The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in a directors and officers (D&O) insurance policy may result in significant limitations on the coverage provided to the D&Os, when the underlying dispute is with a creditor acting in its creditor capacity.
Over the years, the structure of law firms has shifted from a geographical model to a practice group model. Rather than placing leaders in each geographical office, law firm practice group leaders have more power. As law firms have evolved in size, reach, and complexity, so too has the need for seasoned executives to manage the business of law.
Perhaps no non-practicing lawyer position has changed as dramatically as that of the leading marketing professional, which bears no resemblance to the position in the 1990s. Twenty-five years ago, law firm marketing executives were asked to put together brochures and prepare seating charts for client and partner functions. It's a different world today.