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Monday’s developments in the Bank of America-Merrill Lynch bonus case were so interesting that we decided to take a second look. Specifically, we wanted to know two things: First, was it a smart move for BofA’s lawyers at Cleary Gottlieb Steen & Hamilton to hire — at $1,090 per hour — Morton Pierce, chair of M&A at Dewey & LeBoeuf, and ask him to defend how BofA and Merrill disclosed the bonus payments in their merger agreement? And second, how close did BofA come to waiving attorney-client privilege in asserting — to the Securities and Exchange Commission — that the two banks relied completely on their outside counsel at Wachtell, Lipton, Rosen & Katz and Shearman & Sterling in drafting the relevant clauses in the merger agreement?

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