Louis Pierro Speaks to Time Magazine About HBO’s Succession
Attorney Louis W. Pierro has spent nearly four decades focusing on legal issues relating to estate planning, trusts, and business plans. This in-depth expertise in corporate law prompted TIME Magazine to reach out for his opinion on the accuracy of the HBO hit Succession. Along with two other corporate attorneys– and fervent fans– Mr. Pierro offered insight and legal advice to the characters of this addictive satirical drama.
Pierro Featured in TIME Magazine
Waystar Royco, a fictional version of the world’s largest media and entertainment conglomerate and a highly dysfunctional dynasty, is at the heart of the show. Succession chronicles a high-profile family’s power struggle to dominate the company when the patriarch’s health begins to decline.
The media mogul’s children go to great lengths to gain an advantage– or personal favor– with their father, Logan Roy. His oldest son contends that his father personally oversaw and condoned the cover-up of decades worth of sexual intimidation and exploitation on their cruise line.
Accuracy of Legal Drama Succession
In the TIME Magazine article, Louis Pierro weighs in on a number of pressing issues with staff writer Andrew Chow.
AC: How common are father and son power struggles in the corporate world?
Pierro: I do see that all the time—and the impact that has on the kids who are waiting around saying, O.K., when is it my turn? But I haven’t seen too many cases where one of the children tried to jump up and pull that business out before the dad was ready to let go.
AC: How do general counsels deal with conflicting loyalties to different members of a family in addition to the company itself?
Pierro: I represent a company that is owned by five siblings. One of them is in the controlling position, but the other four siblings have raised a number of issues. My duty of loyalty, in that case, is to the company, as I am corporate counsel. So, when push came to shove, I had to recommend to the CEO that he get personal counsel to represent him individually in what ended up being a shareholder battle.
AC: How common is it for corporations to refuse to cooperate with federal authorities?
Pierro: It’s a strategy of many corporations to obfuscate, deny and hide. With the feds, it depends on who’s doing the investigation and how much of a pitbull they are. But in the corporate world, evidence is disappeared all the time. That is a common practice, unfortunately.
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