Book Review: <i>The First Myth of Legal Management Is That It Exists</i>
January 27, 2005
Written by our new Board of Editors member, Ed Wesemann, and published in 2004 ' with profits donated to the ALA ' this collection of skillfully crafted essays provides illuminating observations and pithy advice on a wide range of challenges facing law firms and lawyers. The book's first chapter, on profitability problems larger firms have with small clients, was the springboard for this month's roundtable discussion
High Court OKs Double Tax on Some Contingent Fees
January 27, 2005
In a pair of cases with potential pocketbook impact on lawyers and their clients, the Supreme Court ruled on January 24th that the contingent fee portion of lawsuit settlements and awards is taxable to the client, even if the money goes directly to the attorney. But initial reaction to the 8-0 decision was more muted than expected because a law passed by Congress last fall limits the ruling's implications, and the decision won't doom the contingent fee system, which fuels a broad range of private litigation.
Significant Changes in Delaware Business Laws
January 26, 2005
Effective July 1, 2004, the Delaware General Assembly adopted significant amendments to the Delaware General Corporation Law, the Delaware Limited Liability Company Act, and the Delaware Revised Uniform Limited Partnership Act as part of its periodic amendments to these Acts for the purpose of keeping them current and maintaining their preeminence among U.S. business laws. <br>This article summarizes the most pertinent of those changes.
Survey Shows Diversity Increasing At Big NY Firms
January 26, 2005
Slightly more than 2% of the lawyers at 23 of New York City's largest firms identify themselves as being lesbian, gay, bisexual or transgender, according to a New York County Lawyers' Association survey. The survey, the first of its kind, also found that the participating firms prohibit discrimination against employees because of their sexual orientation or identity. Those firms also uniformly reported extending family benefits coverage they provide to married couples to same-sex couples registered with the city as domestic partners.
A New World for Nonqualified Deferred Compensation Plans
January 26, 2005
Employment lawyers have been inundated in the last few weeks with calls from clients asking how and whether the new American Jobs Creation Act affects various severance pay plans and other deferred compensation plans. If you are still recovering from the recent presidential election, or are preoccupied by the pending elections in Iraq, this one may have slipped by you. The smart thing to do would be to consult your benefits partner, as I did. In this article, I explain this new law in layman's terms and help you respond to those callers clamoring for information about this creatively titled statute.
Equipment Leasing as a Current Financing Strategy for Middle Market Companies
January 03, 2005
Equipment leasing remains a viable tool for middle market companies in today's environment. The Equipment Leasing Association of America (the "ELA") estimates that of the $668 billion spent by U.S. business on productive assets in 2003, $208 billion, or 31.1%, was acquired through leasing, and for 2004 the ELA projects that leasing activity will grow to $218 billion, or 30.7 cents of every dollar American businesses will invest in equipment.
Strengthening the Patent System
January 03, 2005
America's patent system is at a crossroads. There are many critics of the patent system; some have become increasingly vocal. Some claim the patent system is outdated. Others label it as a "threat to innovation." As fodder for their arguments, critics often tout examples of one or more patents that, in the words of one academic, are "not new, are obvious, are laughably insipid or sometimes all of the above" ("Patent Prescription: A radical cure for the ailing U.S. patent system," A. Jaffe and J. Lerner, IEEE Spectrum Online, Dec. 10, 2004).
Leasing: The Next Generation
December 30, 2004
At the launch of its annual sales meeting, a senior executive of an international company remarked that if the payment obligation had a hell or high water payment obligation, his company would try to finance it.
The Case of the Quiet Recall: CPSC's 2004 Civil Penalty Cases Hit 'Do-It-Yourself' Corrective Actions
December 29, 2004
In 1997, a company named Sun-It (a subsidiary of E&B Giftware) manufactured and distributed some 47,000 citronella candles known as the "Money to Burn Torch." As it happened, the wrapper surrounding the candle collected superheated melted wax. Some consumers reported to Sun-It that they had suffered serious burns when they blew on the candles or bumped into them. Others said that they had been burned when the candles unexpectedly flared. In all, over a period of 5 months, Sun-It received notice of 14 incidents in which consumers claimed to have suffered serious burns and permanent scarring after having been scalded by hot wax from the candles. Sun-It responded to these reports by stopping sale of the candles and recalling candles that remained in retail inventories. Nearly 17,000 candles, including roughly 3300 in unshipped inventory ' more than a third of the total production ' were recalled and destroyed.
