Anonymous User wrote:Anonymous User wrote:zweitbester wrote:It's funny because this actually happens at every firm, it's just that it doesn't always lead to a judgment against that firm. How many times have you encountered an agreement, but are so sleep deprived that you basically sign off on it while glazing over the words. Not really unique to STB.
I do finance work, and I can't imagine making the STB mistake. First off, I'd never let a paralegal prepare a UCC-3, that's a junior associate job. Second off, everyone knows UCC docs are one of the few docs with zero tolerance for errors, so each lawyer is fascistic about checking them CAREFULLY. Finally, we would always have multiple layers of checking on something as irrevocable as a UCC-3 just to be sure no one person is wholly responsible for catching a goof.
My understanding is that the RE guy who sent the email wasn't doing the reviewing, but one of the junior finance associates was and blew it. This still wouldn't happen at our shop because we have controls to protect against UCC fuckups (we heard of a couple of UCC-1s that were improperly prepared several years ago with thankfully no real consequences other than embarrassment). It speaks badly of the level of Balkanization of practice groups at STB, IMO.
"That's junior associate work". Paralegals are more likely to do it right, anyway. They've actually prepared UCC-3s before.
I'm sure you spend hours of your practice time reading through UCC-3s dozens of times just to make sure everything is exactly correct, and your clients appreciate 20 hours billed on every matter to "UCC perfectionism".
And anyone who calls their law firm a "shop" is obviously trying too hard.
Paralegals don't understand what they're doing, which is how mistakes like this happen. Mechanistic work is crappy work.
And I AM a pain in the ass to work for, but I'm not trying to win popularity contests, just get transactions done without mistakes that, you know, cost the client (or noteholders, or the malpractice insurance pool, whatever) $1,000,000,000. You'd think the conclusion to draw from this wouldn't be "[foul] it, mistakes happen, dude, let's go bowling."