<i>BREAKING NEWS:</i> Ex-Dewey Leaders Charged With Fraud, Theft
March 06, 2014
Following a nearly two-year investigation that began as Dewey & LeBoeuf spiraled toward death, its former chairman, Steven Davis; its former executive director, Stephen DiCarmine; and its ex-chief financial officer, Joel Sanders, were accused on March 6 of "concocting and overseeing a massive effort to cook the books" at the firm.
Preparing for the Affordable Care Act Employer Mandate
February 28, 2014
As of Jan. 1, 2015, the ACA begins to impose certain health coverage requirements on employers who have at least 50 employees. Even though its implications are almost a year away, it is not too soon for employers to prepare for the Employer Mandate. Employers would be wise to figure out if the mandate applies to them, understand the potential penalties that can be imposed on them and, taking into account all of the various considerations, decide if they want to pay or play.
Managing Partners and 'Gamification'
February 28, 2014
Many managing partners tell us they are struggling to get their arms around new tools and techniques for driving more efficiency and cost-effectiveness into legal service delivery. Firms are seeing more and more RFPs in which clients make increasingly draconian demands for better management and control of legal work. AFAs (alternative fee arrangements) are reshaping not just pricing and profitability, but the whole way in which matters are staffed and billed.
Supreme Court Hears Challenge to Fraud-on-the-Market Presumption in Securities Fraud Litigation
February 28, 2014
When the U.S. Supreme Court 25 years ago decided <i>Basic, Inc. v. Levinson</i>, it adopted a legal theory that commentators would describe as revolutionizing securities law in the United States. By accepting the "fraud-on-the-market" theory, the <i>Basic</i> Court made it much easier for plaintiffs to get their cases certified as class actions, increasing the potential exposure of corporations and their officers and directors.
The Evolution of a Process
February 25, 2014
Here we are in 2014, the number of law firms outsourcing parts of their back-office is increasing and more and more firms are interested in the process as a way to control costs and increase the efficiencies in their back office operation. Why the change? To explain it fully requires one to look at the evolution of the process.
The Dimensions of 'Goodwill' in a Law Practice Sale
January 31, 2014
One of the thorniest issues in selling a law practice involves the issue of goodwill and how to value it. Goodwill is both an accounting term and a qualitative dimension. Understanding both helps the average lawyer better understand the sale of a law practice.
Financial Education Through Software
January 31, 2014
It's a challenge for many lawyers to find the time to understand the financial side of their practices. At Orrick, Herrington & Sutcliffe, financial education has become a priority. When our lawyers became better equipped to understand the economics of their practices, our firm was able to sustain growth and increase efficiency as well as improve client service across the board.
$1,000 Per Hour Isn't Rare Anymore
January 31, 2014
As recently as five years ago, law partners charging $1,000 an hour were outliers. Today, four-figure hourly rates for in-demand partners at the most prestigious firms don't raise eyebrows ' and a few top earners are closing in on $2,000 an hour.
