Beyond Sarbanes-Oxley: Conscientious Compliance
December 27, 2004
A confluence of various regulations and court decisions, beyond Sarbanes-Oxley, has made it de rigueur to adopt corporate codes of conduct or corporate compliance and ethic programs. But arguably, and not fully appreciated, the only thing that could be worse for directors and officers these days than not having adopted a corporate compliance program, is having adopted one and not effectively implementing it. Boards of directors and their advisors must now focus on not merely adopting programs, but on establishing procedures and processes that provide active oversight of directors of compliance programs.
Is The Government Losing Its Merger Home Field Advantage?
December 27, 2004
The conventional wisdom is that the government has a significant advantage when challenging mergers in court, and that this advantage is especially difficult to overcome when the government presents major customer witnesses opposing the transaction. However, three recent government court losses in which the FTC or Department of Justice teamed up with state attorney generals challenge that conventional wisdom.
Edgy Ethics In Law Firm Competition
December 27, 2004
Of the firms that are playing to win, I particularly respect those that have gone out of their way to define what constitutes unethical and culturally unacceptable behavior.
$10K Raises For Philadelphia Associates
December 27, 2004
Three more Philadelphia law firms have joined in the parade to raise starting salaries. Hangley Aronchick Segal & Pudlin and Saul Ewing both moved their starting wage from $105,000 to $115,000, and Fox Rothschild is jacking its rate from $100,000 to $110,000.
Midsize Firms: Key Trends Affecting Competitiveness And Profitability
December 27, 2004
In conducting strategic planning studies and facilitating numerous strategic planning retreats, I regularly discuss long-term trends affecting law firms with dozens of members of executive committees and managing partners. These trends of interest differ somewhat, of course, for firms of different sizes. More importantly, sometimes the same trend has very different implications for firms of different sizes.
Cash-Out Distribution Plans Require Amendment
December 27, 2004
Qualified retirement plans that provide immediate cash-out distributions to a terminated participant if the vested benefit is "$5000 or less" must be amended to comply with Department of Labor (DOL) final regulations. The final regulations are effective for rollovers of mandatory distributions made on or after March 28, 2005. The final regulations provide a safe harbor for fiduciaries of tax-qualified pension plans that are required to roll over plan benefits into an individual retirement plan when a terminated employee fails to elect a distribution method.
Attorney Fees Blocked In NY Civil Rights Case
December 27, 2004
Lawyers who prevail in a civil rights case but win only nominal damages are generally not entitled to attorney fees, the Court of Appeals has ruled in a groundbreaking opinion.
More Clients Embrace E-Billing
December 27, 2004
It only seems fair for the in-house department to strive to simplify the billing process at a time when it is demanding so much from outside counsel.
