Companies May Be Underpaying Deals Attys, Law Prof Says

Law360, New York (July 14, 2016, 7:54 PM EDT) -- Defying conventional wisdom about exorbitant BigLaw rates, a law professor has suggested that public corporations may be paying too little — not too much — for legal advice on their transactions, at least compared to private companies.

In a recently published paper, Elisabeth de Fontenay, an associate professor of law at Duke University, compared the outside counsel selections of private equity firms to those of public companies through the lens of more than 4,200 credit agreements.

Concluding that private firms are "relatively well-incentivized" to select counsel for their companies that maximizes expected value from deals, de Fontenay says that data on...

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