Originally posted by taxwonk
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It is apocryphal. I've heard it attributed to several clients in several cities over the years.
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The joke is that a client with an ethical compass suited for committing fraud would be foolish enough to reveal fraudulent omissions or misrepresentations to a lawyer that wouldn't happily participate in duping investors, courts, &c, &c. Kaye Scholer got sanctioned for helping Keating with Lincoln Savings like that (right?). And it's not as if law firms haven't ever failed in their own obligations to disclose information when disclosure could cost them an engagement (e.g., Milbank Tweed in Bucyrus-Erie or Perkins Coie in Jore Corp).
Re Lincoln Savings, check out OTS' recommended professional liability:
http://www.scu.edu/law/FacWebPage/Glancy/html/kaye.html
