This article will review a group of recent cases addressing two questions that are crucial to lawyers—who is the client (or who are the clients) and what can be done to make it easier (or, if you get it wrong, harder or impossible) to collect fees?
Who Is the Client?
The facts in Eurycleia Partners, LP v. Seward & Kissel, LLP, 12 NY3d 553 (2009), were that Seward & Kissel had drafted the offering memorandum and regular updates for hedge fund Wood River Partners. Wood River’s general partner then violated the terms of the offering memorandum and was ultimately convicted of securities fraud. The fund’s limited partners sued Seward & Kissel, alleging, inter alia, fraud and breach of fiduciary duty, arguing that the firm had known of and aided in the general partner’s wrongdoing.
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