Lawyers are subject to professional rules, including bar regulations and a professional secrecy obligation which is in many jurisdictions criminally sanctioned.

This sanction is far more severe than what any contractual non-disclosure agreement can provide for.

Thus, managers can talk about any project and any issue without a risk for leakage towards press, employees or employers.

Still, non-disclosure agreements are required at the outset of any MBO-process. When management, the NDA may also include a non-circumvent obligation, meaning that the investor may not contact the shareholders directly or enter into a deal without the management's agreement.