A Word from the Editor: Privacy and Data Protection Issues Are Here to Stay
September 20, 2005
Privacy has been described as <i>"the right to be let alone,"</i> a phrase popularized in an 1890 <i>Harvard Law Review</i> article by the future U.S. Supreme Court justice Louis Brandeis in which he expressed concerns about the threat posed by technology to an individual's control over his own personal information. At the close of the 19th century, the perceived technological threat to privacy was the spread of cheap photography and high-speed printing. Imagine what Justice Brandeis would think of today's camera phones, global positioning systems, employer surveillance of e-mail, and customer relationship management systems, not to mention the myriad other technological developments of the last 115 years.
Delivering Actionable Information To Front-line Lawyers
September 06, 2005
Accounting and other enterprise systems amass information that is, almost by definition, not actionable by front-line lawyers. Volume of data is inherently at odds with actionability, and a good enterprise system must accommodate volume. It must account for every circumstance, every variable, every iteration. Much of this volume is chaff to lawyers. To be useful, the wheat must be winnowed out and presented to the pricing and staffing decision makers themselves (<i>ie</i>, not just to green eyeshade types deep in the firm).
Standing Near the Cliff Edge
September 06, 2005
There is a tsunami wave coming to law firms caused by an earthquake out there called value billing. Every law firm, small to large, will be affected. The wave will wipe out and suck out to sea the old guild culture, organizational structure, the products and services, and the compensation systems. Although the idea has been around since the publication of books in 1989 and 1992, titled Beyond the Billable Hour and Win-Win Billing Strategies, respectively, there has been little progress throughout the legal profession. Lawyers still expect to bill by the hour based upon the false assumption that effort equals value. Clients are changing their views of value added. We are entering a new era where law firms must change the way they must serve clients and value partner contributions.
Staying Competitive in the Lateral Partner Market
September 06, 2005
Over the years, it has become clear to me that being successful in the lateral market has as much to do with a firm's recruiting process as with the firm's AmLaw ranking. Those who understand the game, regardless of their size, regularly outperform those who just don't "get it." Below is an examination of some factors that separates the players from the also-rans.
Where Are the Gaps In Professional Development?
September 06, 2005
The legal profession is experiencing a renewed interest in professional development at many levels, as we predicted would occur when the situation changed from a buyers' to a sellers' market in the pursuit of talent. Not only are firms and their clients seeing an increase in work with a better economy, but also the change in the demographic picture as the large cohort of baby boomer senior lawyers start to transition out is significantly influencing the demand and requirements for professional development. More is happening on the training front; however, important gaps between what is being offered and what lawyers need in terms of skill and fulfilling of client needs are still evident.
First Vioxx Ruling What Does It Mean for Merck?
September 02, 2005
Merck & Co., founded in 1891, has a slogan — what it calls its "guiding philosophy." That philosophy is, "patients first." In the first of many Vioxx trials expected to be litigated in state and federal courts across the country, the jury wasn't buying it. On Aug. 19, after a month-long trial, ten out of 12 jurors — the number needed to return a verdict of guilty — found Merck liable to the plaintiffs, survivors of a man who took Vioxx for pain relief. The damages award was staggering: $24.5 million in economic losses and compensation for mental anguish and $229 million in punitive damages.
Venture Capital-Free Accelerated Monetization of Non-Core IP: A Case Study of an Innovation Company
September 01, 2005
Monetizing non-core IP is rational, practical, and increasingly common. The IP literature is now rich with examples of accelerated monetization of cash-generating IP through the transfer of assets and risks, usually assisted through some form of structured finance. The literature is even richer with countless examples of painstakingly slow monetizations of non-cash-generating IP usually through joint ventures or venture capital-backed transactions. We describe a case in which non-core IP was monetized rapidly after which the bulk of the reward potential remained in the hands of the original IP owners. We suggest that when non-core IP is generated consequent to market demand in the course of the Parent's operations, and merely happens to reside outside the Parent's core business, a rapidly structured Parent-financed spin off can create accelerated financial and strategic benefits.
Breaking the Logjam of the Patent Application Backlog
September 01, 2005
You have a brilliant idea and decide to engage a patent attorney to draft a patent application on it. In a matter of months, you will have an issued patent that you can take to the bank, license to others, or use to stop rival companies from competing with you. Right? Not so fast, says the U.S. Patent and Trademark Office.
Keeping Up With Keeping Up
September 01, 2005
Compliance -- dotting all the i's and crossing all the t's in a regulated business -- has always been difficult. The slightest error can lead to fines, a business shutdown or even jail time for executives.
