Does a client have attorney-client privilege?

This does not mean, as suggested by the majority opinion ante at 1199-1201, 1202-03, that such materials will normally be discoverable. Documents in which a party's attorney assesses the legal advisability of contemplated business transactions, including the possibility and efficacy of litigation if the client elects to proceed with the transaction, will normally be protected from discovery by the attorney-client privilege, so long as the client meets the usual requirements of, inter alia, maintaining confidentiality and showing that it was seeking legal advice. The assertion of attorney-client privilege in the present case was rejected only because the client had failed to make any record that distinguished the present consultation of its accounting firm from its normal business consultations. See United States v. Adlman, 68 F.3d 1495, 1499-1500 (2d Cir.1995).