Posts on ‘March 13th, 2009’

More than 135 general counsel and executives from 500 and 100 companies are protesting a controversial proposed amendment to financial accounting statements on corporate disclosures of litigation-related loss contingencies. The proposed amendments would require companies to make significantly more extensive disclosures in financial statements regarding loss contingencies, even when the company expects to prevail or does not believe there will be a material cost to settle the matter.

If you want to create your own video marketing content, know that most cameras sold today are good enough to develop and distribute video via the Web, says attorney Gerry Oginski. But you need to know the different types of cameras before deciding which is right for you and your budget.

Hong Kong’s first criminal trial for insider trading has resulted in the conviction of a former investment banker and four other defendants. Ma Hon Yeung, a former vice president at BNP Paribas Peregrine Capital Ltd., passed confidential information to his girlfriend and three family members about the proposed privatization of Egana Jewelry & Pearls Ltd., a matter on which he was working. All four then traded in Egana shares before the company announced its plans to privatize in July 2006.

Economic downturns often increase the risk that lawyers will face unhappy clients complaining of legal malpractice. While some lawyers may think they have nothing to fear, since their practices do not involve areas of law many blame for the economic collapse, such a belief is unfounded, notes Jett Hanna, senior vice president at Texas Lawyers’ Insurance Exchange. Some legal malpractice risks are not tied to any one specialized practice area but simply become more common when the economy goes bad.

High-paying big firm jobs are scarce and competition is stiff, but there are other opportunities if job seekers expand their search, say several recruiters. This is also a good time for those who “might not have been loving what they do” to re-evaluate and think outside prior limits, says recruiter Stephen D. Stone. “They need to be leveraging all their contacts for big law, mid-law, small law and no law.” Meanwhile, contract positions can be a way to get out of one’s pajamas and keep the bills paid.

The Brobeck, Phleger & Harrison estate sued a half dozen of its former partners this week, seeking to protect any claims the estate may have to profits the partners took from the bankrupt Brobeck when they joined Heller Ehrman, which is now in bankruptcy court itself. Similarly, Heller’s creditors took steps last week to assert their rights to sue that firm’s former partners to recover lost profits.

Bernard Madoff pleaded guilty Thursday to 11 felonies as part of the biggest Ponzi scheme in history and was led off to prison for what may be the rest of his life. Madoff recited the details of his crimes but attempted to keep separate the legitimate side of his company from the illegitimate side and protect those nearest to him. Speculation was rampant that Madoff’s guilty plea was pursuant to an agreement with the government, but Acting U.S. Attorney Lev Dassin said there is “no agreement whatsoever.”