Thursday, June 12, 2008

Opinions of In-house Counsel

In our discussion regarding opinions of in-house counsel, we noted that the inside counsel who signs a closing opinion has personal responsibility for satisfying the duty of care owed to the recipient. The manner in which this risk is managed by corporate counsel will depend upon the right of the corporate counsel/opinion giver to be indemnified and the availability of insurance. Each company’s situation will be different. In addition to directors and officers liability insurance, some companies procure malpractice insurance for their corporate lawyers. It would be interesting to know whether it is common practice for companies to obtain Employed Lawyers Professional Liability Policies and, if so, whether adequate attention is being paid to the integration of the policy with the directors and officers liability insurance. Any comments regarding your experience with Employed Lawyers Professional Liability Policies would be of benefit to the group.

Check out the agenda and minutes from the ACC Small Law Department Committee Calls

-John R. Miller
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