New York Zoning, and the Variance and Rezoning Process
September 27, 2007
Evaluating the potential for a variance or a rezoning must be done on a case-by-case basis. All of the issues pertaining to the site must be considered to determine if a rezoning or a variance is appropriate for the project. Such factors as whether there is a unique condition on the site for a variance are important. For a rezoning, facts such as if there is a strong residential character around an unused manufacturing site would make for a strong case. Other factors such as the political dynamic and the details of preparing the application must be taken into account as well.
Lack of Director Independence Under Delaware Law
September 26, 2007
As readers are well-aware, Sarbanes-Oxley, the New York Stock Exchange and NASDAQ have established standards for director independence. These are not the only director independence standards that can affect a corporation and its board. Director independence is also significant under Delaware law. Although similar, the standards for director independence under Sarbanes-Oxley ('SOX'), stock exchange rules and Delaware law differ. A director who is independent under SOX may not be independent under stock exchange rules or Delaware law and vice versa.
Riding the Fulcrum Seesaw
September 26, 2007
Troubled businesses also may have turned to the distressed debt market instead of filing for bankruptcy protection due to recent changes to the Bankruptcy Code, which made bankruptcy a more complicated, expensive and uncertain alternative. As a result, when the next wave of Chapter 11 filings comes, hedge funds and other distressed debt investors will act to protect their unique interests and strategies, which will bring new dynamics to bankruptcy cases.
Firm-Client Efficiencies: One GC's Long View
August 30, 2007
'The No. 1 thing that helps us manage our outside counsel costs is longstanding relationships,' says James H. Miller III, senior vice president and general counsel for Georgia Power, the largest operating unit of Southern Co. 'Our principal law firm, Troutman Sanders, has been our law firm for a long time. They know as much or more about our company as some of our own executives do because they've been there longer. In a sense, they are our institutional memory.'
Controlling the Spiraling Costs of Online Legal Research
August 30, 2007
There was a time when electronic services were supposed to replace books and lower costs. They've done neither. Instead, fees continue to rise each year — well beyond the rate of inflation, say law firm librarians (licensing fees are typically covered by confidentiality agreements). Surveyed librarians expressed dissatisfaction on pricing issues especially with the big-two online providers, Reed Elsevier Plc's LexisNexis and Thomson Corp.'s Westlaw.
FCPA Compliance Training: Clarity Needed
August 30, 2007
Just as corruption saps the entire GDP of many countries, it can destroy the profitability of a firm's overseas (or, for that matter, overall) business. My 'Confronting Corrupt Practices' article in <i>A&FP</i>'s June 2007 edition surveyed some aspects of anticorruption training that law firms should consider.
The High Cost of FCPA Violations
August 30, 2007
Earlier this year, Baker Hughes Inc. ascended to the top of an exclusive and prominent list, but it is one on which few companies would want to be mentioned. On April 26, 2007, the Texas-based oil field products and services company announced that it was settling a federal probe alleging that it violated the Foreign Corrupt Practices Act ('FCPA'), and that it would pay fines and penalties in excess of $44 million ' the largest combined punishment under that law. It was truly one for the record books ' at least for the time being.
Does Giving Tax Advice Make You a 'Preparer'?
August 30, 2007
Signed by President Bush on May 25, The Small Business and Work Opportunity Tax Act of 2007 ('Small Business Act') includes new preparer penalty provisions that range up to 50% of the fee for preparing the tax return. Lawyers who give tax advice need to know that this legislation had a 'surprise' in it regarding whom the IRS considers a tax return preparer.
