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More and more law firms are using firewalls in today's world. By this term (or such synonyms as 'ethical screen' or 'Chinese Wall'), firms are referring to the mechanism by which either an individual or a group within a firm is shielded from other concluded or ongoing representations.
Firewalls can often keep a firm from having to withdraw from a matter because of a conflict of interest. Firewalls can also be a tool for resolving business conflicts ' ie, a way to placate clients that may be competitors. But is a firewall a cure-all for all conflicts? No, although as I will discuss in this article, they can be effective in a wide variety of contexts. An experienced ethics partner or committee is essential to the successful implementation and oversight of firewalls in these myriad contexts.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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