Business lawyers in the US have lost the confidence of the public due to a mixture of arrogance and corruption, partners at two elite Wall Street firms told the International Bar Association’s (IBA’s) annual conference in Durban.
Speaking at a session on globalisation, Margaret Tahyar of Davis Polk & Wardwell’s Paris arm and Richard Hall of Cravath Swaine & Moore, went on to warn European bars that US business law firms had been caught off-guard by the regulatory threat to their independence posed by the Sarbanes-Oxley Act.
