Real Property Law
June 28, 2005
Recent rulngs of importance to you and your practice.
The Dangers Of Electronic Discovery
June 28, 2005
The <i>Morgan Stanley</i> case is the most recent example of the perils that corporate defendants face in the era of e-discovery. Electronic evidence, and especially e-mail, now plays a starring role in litigation and investigations involving large corporations, particularly in areas such as employment discrimination, fraud and corporate mismanagement. Judges are increasingly familiar with electronic discovery, and are increasingly willing to impose heavy sanctions on corporations that do not comply with electronic discovery requests. As the Morgan Stanley case shows, the consequences of these sanctions can be dire. It is important, therefore, that companies take heed of the lessons of the Morgan Stanley case, and ensure that they have in place a comprehensive and effective system to recover and produce electronically stored documents.
Perils Of Unfunded Obligations: 4 Key Questions
June 28, 2005
As summarized by <i>A&FP</i> Board member Bill Brennan of Altman Weil, Inc. an "unfunded retirement program" is essentially a promise to pay partners a retirement benefit in the future from the firm's future profits. About 24% of law firms have an unfunded retirement plan (down from 57% in 1990), according to the <i>2005 Retirement and Withdrawal Survey for Private Law Firms</i>, prepared by Altman Weil, Inc. In about 15 years over 30,000 lawyers will be retiring each year. To the extent these partners must be paid retirement benefits from the then-current profits of their respective law firms, those firms unprepared for this potentially huge financial liability will be at risk, and some may not survive.
Unfunded Plans: A More Upbeat View
June 28, 2005
Readers of the accompanying roundtable discussion may find themselves wondering if there's currently anything good to say about unfunded retirement plan obligations. About the only glimmer of hope was the allusion by one discussant (Bill Brennan) to "rare situations" where such plans might be required. <br>Here to speak up for such exceptional situations is Jeff Stevenson, Managing Director of Chicago Consulting Actuaries
A Quick Look At Elite E-Invoicing
June 28, 2005
Since 2003 Haynes and Boone has seen the number of client requests for electronic invoices triple. Now at least 20% of its clients require electronic invoices, which translates into 5,000-6,000 electronic invoices on an annual basis. Some larger clients accept invoices only electronically. <br>Rather than deal with a third party software vendor, Haynes and Boone LLP decided in 2003 to obtain e-billing software from its major accounting software vendor, Thomson Elite
Paper Intake Forms Are 'So Yesterday'
June 27, 2005
Well it's about time. The days of filling out paper forms, and sending them through the office mail to only then have someone re-key them into a computer are gone. Double entry of information and paper forms are a waste of valuable time and money. Some law firms tend to be inefficient, thinking that a little inefficiency helps increase billable hours. We'll save that discussion for another time. Internal staff inefficiency is another story; this is hard cost, non-billable and is definitely money to a partner.
How 7-Eleven Developed a New System-Wide Franchise Agreement
June 27, 2005
In 2004, 7-Eleven, Inc. offered its entire U.S. franchise network a new franchise agreement. More than 96% of the franchisees representing its 3400 franchised stores signed the new agreement. The plans, process, and activities that were a part of this endeavor and the experiences developing and implementing this new agreement offer insight to both franchisors and franchisees when planning system-wide changes and/or new franchise agreements.
The Dangers of Electronic Discovery: Lessons From Morgan Stanley
June 27, 2005
The Morgan Stanley case is the most recent example of the perils that corporate defendants face in the era of electronic discovery. Electronic evidence, and especially e-mail, now plays a starring role in litigation and investigations involving large corporations, particularly in areas such as employment discrimination, fraud and corporate mismanagement. Judges are increasingly familiar with electronic discovery, and are increasingly willing to impose heavy sanctions on corporations who do not comply with electronic discovery requests. As the Morgan Stanley case shows, the consequences of these sanctions can be dire. Therefore, it is important that companies take heed of the lessons of the Morgan Stanley case, and ensure that they have in place a comprehensive and effective system to recover and produce electronically stored documents.
You Just Can't Give it Away
June 27, 2005
Companies in Chapter 11 may have capital structures consisting of multiple tiers of debt and equity that have competing priorities of payment vis-'-vis the company and its assets. The claims and interests of these competing stakeholders may be resolved in a Chapter 11 plan. To emerge from Chapter 11, the company must obtain approval of a plan that deals with all creditor claims and equity interests in accordance with the (sometimes complicated) rules contained in the Bankruptcy Code. In an effort to achieve an agreed-upon Chapter 11 plan, some creditors may give up (or gift) a portion of the recovery to which they would otherwise be entitled to another class of creditors or equity holders.
Retention of Restructuring Professionals
June 27, 2005
Restructuring professionals must be acutely aware of potential conflicts of interest. Indeed, federal courts on occasion have disqualified a professional or ordered the disgorgement of the professional's fees in situations where that professional failed to properly disclose a conflict of interest. The importance of conflicts of interest is especially evident in today's global economy, in which restructuring matters routinely involve many of the same parties.
