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Do the SEC's Proposed Standards of Professional Conduct Apply to You?
When The Security and Exchange Commission (SEC) or Department of Labor (DOL) or FBI Special Agent investigator knocks on a defense counsel's office door to conduct an interview relating to her client's alleged violation of the Sarbanes-Oxley Act (the Act), she might recall skimming an article and concluding that it did not apply to her role as defense counsel in product liability cases. She should think again. In light of the recent financial debacles, including Enron and World Com, the SEC is fulfilling the Congressional mandate to require public companies to disclose and remediate material violations, breaches of fiduciary duties, and similar violations of the SEC regulations. This article discusses the SEC's definition of an “attorney” under 17 CFR Part 205 and its newly proposed alternative to an earlier draft “noisy withdrawal” ethics rule, attorney withdrawal and disaffirmance with client notification to the SEC of withdrawal. The following scenarios demonstrate when and how an attorney may have to respond under the Act.
Scenario Number 1
You are national coordinating counsel for a publicly owned manufacturer. During the decade that you have represented the company in multi-district litigation, your client has been a beneficiary of several favorable judicial rulings from state and federal courts where most of the allegedly defective products were distributed. However, tort reform favoring plaintiffs has been adopted in the two states where most of the lawsuits are filed. The reform includes two changes that will greatly impact the defense of the product claims. First, the statute of limitations has been extended by a new discovery rule that increases the time for filing suit from 3 years to 8. Second, the cap on non-economic damages is eliminated. These changes dramatically increase the number of suits anticipated by the company since the product was removed from distribution 4 years ago. The values of prior settlements and verdicts used for case evaluations are now meaningless as the “sky is the limit.”
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.