What may be protected by attorney-client privilege in the United States may not be protected in Europe (and, vice-versa), American strategies for managing privilege may not work (and, in fact, may be counterproductive) in Europe, and, on the other hand, conduct that has long been accepted in Europe may operate to cause a waiver of privilege under US law. Failure to appreciate these subtle cross-jurisdictional nuances may not only compromise your position in front of a court or regulator, but could even undermine your ability to execute on a long planned transaction.