Monday, March 24, 2008

Worst Lawyering Of The Year Nominee

By my reading, some Wachtell lawyers just cost Chase about one billion dollars. According to the NYTimes, one of the major factors in Chase's decision to up their bid for Bear Stearns from $2/share to $10/share may have been a poorly-drafted guarantee. How'd you like to be the associate who drafted that language, or the partner who approved it?


Anonymous Anonymous said...

Oh, hell, QG. There's worse lawyering than that about every two hours.

This is just the worst outcome.

Call it Worst Hindsight of the Year.

SWMBCg, etc.

12:06 PM, March 24, 2008  
Blogger New England Guy said...

The deal was going down and a resolution needed to be found which would save face for the bigboys (ie the nonlawyers) and the reason big firm lawyers get paid so much is that their role is to play the patsy and take the fall. if heads have to roll, why not a $200k associate- Wachtell will need to downsize anyway and even if they don't there's plenty of fish on the sea-especially this year.

12:28 PM, March 24, 2008  
Blogger QueensGuy said...

Nah, CG, you've got to remember that here on Pajama Guy, everything can be given a dollar value. If I show up drunk for court and my innocent client gets the death penalty, how much economic harm can I have caused? Well, even if I admit all fault in a wrongful death suit, the most his family is going to get is $10MM or so. This is a hundred times worse.

On a related note, if I had represented Bill Clinton in the civil suit where he was deposed to historic effect, I would have let her take a default judgment, claiming he couldn't be distracted. What could her damages have been?

8:40 PM, March 24, 2008  

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