As an attorney, especially a relatively new attorney, I’ve gotten into the practice of double-checking and even triple-checking my work product. One tiny slip can cause major consequences in the legal realm, and such was the case with large mega-firm Mayer Brown who inadvertently drafted a release for a $1.5B loan made to GM from JPMorgan Chase Bank. The error arose when the task of researching and drafting a release for a $300 security interest held by JPMorgan was delegated to a paralegal who mistakenly included all security interests as opposed to just the one to be released.
Instead of double checking the work, it was okay’d by multiple higher ups, and eventually was even reviewed by JPMorgan’s own legal counsel at Simpson Thacher & Bartlett, yet another mega-firm, who gave the go-ahead to file the document. Now, after multiple attempts to correct the error, and an appellate review, the court is holding the attorney’s feet to the fire. Failure to review the document thoroughly is not an excuse. One multi-billion dollar bankruptcy later, and someone is in big trouble….
And that, my friends, is why it’s important to check your work.
You can read the full opinion below.