The International Bar Association (IBA) published a new global code of conduct this week, identifying the 10 core ethical principles that should guide legal professionals worldwide.

The new code was compiled with the help of practitioners from every continent, including former Law Society president Edward Nally and Gazette columnist Jonathan Goldsmith, secretary-general of the Council of Bars and Law Societies of Europe (CCBE).

It reflects the gathering pace of globalisation and an increase in the cross-border transactions that lawyers deal with on a daily basis.

The 10 core principles are: giving clients independent and unbiased advice; honesty, integrity and fairness; avoiding conflicts of interest; confidentiality; treating clients’ interests as paramount; honouring undertakings; respecting clients’ freedom to choose their own lawyer; accounting faithfully for clients’ property; competence; and charging reasonable fees.

The code replaces previous versions published in 1956 and 1988.

James Klotz, chair of the IBA’s Bar Issues Commission, said he hoped the code would be particularly helpful to fledgling bar associations struggling to establish independence.