Does Paralegal-Client Privilege Exist?

According to the American Bar Association Rule 5.3 of the Model Rules it does. The attorney-client privilege and the corresponding ethical obligations of client confidentiality extends to the paralegal and all non–lawyers working on the case. The Paralegal-client privilege is an extension of the attorney-client privilege.
Rule 5.3: Responsibilities Regarding Nonlawyer Assistance
With respect to a nonlawyer employed or retained by or associated with a lawyer: