IP News
May 31, 2007
Highlights of the latest intellectual property news and cases from around the country.
Case Briefs
May 31, 2007
Highlights of the latest insurance cases from around the country.
Liability for Measures to Prevent Further Harm
May 31, 2007
General liability policies are frequently ' and incorrectly ' described as covering 'bodily injury' and 'property damage.' More accurately, the policies promise to 'pay those sums that the insured becomes legally obligated to pay as damages because of 'bodily injury' or 'property damage' to which this insurance applies.' ISO CG 0001 12 04 (2003) ('CGL'), at 1.
Firms Hunting for Stars Re-examine Partner Compensation
May 31, 2007
Cleary Gottlieb Steen & Hamilton LLP managing partner Mark Walker is old school when it comes to partner compensation. He sees no reason to change Cleary's seniority-based lockstep scheme, in which the spread between the highest- and lowest-paid partner is less than 3:1. It's a no-hassle system — no long meetings explaining bonus decisions and no disputes among partners over credit for bringing in business. And it is the foundation of Cleary's culture, Walker says, which emphasizes the collective over the individual. If the firm is not a magnet for hot lateral candidates who want to be paid like A-Rod, that's okay with Walker. 'My view is that if someone says I'm not going to Cleary Gottlieb because [another firm] is guaranteeing me a salary of X, then they don't belong at our firm anyway.'
Associates Need Financial Savvy: Ten Concepts Managing Partners Wish Associates Knew Better
May 31, 2007
A solid grasp of financial and accounting fundamentals can enormously enhance the value of a young attorney's work product. I often saw evidence of this in my previous legal administrator role for a 50-attorney Denver law firm. In my current CPA practice, in which I serve more than 20 law firms on an ongoing basis, I see the same pattern in working closely with attorneys on tax planning and compliance, financial reporting, fraud investigations, forensic accounting, and business appraisals.
Understanding China's New Franchise Regulations
May 31, 2007
The new franchise regulations recently issued by China's State Council became effective on May 1, 2007. Shortly after their promulgation, MOFCOM, the ministry that has authority to interpret and implement the regulations, issued two implementation guidelines, namely the Administration Rules on Commercial Franchise Filing and the Administration Rules on Commercial Franchise Information Disclosure. The regulations are intended not only to provide presale disclosure to prospective franchisees, but also to restrict use of franchising to legitimate business operators. Moreover, the regulations seek to gather statistical data on the scope of franchise activities in China through a franchise registration process.
