Financial Advisor Engagement Letters: Post-Rural/Metro Thoughts and Observations

Much ink has been spilled discussing the factual and legal underpinnings of the Court of Chancery’s opinions in the Rural/Metro litigation. It seems the phrase “in doing so, they function as a gatekeeper” has attracted more attention over the past year than any other phrase in a Delaware opinion since “the directors of Trans Union breached their fiduciary duty” in Van Gorkom. This article does not add to that interesting discussion. Instead of debating the merits of the outcome in Rural/Metro, this article begins from that outcome and contains our thoughts on the drafting and implementation of financial advisor engagement letters in a post-Rural/Metro world.

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Eric S. Klinger-Wilensky, Nathan P. Emeritz, “Financial Advisor Engagement Letters: Post-Rural/Metro Thoughts and Observations,” Vol. 71, The Business Lawyer (Winter 2015-2016).


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