In the August 19, 2013 edition of The Chicago Daily Law Bulletin, Jack Barber analyzed a recent and important Illinois Appellate Court opinion “Miller v. Harris, 2013 IL App (2d) 120512 (filed Feb. 21, 2013)” which cautions accountants that performing work under oral agreements may increase their exposure to breach of fiduciary duty claims.

Barber explains that accountants often defend against breach of fiduciary duty claims by asserting that a written contact or engagement letter defines their duties and limits their obligations.  Working without a written contract or engagement letter significantly increases accountants’ litigation risk when faced with a breach of fiduciary duty claim.

You can read the entire article here.