Thirteenth law of worker entropy: Difference between revisions

Take a USD500m secured note. Even 5 [[basis point]]<nowiki/>s — 0.05% of the deal — is USD250,000. Who wouldn’t pay that to make sure nothing went wrong on a tenth of a yard of debt finance? But even at USD500 and hour that is five full working weeks of a [[legal eagle]]’s time:<ref>At 40 hours per week. Yes, we know that nowadays a transatlantic lawyer can expect to recover more billable hours per week than there actually are in the week, but we are assuming traditional laws of spacetime apply.</ref> it really wouldn’t do if all that was required was to top-and-tail the term-sheet with [[boilerplate]] and bang out an enforceability [[Legal opinion|opinion]]. Nor would there be much prospect of stopping clients going to some other guy down the road who will do the job in a day and send a bill for a £500.{{sa}}