Corporate and non-profit directors and officers, trustees, LLC managers, managing partners of general and limited partnerships, LLPs and other managing or controlling owners and agents of privately owned businesses share the common trait of having fiduciary duties to passive owners, beneficiaries, investors, lenders or other stakeholders of the entity involved. While their basic power, authority and obligations may be contractual, statutory or arise under common law, all fiduciaries bear one or more added duties of care, loyalty, disclosure, honesty, overall fairness and the utmost of good faith toward internal or external stakeholders of a business, non-profit or trust depending on the nature of the entity and the type of activities or transaction under scrutiny.

WBS represents fiduciaries and stakeholders alike in structuring their relationships to accommodate their respective needs and expectations in relation to the business venture, wealth transfer trust strategy or nonprofit mission and attendant liability risks.

Toward avoiding controversy between fiduciaries and stakeholders, and minimizing risk in acting in a fiduciary capacity, WBS attorneys assist in managing these special and often tension-fraught relationships in the context of ongoing day-to-day business, administrative and financial management as well as particular events and transactions out of the ordinary course.

When conflict does arise between fiduciaries and stakeholders, and sometimes between and among fiduciaries themselves, WBS is proficient in helping the individuals, businesses, financial institutions and other participants involved in achieving resolution out of court, wherever possible.  Where such efforts fail, WBS has the specialized litigation expertise and experience to defend and vindicate fiduciaries, as well as hold them accountable, in court through trial or pre-trial forms of judicial relief and out-of-court resolution.

The WBS professional liability practice also includes assisting CPA firms, attorneys, insurance brokers, real estate management companies and other types of licensed professionals—and when appropriate, their clients—in professional negligence and professional regulatory compliance matters. These matters sometimes involve subpoena compliance, defending or prosecuting professional malpractice lawsuits, and defending regulatory enforcement actions by federal or state licensing and oversight authorities.

In any fiduciary or professional liability situation where Director & Officer, malpractice or other applicable insurance is or may be available, WBS has insurance expertise necessary to assist the covered professional or professional firm in obtaining defense cost, settlement funding and liability coverage and, where necessary, managing the communication and negotiation process as between insured entities and/or individuals and their insurers.