The SEC Expands and Accelerates Form 8-K Reporting
July 29, 2004
On March 11, 2004, the Securities and Exchange Commission (SEC) promulgated final rules that significantly alter the reporting requirements for public companies on Form 8-K. These final rules put into place a series of reforms first proposed in June 2002, and which were given additional momentum by Section 409 of the Sarbanes-Oxley Act of 2002 (SOX), which mandated that the SEC promulgate rules to require disclosure of additional information regarding material changes in the financial condition or operations of an issuer on a "rapid and current basis."
Practice Groups Lead To Better Management
July 27, 2004
The evolution of law firm management has been slow and deliberate, usually built around established business management models. For most firms, the model is flat: A few senior-level administrative managers work closely with the partnership's executive management and make most of the decisions. But recently, several firms have adopted a new management model: practice group administrators.
Equitable Distribution of Securities
July 21, 2004
Part Two of a Two-Part Article. The first part of this article discussed the initial steps, documents and forms for transferring securities in the course of the equitable distribution of assets involved in matrimonial litigation. This conclusion addresses deferred compensation plans and provides forms for the completion of the transfer.
Boosting Receivables: One Large Firm's Approach
July 01, 2004
Cash flow is the lifeblood of any business. In law firms, where so much is dependent upon maintaining good relationships, getting clients to pay on time can be a delicate, sometimes frustrating, exercise. Smart firms are using everything from technology tools to psychological savvy to improve their realization rates. The efforts are paying off. Firms are getting paid almost 30% faster than in 1995, says Citigroup Private Bank. The challenge today is maintaining that momentum at a time when operations are increasingly dispersed and complex.
Compensating The Unique Practice Partner
July 01, 2004
How do you compensate the partner who has a unique practice within a law firm? Truly unique practice partners should be fairly uncommon, so first it makes sense to ask if a unique practice actually exists?
Daubert Challenges: Doubly Interesting To Accountants
July 01, 2004
It's been a decade since the case entitled <i>Daubert v. Merrell Dow Pharmaceuticals, Inc.</i>, 509 U.S. 579 (1993), changed the rules by which federal judges determine the admissibility of expert testimony. <i>Daubert</i> and subsequent opinions refining it have established guidelines for ensuring that expert witnesses use credible methodologies for drawing their conclusions. Many state courts have adopted similar rules. <br>Daubert-related work in some types of litigation is now so costly that attorneys should anticipate it in deciding whether to accept a case. Doing so is aided by a good understanding of Daubert, however, and many attorneys hold a wide variety of misconceptions about the subject.
Legal Outsourcing Looks to the Heartland
July 01, 2004
Piper Rudnick partner Karen McWilliams is not the first busy lawyer to ask an assistant to arrange a birthday party for her daughter. She may, however, be among the first to have called on an assistant more than 2000 miles away from her office in Reston, VA. "I forget they're in North Dakota," McWilliams says. "I just dial the number and they're there." <br>"They" are the outsourced office staff who work for Piper Rudnick and other law firms out of a support center operated by the CBF Group in Fargo, ND. <br>At a time when discussions of outsourcing focus on possibilities in India, companies like CBF want lawyers to remember there is a "near shore" option as well. Renee Rutter, the president of CBF, is hoping her company will find a niche somewhere between the anonymous document processing work that may go to India and the front-line secretaries whom lawyers interact with every day.
First Sarbanes-Oxley Whistleblower Decision
June 29, 2004
In the first ruling applying the whistleblower protections of the Sarbanes-Oxley Act of 2002, 18 U.S.C. ' 1514A, an Administrative Law Judge (ALJ) ordered a bank holding company to rehire its former Chief Financial Officer (CFO), after finding that the company fired the CFO in retaliation for reporting alleged accounting misconduct to the company's Chief Executive Officer (CEO), outside auditors, and others.
SOX Changes the Ink from Red to Black
June 28, 2004
SOX has been characterized by many as a hastily prepared, poorly written piece of legislation. Most agree some reform was necessary after the revelation of the alleged and acknowledged misconduct by and systematic failures of several corporations and their advisers. However, the sweeping, all-inclusive nature of the most significant change in securities regulation in 50 years is all but overwhelming to many public companies. While SOX was intended to restore faith in the capital markets and is supported by many, it is not without its criticisms.
