To read about issues of attorney-client privilege that the BofA/Merrill investigations have raised, click here.
Generally speaking, the attorney-client privilege only protects communications between the attorney and client for the purposes of legal services, and it only protects those communications based on client confidences or legal advice. Of course, these days outside counsel increasingly consult with third parties–accountants, investment bankers, public relations specialists, marketing consultants–before being able to advise clients. Corporations and courts continue to struggle with the issue of when the presence of such third parties waives privilege.
