Where Are the Gaps In Professional Development?
September 06, 2005
The legal profession is experiencing a renewed interest in professional development at many levels, as we predicted would occur when the situation changed from a buyers' to a sellers' market in the pursuit of talent. Not only are firms and their clients seeing an increase in work with a better economy, but also the change in the demographic picture as the large cohort of baby boomer senior lawyers start to transition out is significantly influencing the demand and requirements for professional development. More is happening on the training front; however, important gaps between what is being offered and what lawyers need in terms of skill and fulfilling of client needs are still evident.
Keeping Tabs On Internet Identity
September 01, 2005
No technology issue concerns -- or should concern -- individuals, e-commerce and government regulators more than Internet identity theft. The statistics are staggering. In the last year, LexisNexis reported that unauthorized people apparently took personal information on more than 30,000 Americans from its database -- by stealing logins and passwords of legitimate customers. Another data broker, ChoicePoint Inc., reported a possible theft of similar data from as many as 145,000 people through individuals claiming to have legitimate and legal use for the data they purchased from ChoicePoint. But those numbers look small (except, of course, to the affected individuals) when compared with the identity-theft problem acknowledged by Bank of America -- involving about 1.2 million federal employees.
Hummingbird Enterprise's Unexpected Gem: BI
August 31, 2005
This article nicely complements last month's A&FP special edition on "Putting Business Intelligence to Work." Not only does Warren Knowles introduce another interesting software product, but he also explains clearly how the firm's BI software has come to have multiple points of contact with the firm's other application software systems.
New UBT Rules for Legal Work in NYC
August 31, 2005
New York City's 2006 Executive Budget, recently passed by the NY State Legislature (S5568/A8434), significantly changes the NYC Unincorporated Business Tax (UBT) rules. Assuming the law is signed by the governor, as expected, law firms working in NYC will need to adjust to changes in three areas.
Compensation Contradictions
August 31, 2005
The mandatory retirement and similar policies that firms have wielded to effect such transitions are now under threat. The U.S. Equal Employment Opportunity Commission presented a clear legal challenge earlier this year when it sued Sidley Austin Brown & Wood, alleging age discrimination in the firm's dismissal and demotion of older partners. But an even greater challenge to firm retirement policies may be posed by the growing number of older partners who feel they have remained highly productive and insist on holding onto privileged positions, either by negotiating special arrangements or by decamping to other firms.
Does Insurance Cover Attorneys' Fees in a Class Action?
August 31, 2005
The resolution of a class action almost always involves an award of attorneys' fees to plaintiffs' counsel, as part of the overall settlement or based on a separate hearng. But insurance companies often resist paying these awards. They contend that the awards constitute penalties or do not constitute insured compensatory damages. They also sometimes contend that the awards are not covered because they are derivative of uncovered claims.
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.
