Competition is so intense these days that lawyers in private practice have learnt by heart that their job is to help the client achieve his objectives. So when a lawyer advises you not to proceed with a tran saction, give him the chance to argue the point.
What has prompted this reflection is the realization that, after almost 15 years, the Hammersmith & Fulham swaps litigation is still going on. For bankers not around then, the cases arose out of interest-rate swaps that UK local authorities entered into in the early 1980s.
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