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Corporate Lawyers After the Big Quake: The Conceptual Fault Line in the Professional Duty of Confidentiality | Author: Thomas G. Bost

Corporate Lawyers After the Big Quake: The Conceptual Fault Line in the Professional Duty of Confidentiality | Author: Thomas G. Bost

As most observers of the American legal scene are aware, the past four years or so have witnessed a convulsion and consequent seismic shift in the roles, duties, expectations, and liabilities of corporate lawyers. This upheaval in the standards of mandated lawyer responsibility is the result of the commonly-held perception that lawyers have failed to adequately guard investors from the devastation that accompanied the great corporate scandals of the recent past. Lawyer reform came first from the Securities and Exchange Commission (“SEC”), in response to the mandates of the Sarbanes-Oxley Act of 2002, and then from the American Bar Association (“ABA”), in response to the urgings of the ABA’s Task Force on Corporate Responsibility. Although the details of these reforms differ, their general thrust and effect are similar and in general alignment.

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