Corporate Compliance And How It Relates To Litigation Data-Management
August 30, 2005
If we counted a penny for every general counsel, chief information officer or information-technology director who laments the passing of the regulatory-agency laissez faire policies of old, we'd give Donald Trump a run for his money. The simple truth is, there is no going back -- Sarbanes-Oxley, Gramm-Leach-Bliley, the Safe Harbor Protection Act and European Data Protection Directive -- they're all here to stay.
The Increasing Importance of Corporate Minutes
August 30, 2005
As corporate scandals continue to dominate the financial press, the actions taken by members of corporate boards of directors are under attack by the civil class action bar, the Securities and Exchange Commission, federal prosecutors, and state regulators. As the activities of board members are increasingly subjected to challenge in civil and even criminal proceedings, the existence of a clear record of the board's activities has become an increasingly critical element in establishing a corporation's decision-making process. Thus, boards of directors should take a fresh look at how their decision-making process is described in corporate minutes to ensure that the minutes will permit the directors to defend the actions taken in the boardroom, as well as to demonstrate that the directors have performed their oversight duties with appropriate care.
Reconciling Different Outlooks
August 01, 2005
What does a firm do when differences in philosophy and management style threaten its very existence? How do you begin to deal with the issues that have accelerated to the crisis stage? Following is the experience of one firm that had to face some difficult decisions about its future. We were requested to step in and sort out the problems with a view towards proposing solutions and providing a basis for reconciliation. This scenario presents the case of a fictional law firm, Mason & Logan, and is a composite of the types of problems encountered by a firm in transition.
Converting Raw Data Into Meaningful Business Intelligence
July 28, 2005
During our installation of the Hummingbird Enterprise suite, we discovered Hummingbird BI, the suite's business intelligence component. We originally purchased BI in hopes of providing clients with simple financial snapshots of case related expenses and fees via the extranet. However, we quickly realized our expectations were inadequate and found that BI was the unexpected gem of Hummingbird Enterprise.
AbacusLaw: Practice-Specific Case Management
July 28, 2005
Over the years, case management software has become more and more refined. However, there are still several programs that don't take into consideration the fact that most attorneys need a program that is more adept at their particular area of practice. <br>I practice in the area of family law, and needless to say, most of the case-management programs floating around don't account for the language and the rules involved in my practice area. That is to say, not until now.
Compliance Assessments
July 28, 2005
In the brave new world following the passage of the Sarbanes-Oxley Act of 2002 (SOX) ( Pub. L. 107-204 (2002), 116 Stat. 745), companies are struggling to meet the challenge of developing effective compliance programs. Many of these companies are diligently working with in-house counsel, external counsel, and internal audit and compliance departments to develop compliance programs that demonstrate a strengthened commitment to implementing best business practices, in order to realize the corporate "culture of compliance" contemplated by the Federal Sentencing Guidelines. Focusing on compliance not only meets good corporate governance practices and satisfies other corporate housekeeping needs, but also helps management prove to itself and its board of directors that the management team really does know what is going on within the company. In addition, proactive directors are using compliance assessments to demonstrate that they have satisfied their obligations as directors -- under the Sentencing Guidelines and under developing standards of due care. In each case, the challenge is how to develop and implement an effective compliance and ethics program.
Career Paths for Law Firm Accounting-Financial Professionals
July 28, 2005
In part one of this two-part series [see the June 2005 A&FP edition], we discussed the pathways available for law firm administrative staff with finance and accounting competence to evolve into consulting roles within the legal services industry. Part two focuses on avenues available for individuals with strong skills in these functional areas to advance within their own or other firms.
Statistical Report Flaws: A Spotter's Guide
July 28, 2005
Statistical reports play an important role in management decisions, so it pays to hone your skills for spotting inaccuracies and distortions. Some flaws are so subtle that even professional statisticians debate their presence, but many errors are easy enough to detect if you just look for them.<br>This article describes some outright errors along with some suspect practices that often lead to error. After examining a few graph-drawing fiascos, the article examines ranking distortions and other problems that can result from either excess precision, ill-chosen scales, or a disconcerting quirk called Simpson's Paradox. Finally, the article discusses a common survey methodology error that leads not only to slanted results but also to the reporting of nonexistent trends.
Am Law 100's New Metric: Value Per Lawyer
July 28, 2005
For 20 years, The American Lawyer has measured the economics of law firms, first with The Am Law 50 and 75, more recently with The Am Law 200. Throughout, we've kept to the same metrics: gross, revenue per lawyer, profits per partner, and the Am Law Profitability Index (API). These lists helped inform and change the profession. (Note that we didn't say ruin.) We published them again this month with one significant addition that we think reflects the changed nature of the business of law: Value Per Lawyer (VPL).
Collective Bargaining for Legal Fees?
July 28, 2005
For almost a year, lawyers from eight of the largest corporations in the country have been meeting and exchanging information. The group, which first came together last fall, includes in-house attorneys from Cisco Systems Inc., E.I. du Pont de Nemours and Co., FMC Technologies Inc., General Motors Corp. and Microsoft Corp. Together they oversee a collective annual legal budget exceeding $1 billion.
