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"Case Studies" > Professional Liability > Law Firm’s Work Product Failed to Satisfy Auditor or Client

Law Firm’s Work Product Failed to Satisfy Auditor or Client

Summary:


According to plaintiff’s counsel, the meeting was a “disaster.” The auditor’s
reaction was swift, objective, and very critical. It judged defendant’s legal
analysis to be “fuzzy” and its best work to be “garbage.”

Plaintiff, a large West Coast city, was embroiled in a billion dollar-plus pension fund crisis that severely impacted its financial status. It desperately needed expert legal assistance to defend it in the face of a thorough investigation by the SEC and the U.S. Attorney’s Office, and most importantly, to help its independent auditor complete its work. After hearing several pitches from national law firms, the City selected the defendant, which promised to conduct an investigation of limited, defined scope and prepare an objective “warts and all” report to be submitted to both agencies and the auditor. The initial estimate of cost was $150,000, with participation largely limited to two lawyers.


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