The attorney-client privilege generally applies to communications between an attorney and a client for the purpose of seeking or rendering legal advice. Unfortunately, no approach to preserving privilege in an audit or internal investigation will be “bulletproof,” cautioned Michael B. Hayes, partner at Montgomery McCracken, at a recent Strafford CLE Webinars program. Hayes and Kenneth E. McKay, shareholder at Baker Donelson, took a deep dive into how and when privilege and attorney work product protections apply in connection with internal investigations and audits, as well as the critical issues that arise in claiming those protections. This article presents the key takeaways from their presentation. See “How Fund Managers Can Maintain Work Product Protection During Investigations After the Herrera Decision” (Feb. 22, 2018).