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In the Marketplace
The U.S. Supreme Court has denied Textron's petition for writ of certiorari in Textron Inc. v. United States, U.S., No. 09-750, (cert. denied 5/24/10). The controversial en banc decision by the U.S. Court of Appeals for the First Circuit, as analyzed in the November 2009 issue of this newsletter, held that a corporate taxpayer could not shield from disclosure so-called “tax accrual workpapers.” These documents, typically prepared by in-house tax attorneys, set out in detail sensitive areas of tax liability. In this case, the IRS had sought the tax accrual workpapers as part of an investigation into Textron's alleged use of an illegal “sale-in, lease-out” transaction. The sharply divided First Circuit (3-2) concluded that provisions of the federal securities law, in conjunction with prevailing accounting and auditing standards, made the creation of the tax accrual workpapers inevitable. Because the spreadsheets sought by the IRS were not the kind of documents attorneys typically prepared when faced with the prospect or the reality of litigation, they were not entitled to work product protection.
The Alta Group has launched a practice focused on helping the $600 billion equipment finance industry cope with the upcoming changes to the lease accounting rules. Headed by Shawn Halladay, an Alta principal, the division will focus on accounting compliance and implementation. To date, there has not been much information released on the new rules, which are being proposed by both the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board, but it is clear that equipment leasing companies will need to adjust their current business and accounting practices. Alta's new division will help clients understand the new lease accounting rules, design customer strategies, develop appropriate business processes, maximize revenue recognition, and assess and implement needed system changes.
Foley & Lardner LLP has named Ralph P. Dudziak as a partner in the Finance & Financial Institutions Practice Group and the Energy Industry Team in the firm's Chicago office. Dudziak brings extensive experience in a wide array of transactional work, with a focus on lease financing. He advises clients on domestic and cross-border lease and leasehold financings, single investor lease financings, leveraged leases, synthetic leases, and operating leases. In addition, Dudziak has worked extensively in complex equipment-based finance, including aircraft and rolling stock financings, power generation and transmission equipment financings, and manufacturing equipment financings. Prior to joining Foley, Dudziak was a partner at DLA Piper.
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.