• Ambiguous Tail Provisions in Investment Banking Engagement Letters May Sacrifice Success Fees
  • July 26, 2005
  • Law Firm: Seyfarth Shaw LLP - Chicago Office
  • A recent state appeals court decision highlights the importance of drafting unambiguous tail provisions to avoid litigating over fees. In William Blair and Co. v. FI Liquidation Corp., an Illinois appellate court held that a tail provision in an engagement letter left in doubt whether a company owed a success fee to an investment banking firm for work it had done to introduce the company to its eventual buyer.