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Attorneys fear impact of new whistleblower rule: Blanchard Krasner & French will manage extend industries'' intellectual property portfolio.

Publication: San Diego Business Journal
Publication Date: 28-JUL-03 		Format: Online - approximately 1095 words
Delivery: Immediate Online Access
Full Article Title: Attorneys fear impact of new whistleblower rule: Blanchard Krasner & French will manage extend industries'' intellectual property portfolio.(Law)(new securities law)

Article Excerpt
Starting on Aug. 5, attorneys who advise public corporations on the dos and don'ts of securities law will be perched on the horns of a new dilemma.

That's the date a Sarbanes-Oxley Act rule goes into effect. It's a whistleblower rule, requiring attorneys to report a company's wrongdoing.

So what happens to client-attorney privilege?

Some in the legal community fear this rule pits attorneys against the companies they serve. Instead of being invited to the corporate table, lawyers fear this rule may push them off in a corner, making them something like would-be tattletales.

As Michael McCloskey, a partner at Foley & Lardner's San Diego office who deals with federal securities fraud, tells it, that's just one part of the dilemma.

McCloskey believes this rule may set up attorneys and their firms to become the target of securities lawsuits brought by shareholders because the rule gives new reason for the plaintiff's bar to examine legal advice given to a corporation.

Last year, the...

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