It could be even simpler: Dropbox's admin interfaces for employees may simply not reveal data that could technically be revealed.
When I started my own law practice, my partners insisted that "everything must be encrypted" so that no third parties would have access to see any files. I had a feeling my partners were parroting this requirement and didn't really understand how security works. I tried to explain the pros and cons of this approach, but my warnings fell on deaf ears; the requirement was absolutely total encryption of all file data so that no third party could even theoretically peek at our data.
So, I set up JungleDisk backups to S3 with a key that only I knew about. This was an awesome solution that cost a few bucks per user per month.
Not long afterward, one of my partners insisted on having his home PC and his laptop synced. At the time, JungleDisk didn't offer syncing.
Sure enough, a few weeks later, I find out that the same guy who insisted I encrypt everything was secretly using Dropbox to sync his files. (I won't even get into the fact that he was backing up his sync folder to my JD solution!)
In summary, idiots are idiots, and security is often misunderstood.
By the way, I'm no longer working with people who fail to understand security, and we've got what I suspect are the most innovative, cost-effective and secure backups at any law firm in the world.