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For the inside counsel revolution to succeed, the General Counsel must follow a basic dictum: Hire the best. The key to the legal function's credibility with the CEO and senior line executives is to seek broad-gauged lawyers who are outstanding technical experts, wise counselors and effective leaders to occupy the top specialists jobs in the company and to be general counsel in the main operating divisions. Placing the best people in senior lawyer positions across the company also has great ripple effects, as these individuals, in turn, build their specialty or business legal groups through other outstanding hires. Top business leaders will say that they spend a significant portion of their time ' up to 40% ' on hiring, compensating, promoting and retaining people in top jobs. That absolutely must be the case for the General Counsel, and his or her senior peers, in a large, complex company.
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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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