Of course they ignore it. If they took every counsel opinion to the bank, they'd almost never sign a contract.
Re:Beer
by 7Figures2Commas on Thursday October 17, 2013 @02:11AM
(#6563910)
I know criticizing attorneys is a fashionable pastime, but your comment is neither informed nor creative. I know it may come as a shock, but attorneys make a lot more money structuring, negotiating and drafting agreements than they do advising clients not to enter into them.
This said, the type of advice that I was referring to pertains to legal compliance and best practices in the context of running a business. Example:
1. An employer is advised by counsel that it must or should keep certain records.
2. It, for whatever reason, fails to do so.
3. As a result of its failure, it is fined, or is less able to defend itself in a lawsuit.
This sort of thing happens. Every single day. The only thing being taken to the bank is money that employers never had to part with in the first place.
1. Many clients ignore the advice they're given.
2. Big companies spend lots of money settling lawsuits that could have been completely avoided.
A six or seven-figure lawsuit, which may require tens if not hundreds of thousands of dollars to defend, is an inconvenience at a billion dollar company. It can be the end of a startup or small business.