Privacy — Enter the FTC
June 29, 2005 | Filed Under Regulation, Governance
Another alphabet-agency jumps into the pool regarding lapses in customer data security.
Just when a GC may think this issue mostly involves financial institutions, in comes the Federal Trade Commission. In a case involving BJ’s Wholesale Club, the FTC has reached a settlement that, among other things will require:
… BJ’s to implement a comprehensive information security program and obtain audits by an independent third party security professional every other year for 20 years.
Twenty years! The Economist noted this development, and wondered whether “Boards should pay as much attention to these IT operational risks as they do to other operational risks in the firm…”
The FTC press release goes on to say:
The FTC alleges that BJ’s failure to secure customers’ sensitive information was an unfair practice because it caused substantial injury that was not reasonably avoidable by consumers and not outweighed by offsetting benefits to consumers or competition.
More on the the FTC action is available here, in a recent BJ’s 10-Q filing (at item #8), and in Information Week.
If customer information “dataspills” go beyond violations of specific privacy statutes and become characterized as unfair competition, the universe of potential plaintiffs facing a company–formerly just the customers involved–may now include its competitors.
2005 Am Law 100 — Big 10
June 28, 2005 | Filed Under In the News, General
The July 2005 issue of the American Lawyer covering the Am Law 100 will be in mailboxes shortly, but you can get a preview of the top 10 here.
There’s a new member of the $1 billion-plus revenues club, Sidley Austin. It looks like they did it with the fewest lawyers as well. Skadden leads the way in total revenues, besting second-place Baker & McKenzie by over $200 million, and doing it with nearly half as many lawyers.
These are really staggering numbers, when you look at the column showing law firms with revenues into 10 figures. Sort of makes you feel less guilty about being taken to lunch. Next time I’m ordering a double cheeseburger.
Thanks to law.com for letting its Legal Blog Network preview this year’s results.
Poetic Justice?
June 27, 2005 | Filed Under In the News
Is there a smirk today in an executive office or boardroom near you?
The Wall Street Journal reports $ this morning that:
Federal prosecutors are investigating one of the nation’s most aggressive class-action law firms, Milberg Weiss Bershad & Schulman, for alleged fraud, conspiracy and kickbacks in scores of securities lawsuits, and could seek criminal charges against the firm itself and its principals.
More from Reuters.
Nothing here yet on “Milberg Weiss in the press” from the firm website; law.com reports that the firm is “saddened” by the charges. Further coverage from Overlawyered and Tom Kirkendall.
PowerPoint Progress
June 24, 2005 | Filed Under Technology, Organization
CEO/Blogger Michael Hyatt gives some excellent suggestions for making PowerPoint presentations more effective. Who among us hasn’t sat in a darkened room while an erstwhile “presenter” has read screen after screen of tiny text? It’s almost like watching a Teleprompter.
My favorite from Mr. Hyatt:
Rule #4: Remember, less is more. Fancy slide transitions and fly-ins get old quickly. I strongly recommend that you keep things simple. A basic dissolve from one slide to another is sufficient. Have all your bullets appear at once rather than one at a time.
A handy list of resources appears at the end of the article.
This cleverly-named publication offers a more sinister take on PowerPoint by noted information visionary Edward Tufte.
I try to use PowerPoint mostly for graphical information, since it can drive discussion. As for text, if I can’t bother taking the time to be familiar with my presentation, why should my audience bother to listen?
Pulling Rank
June 22, 2005 | Filed Under In the News
The latest issue of Corporate Board Member magazine ranks the leading corporate law firms. Here’s a director’s cut of the Top 10 (with the 2004 ranking in parentheses):
1. Skadden Arps Slate Meagher & Flom, New York (1)
2. Wachtell Lipton Rosen & Katz, New York (3)
3. Cravath Swaine & Moore, New York (2)
4. Sullivan & Cromwell, New York (4)
5. Jones Day, Cleveland (7)
6. Davis Polk & Wardwell, New York (5)
7. Baker & McKenzie, Chicago (6)
8. Kirkland & Ellis, Chicago (11)
9. Latham & Watkins, Los Angeles (10)
10. Shearman & Sterling, New York (13)
GC’s also weigh in with their own list.
These are fine firms, one and all. One problem with this sort of ranking is that it rewards large firms who have more clients and therefore higher awareness among board members. This makes Wachtell Lipton’s performance all the more impressive, due to its smaller size.
I’d also like to see the raw scores, to know the difference between 1 and 10.
But #1 is making the most of it–#2 doesn’t mention it.
Congratulations, Skadden; advantage Wachtell?
Speaking of lists, watch this space on June 29 for an early peek at the 2005 Am Law 100.
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