BigLaw Losing Fight Over Indemnity In Counsel Guidelines

Law360, New York (April 20, 2017, 9:18 PM EDT) -- In a buyer’s market for BigLaw services, corporate clients are increasingly demanding — and getting — firms to shoulder the risk of unforeseen or unwelcome outcomes from legal work, experts said at a Thursday gathering of professional liability specialists.

While broad indemnity provisions being built into outside counsel guidelines vary in breadth, the more onerous seek to force firms to take responsibility for costs of even unsuccessful challenges related to legal work, documents, or transactions, or lawyer “mistakes” that don’t resemble malpractice.

To make matters worst,...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.