Bank of America Request for Legal Fee Credit Raises Ethical Questions

, Corporate Counsel

   |4 Comments

The Bank of America Corporation is asking certain of its select outside law firms to give it a credit on its annual legal fees, based on the amount of customer business sent to the law firms. Some experts say that practice is highly unusual and ethically suspect.

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What's being said

  • MARSHAMAINES

    BWAAAHAHAHAHAHAH!!! Bank of America has successfully desecrated the name "America" enough already hasn't it?....

  • LAB

    Sounds like the reverse of taking a premium and padding the bill--which is also unethical. If pressured, the law firm asked to give the credit should ascertain if BOA intends to terminate its business with that firm if the the agreement is not signed. If so, then maybe BOA does not deserve to be a client of that firm. When a client dictates all of the billing terms, it's time to get a new client.

  • M. Hatcher

    Do the lawyers get a bonus based upon the fees and interest paid by their clients to the Bank? The bank must be hard up to put the squeeze on their own lawyers!

  • M. Hatcher

    Do the lawyers get a bonus based upon the fees and interest paid by their clients to the Bank? The bank must be hard up to put the squeeze on their own lawyers!

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