4 ms·

So what happens to the corporate counsel who advised on the contract in such cases?

• monetus 4y ago
  "The company will almost certainly go after its outside counsel." Can anyone chime in on this? What liabilities does the counsel likely have?
  • tiahura 4y ago
    Potentially, they could be responsible for the 300M. Segate would have to prove that outside counsel failed to use that degree of skill, care, diligence, and knowledge possessed and used by a reasonable, careful, and prudent attorney acting in the same or similar circumstances. So, just because the attorney got the wrong answer, doesn’t mean they are automatically liable. Additionally, depending on the jurisdiction, comparative fault may be an issue. Ie, outside counsel can argue, even if we were negligent, so were you, and it’s X% your fault.
    • shuckles 4y ago
      I would be really curious to read examples of such disputes. Even legal filings from both sides, evidence, outcomes, etc. Please share if you know of any!