Using Letters of Intent in Real Estate Leasing Transactions
March 22, 2004
Everyone wants to do the deal, but no one is ready to sign the lease. Zoning approvals, construction plans, financing, and a host of other issues need to be firmed up before the lease will be signed, but it is a lot of time and expense to go through if there's no agreement on the essential terms of the relationship. Hence, the Letter of Intent ("LOI"). An LOI is intended to, and should, give assurances to the parties, fix the agreed-upon terms of the deal, provide information and assurances to third parties, and provide a framework for further negotiations and the definitive agreement. It can, however, also be a minefield of potential problems and an invitation to litigation. This article reviews some of those problems and suggests ways to accommodate the parties' needs while avoiding the most common dangers.
A Call for Continued State Law Tort Reform
March 03, 2004
The recent federal trial court decision in <i>Dusek v. Pfizer Inc.</i>, Civil Action No. H-02-3559 (S.D. Tex. 2/20/04) dismissing plaintiffs' products liability claims against Pfizer in connection with the prescription drug Zoloft' on the ground of conflict preemption has given the pharmaceutical industry some hope that compliance with Food and Drug Administration (FDA) regulations will afford protection from common law failure-to-warn claims. The court granted summary judgment on the ground that a cause of action based on the plaintiff's proposed additional warning to the product label that Zoloft can cause suicidal ideation would conflict with the FDA's decision not to add such a warning because no causal link had in fact been established and it would in effect be false and misleading in violation of federal law. This should not deter continued efforts to obtain tort reform at the state level, however, where the continued influx of pharmaceutical product liability claims continues to burden courts and the pharmaceutical industry.
News from the FDA
March 03, 2004
The latest news of interest to you and your practice.
Designing a Medical Device Surveillance Network
March 03, 2004
In last month's newsletter, we looked at some helpful Web sites for those who need to track the efficacy and safety of medical devices. Following are more useful Web sites for these purposes.
Case Briefs
March 03, 2004
Recent rulings of importance to you and your practice.
Recent Developments in Executive Compensation
March 02, 2004
Although executive compensation has been the subject of evolving reform for several years, the bright spotlight of public attention is now focused on this issue, due in part to the bursting of the stock market bubble, the collapse of Enron, and a number of other highly publicized corporate scandals. The image of executives enjoying excessive compensation packages as revenues and earnings decline, and stock values of the companies they manage plummet, is a dangerously common stereotype.
Internal Control Reports: The Next New Thing
March 02, 2004
Many public companies have already begun to prepare for compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (the Act). Management and directors may not be clear on the framework for Section 404. Although Section 404 does not require disclosure in Annual Reports for the calendar year-end 2003, requisite lead times suggest that by now companies must be working diligently on compliance planning.
What Are the Odds?
March 02, 2004
28 U.S.C. ' 157(d) contains the standards for mandatory or permissive withdrawal of the reference from the Bankruptcy Court to the District Court, which…
Assimilating Lawyers
March 01, 2004
w firms are growing again through laterals and associate hires, but many of the laterals are creating "pods" which bring unique processes for delivering legal services, to the detriment of using the best experience in the firm and superior client service. While this is happening, there are major changes coming to the profession that will challenge the ability of the lawyers to train and transform young lawyers into strong contributors to the clients and the firm. At the same time, client loyalty is decreasing. When Ralph Nader wrote his book, "Unsafe at Any Speed," GM responded with denial. Now, lawyers are in denial as we focus on the changes required in the profession to simultaneously increase profits, lower legal costs to clients, and improve the quality of service. This article is provided to help lawyers overcome the old culture hurdle and get to higher profits and stronger client loyalty.
