Bank of America Request for Legal Fee Credit Raises Ethical Questions

, Corporate Counsel


BofA is asking some of its select outside law firms to give the company a credit on its annual legal fees, based on the amount of customer business sent to the law firms. Some experts say that practice is highly unusual and ethically suspect.

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What's being said

  • The Last Honest Lawyer

    If I'm the client, I either pick another bank, negotiate the "kickback" back to the client, or find a boutique firm that will do the deal at a fixed price. But BigLaw better get used to these types of strong-arm tactics in the future. Their party is over and whether this particular technique passes muster, others that do will follow.

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