This case involves a bank that engaged a law firm to prepare loan documentation for a multi-million dollar loan. Although the law firm claimed to have expertise in providing legal services regarding banking, commercial loan documentation, and bankruptcy, the firm made a basic drafting error causing the bank several million dollars in damages. The law firm subsequently represented the bank in the debtor’s bankruptcy proceedings. However, the law firm was allegedly negligent in their duties causing the dismissal of the bank’s claim. The law firm claimed it was owed unpaid legal fees for the engagement, however, the bank asserts the firm failed in its responsibility to represent the bank, to draft adequate loan documentation, and to uphold their fiduciary duty. An attorney with considerable expertise in bankruptcy law was sought to review the facts of the case for the defense to determine whether or not the plaintiff law firm acted negligently.
Question(s) For Expert Witness
- 1. Briefly describe your knowledge of the proper procedures for drafting loan documentation,
- 2. Do you have experience representing banks in bankruptcy proceedings?
Expert Witness Response E-058673
I am a nationally recognized expert in bankruptcy law. I am a recipient of a national bankruptcy fellowship and the lead editor for an industry-leading bankruptcy law treatise. In my practice of law, I have represented both debtors and creditors in commercial disputes. I have extensive experience with a number of commercial law matters, including financial restructuring, fraudulent transfers, asset sales, valuation issues, and contract modification. I hold a law degree from one of the top-10 law schools in the country. I am a professor of law at a northwestern law school and the director of the center for entrepreneurship at a liberal arts college. Prior to moving to academia, I practiced at two of the most prestigious law firms in the world and worked on a number of high-profile matters.