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- W3125302267 abstract "Rules of professional conduct obligate transactional lawyers to act as gatekeepers in the interests of their corporate clients. Model Rule 1.13(b) obligates a lawyer for the corporation to take remedial action if the lawyer knows corporate managers are engaged in actions amount to a violation of a legal obligation to the corporation or are unlawful and likely to result in substantial injury to the corporation. Model Rule 1.2(d) forbids a lawyer to lend assistance to an action by a corporate client that the lawyer knows is criminal or fraudulent. While these rules work well in some settings, in other instances - including situations such as Enron - these professional rules offer insufficient guidance for lawyers and set inappropriately low standards for the lawyers' professional duties. In corporate transactions affect the relative wealth of corporate constituencies, we believe the lawyer for the corporation must evaluate the propriety of his actions by reference to the best interests of shareholders. This, we believe, provides a sensible and clarifying gloss to the traditional entity theory, which defines the corporate lawyer's client as the corporation as a whole and is unworkable in transactions pit the interests of one corporate constituency against another. We also argue the knowledge standard, found both in Rule 1.13(b) and 1.2(d), is overly lax and should be replaced by a more demanding and objective reasonably should know standard. The knowledge standard leads to inappropriate outcomes and is inconsistent with the high standards should be placed on the profession. Finally, we argue corporate lawyers operate in a material, structural conflict, since they are obligated to act in the best interests of shareholders but are typically hired and paid by senior management. We believe this conflict is most effectively ameliorated if corporate lawyers, like corporate auditors, are hired, monitored and compensated by the company's independent audit committee." @default.
- W3125302267 created "2021-02-01" @default.
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- W3125302267 date "2004-07-28" @default.
- W3125302267 modified "2023-09-23" @default.
- W3125302267 title "The Ethical Obligation of Transactional Lawyers to Act as Gatekeepers" @default.
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