Managing Electronic Evidence
September 28, 2006
Discovery demands on in-house legal staff have changed drastically in recent years. Historically, complying with subpoenas and document production requests were quotidian chores for in-house legal staff. After receiving a complaint, counsel's office issued a standard 'document hold' to affected employees and directed that those involved in the case preserve their files and not destroy anything. Questions might arise, but they were manageable. What must be disclosed? What documents are privileged? How long will it take to retrieve documents from storage? How many staff hours will complying require? How much will it cost? Who bears the cost? Which discovery requests should be challenged?
Law Firms At the Top of GC Speed-Dial Lists
September 28, 2006
For the past 5 years, Corporate Counsel has conducted a survey of Fortune 250 general counsel, asking them to list their 'primary' outside counsel. This year, 93 companies provided information on their top law firms for corporate transactions, litigation, labor and employment, and intellectual property. Those companies named a total of 380 law firms.
The DC Circuit Court's <i>Murphy</i> Ruling
September 28, 2006
A&FP has for several years followed the problematic interaction of: Laws and regulations relating to the federal taxability as income of compensatory damages in 'nonphysical' personal injury cases; The classification of contingent at-torney fees in those cases as income for the client (as well as for the attorney); The operation of federal fee-shifting statutes; and The alternative minimum tax (AMT). '
Eight Ways to Bill For Litigation Support
September 28, 2006
Litigation support is an increasingly necessary service that helps attorneys and staff do all that they need to do with client data. Many billing options exist, but before we explore them, it might be helpful to identify the various things that commonly fall under the litigation support umbrella.
Closed vs. Open Compensation Systems
September 28, 2006
Our September edition included a report by legal journalist Leigh Jones on the appeal of 'closed' compensation decision-making systems that forego transparency in the interests of peace and efficiency. In the following roundtable discussion, seven present and former members of our Board of Editors comment on half a dozen aspects of this subject.
Option Backdating
September 27, 2006
This is not an easy time to be in the general counsel's office of a public company. The investigations into stock options backdating tend to reach into various parts of the organization, often simultaneously. Some practical rules of the road are in order, to allow the general counsel's office to spot and address the relevant issues in an appropriate, cost-effective manner.
Trenwick America
September 27, 2006
The September Issue of this newsletter discussed the Delaware Bankruptcy Court's recent decision, In re Scott Acquisition Corp., 2006 WL 1732277 (Bankr. D. Del. 2006), which ruled that directors and officers of insolvent subsidiary companies owe fiduciary duties to both its creditors and the subsidiary itself. Hot on the heels of that decision, the Delaware Chancery Court, Vice-Chancellor Leo E. Strine presiding, has again waded into the breach of fiduciary duty and zone of insolvency arena with its decision in <i>Trenwick America Litigation Trust v. Ernst & Young, L.L.P., et al.</i>
Internet Voting Waiting to Bloom
September 01, 2006
Two years ago, the Pentagon was poised to have 100,000 members of the military stationed overseas vote in federal elections over the Internet. The government canceled the plan, however, after it grew concerned it would not be possible to prevent hackers from affecting the results, that it could not examine the privately owned proprietary software that was to be used, and that there would not be a database of those who voted that it could check after the election. Nonetheless, online voting seems to be slowly gaining in popularity.
The Stock Option Grant Issue
August 31, 2006
Just as everyone involved with executive compensation matters was settling in to address the impact of the new accounting rules under FAS 123R, the requirements of the stock exchanges, the deferred compensation rules under Internal Revenue Code (IRC) section 409A, the new Securities Exchange Commission's (SEC) proxy rules and the proper balance between adequate executive compensation and good governance, a new jolt came into play in the executive compensation arena.
