Official Committee Members: Fiduciary Duty Liability
February 09, 2004
Members of official creditors' committees in Chapter 11 cases owe a fiduciary duty to the entire body of unsecured creditors. <i>See Woods v. City National Bank</i>, 312 U.S. 262, 268-69 (1941). As fiduciaries, committee members should have undivided loyalty to those they serve, free of any conflict of interest. <i>Id</i>. The imposition of such a broad duty to unsecured creditors generally might be otherwise unremarkable, except that committee members themselves obviously have significant selfish interests in the outcome of the bankruptcy case.
Discovery of Trade Secrets: How Courts Analyze Disclosure Issues
February 09, 2004
The first part of this series, published last month, addressed the definition of trade secrets in the context of discovery. As efforts to obtain trade secret information increase, a clear definition of trade secret is vital for the courts to analyze this issue correctly. This second installment addresses that analysis, and the standards and terminology courts apply to decide whether trade secrets should be disclosed, the arguments and evidence that parties resisting this discovery can present to the trial court, and strategies to limit the potential for additional damage if trade secrets are ordered produced.
The Act and Your Annual Report
February 06, 2004
As widely reported, the Sarbanes-Oxley Act of 2002 (the Act) and rules adopted by the Securities and Exchange Commission pursuant to the requirements of the Act have added numerous requirements to the obligations of companies filing periodic reports pursuant to the Securities Exchange Act. A number of significant provisions are first effective with respect to annual reports filed with the SEC for fiscal years ended Dec. 31, 2003. This article provides a checklist and brief summary of each of these new requirements.
IRS Proposes New Obligations for Tax Advisers
February 01, 2004
With the stated purpose of restoring, promoting and maintaining the public's confidence in professionals providing tax advice, the Internal Revenue Service has issued proposed regulations that set forth "best practices" applicable to all tax advisers and mandatory requirements for advisers who provide certain tax shelter opinions. These proposed regulations, issued on Dec. 29, 2003, apply to all tax advisers who practice before the IRS (eg, lawyers and accountants) but are not intended to alter or supplement other ethical standards applicable to practitioners (such as the Rules of Professional Conduct).
In-House Sales Coaching
February 01, 2004
The business of law is changing rapidly. The trend toward consolidation of outside service providers by client companies has accelerated, and is coupled with the demand to harness legal expenditures by the executive teams of these companies. Law firms must now sell the value of the business they are seeking, and must sell the breadth of their services in increasingly complex sales situations. These functions and skills, in most industries, fall within the domain of the sales professional.
Around the Firms
February 01, 2004
Movement among major law firms and corporations.
'The Makeover-ees'
February 01, 2004
Law firm makeovers can be powerful tools in a firm's quest to be a differentiator within the legal profession. A law firm makeover can also have the desired effect of reinforcing existing client relationships and garnering some new business as well. In today's environment, lawyers are spending a great deal of money on Web sites, brochures, logo creation and even holiday cards to make the right impression. Solo practitioners want to appear larger than they are, so very often you will see that they have highly-sophisticated marketing materials. They do this not only to obtain referrals from large firms, but also to attract a certain type of client. Small and medium-sized firms do the same thing. They will hire the best in the business to create an image that can compete with the megafirms. Budgets range in the thousands to achieve a look and a feel that is competitive. Graphic design, by its very definition, imparts a look and feel that sets the tone for how individuals or firms can set themselves apart from their competition. Makeovers can be launched in a variety of ways ' from a firm's anniversary to a sponsorship to a special event. Law firms, legal associations, consultants and others are always looking to impress clients and prospective clients, and imagery ' whether it an invitation, handout materials or giveaways ' is vital to achieving that goal.
Profile: Marc Friedland
February 01, 2004
Over the last 2 weeks, television has given the general public an opportunity to witness two milestone celebrity birthday parties. First came Oprah's 50th, which she televised on her daytime show. Then came Entertainment Tonight and Good Morning America with John Travolta's Surprise 50th birthday party bash in Mexico. Long before these parties took shape, one individual had the daunting challenge of creating the invitations that would monogram these events. I think it is fair to say that when Hollywood types want to make an impression, they will look high and low to seek out the most creative and innovative types to deliver whatever it is that they wish to convey. There seems to be a trend in Hollywood when it comes to selecting an individual to trademark and distinguish an event, and that trend is to select Marc Friedland, who has come to be known as the "stationer to the stars."
