The Value of Partnership
April 26, 2006
When someone becomes an equity partner in a law firm, he or she becomes an owner of an institution that has a substantial value ' certainly greater value than is demonstrated on a cash basis balance sheet. Yet the majority of U.S. law firms admit partners with little or no requirement that they make a purchase of the firm's capital assets.
Patents No Longer Carry a Presumption Of Market Power in Tying Cases
April 26, 2006
The United States Supreme Court's recent decision in <i>Illinois Tools Works v. Independent Ink</i> reversed almost 50 years of precedent holding that the owner of a patent was presumed to have market power in patent-related tying cases brought under the Sherman Act. The Court noted that Congressional amendments to the patent code explicitly finding that tying was not a per se patent misuse, coupled by the widely accepted view in academia that patents did not inherently lead to market power, had so eroded the legal doctrine supporting the presumption of market power in patent-related tying cases, that a new rule was appropriate. The Court held that in all future tying cases, the plaintiff must allege and prove that the defendant has actual market power in the tying product ' the mere existence of a patent is no longer sufficient.
Clearing Up Executive Compensation
April 26, 2006
The U.S. Securities and Exchange Commission (SEC) published its proposal to revamp the rules governing the disclosure of executive and director compensation on Jan. 27, 2006. The proposed rules stand to significantly alter the compensation disclosure requirements applicable to registration statements, proxy statements, annual reports and Form 8-Ks, and are intended to ensure that investors receive disclosure that is 'clearer and more complete.' The regulations are the first attempt at a major overhaul of compensation disclosure since 1992 and were proposed in response to the widespread criticism that the current disclosure requirements do not engender a complete and accurate description of executive pay packages. <br>The proposal, to adapt the old saying, combines something old, something new and something borrowed.
News Briefs
April 19, 2006
Recent rulings of importance to you and your practice.
A Notice Does Not Notify Unless It Can Be Understood
April 19, 2006
The office of the Information and Privacy Commissioner of Ontario, along with the Ontario Bar Association's Privacy and Health Law sections and the Ontario Dental Association, spearheaded a team to develop short notices for the province's new Personal Health Information Protection Act ('PHIPA'), which launched the products earlier in June 2005.
New Guidance on Whistleblower Hotlines in the EU
April 19, 2006
Congress enacted the Sarbanes-Oxley Act ('SOX') in 2002 in response to a series of corporate scandals that diluted confidence in the U.S. financial markets. The law was intended to improve the accuracy and reliability of corporate disclosures and financial statements and to enhance the ethical standards and accountability of companies that are publicly traded on U.S. stock exchanges. Last year, a conflict arose between SOX's mandate that audit committees of public companies establish whistleblower hotlines on the one hand, and data protection laws in the Member States of the European Union ('EU') on the other.
Morgan Hops Over China's Hurdles
April 05, 2006
When Morgan, Lewis & Bockius announced that it had landed the right team of lawyers to open an office in Beijing and the permission of Chinese authorities to do it, it was a double coup. <br>While obtaining a license to practice in China isn't the mystery it used to be for U.S. firms, it's still an arduous process. Firms can wait as long as a year to get an answer from local officials and the Chinese Ministry of Justice, as Morgan, Lewis did. And that's after completing the lengthy application that must be notarized, approved by U.S. agencies and then translated into Mandarin.
Littler Moves into Shanghai, Bangalore
April 05, 2006
Employment and labor boutique Littler Mendelson is dipping a toe into the warming Asia market. Its three-person Shanghai office opened in March and an office in Bangalore, India, is expected to accept business as early as October.
Focus on China: Critical Issues Affecting U.S. Businesses Today
March 30, 2006
For U.S. companies today, it seems as if all eyes are on China. That country has vaulted past Japan to become the world's second largest economy and the United States' third largest trading partner ' and it's just getting warmed up. With over 1.3 billion consumers ' more and more of whom are middle class ' and a strong and rapidly growing economy, full and fair access to the Chinese market is critical to the future success of U.S. businesses and workers. Yet many companies find getting over the Great Wall and into the Chinese market to be fraught with challenge. This article highlights some of the recent developments in areas that most concern our clients with operations in China: the protection of intellectual property rights, the promulgation of national standard-setting provisions, and the adoption of a new antimonopoly law.
