“Managers must understand the legal nomenclature and principles most relevant to their business as much as lawyers must understand the business model and its execution.” Constance E. Bagley, Winning Legally: How to Use the Law to Create Value, Marshall Resources, and Manage Risks (Harv. Bus. School Press 2005) at 6.
Well, maybe. Does Bagley mean that each side owes the same level of obligation to be familiar with the domain of the other? The more managers know the law and lawyers the business, the better, but that isn’t to say that each one should become as specialized as the other.