Lawyers as Whistle-Blowers in a Post Enron World

A lawyers claim that the principle of client confidentiality overrides the public's right to know in the wake of wide-spread and deep corporate malfeasance has raised new awareness and concern. The latest round of this debate began with the passage of the Sarbanes-Oxley Act of 2002. Section 307 of the Act required the Securities and Exchange Commission (SEC) to set forth minimum standards of professional conduct for attorneys appearing and practicing before the Commission. The debate reached at least a temporary resolution in August, 2003, when the American Bar Association (ABA) amended key provisions of its Model Rules of Professional Conduct, conceding after a long and bitter battle, that its own rules had not been helpful in thwarting corporate greed - and that lawyers needed to play a more significant role when their clients defrauded the public out of countless millions of dollars. This review provides perspective on the issue and notes the various options and conditions involving the client confidentiality in financial markets and other legal settings