high attrition rate.

Led by lawyers Paul Tan and Yeo Chuan Tat, the task force, through focus groups with those who have been practising for less than three years, found that fledgling lawyers feel they are just “thrown from task to task”, get inadequate guidance, and have to manage “unreasonable” demands from their bosses.

In response to queries, a Law Soc spokesperson said the welfare of young lawyers and trainees “is a top priority” as “they are the future of the profession, and an important resource that we must invest in”.However, B2C2 alleges that Quoine had “acted fraudulently”, based on the agreement that an order, once fulfilled, is “irreversible”, and sought to recover its losses of over 3,000 bitcoins.B2C2 also argues that Quoine’s breach of trust “deprived it of the opportunity to sell the proceeds on the date of their highest immediate value”, the court was told during a hearing on Dec 5.The call came from the Young Lawyers’ Task Force commissioned by the fraternity’s professional body in 2016 to suggest ways to address problems young lawyers face — a group with high attrition rate.Led by lawyers Paul Tan and Yeo Chuan Tat, the task force, through focus groups with those who have been practising for less than three years, found that fledgling lawyers feel they are just “thrown from task to task”, get inadequate guidance, and have to manage “unreasonable” demands from their bosses.Quoine’s lawyers argue that B2C2 “must have known” that the price was “wholly out of line with all the other prices it had been seeking to trade at during that day”, all of which were more than 250 times lower.