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The Urge to Merge

October 31, 2006 | Filed Under Law Firm Trends, In the News 

Monday brought the news of the latest large law firm merger. The WSJ Law Blog first reported that Thelen Reid and Brown Raysman will merge next in December.

The Thelen press release quoted Brown Raysman’s Julian S. Millstein, a founder of the firm, as saying:

“This combination gives us the presence we have wanted on the West Coast and in Asia for our technology, media, and IP practices, and the platform we need to service and grow our real estate finance practice.”

I thought the word “platform” sounded vaguely familiar. I searched the Wired GC archives and found that word came up earlier when Shaw Pittman and Pillsbury Winthrop merged last year.

Hmmm. Using the same consultants?

The Thelen Reid press release can’t resist mentioning its profits per partner: $850,000. The WSJ Law Blog cheekily notes that Brown Raysman’s are $720,000.

Any talk of client value?

Update 1 Nov 06: Here we go again…

Wired GC — Unplugged Show #7

October 26, 2006 | Filed Under International, Unplugged - Audio, Technology, Compliance 

The Wired GC -- Unplugged

“Publishing With Principle”

The printed word has come a long way since Gutenberg. The reach of “traditional” and “new” media is now worldwide and immediate. With these new technologies come new responsibilities. Some publishing companies and even individual bloggers have run afoul of laws in several jurisdictions.

In today’s audiocast, we talk to Charles J. Glasser Jr., media counsel with Bloomberg News and author and editor of the “International Libel and Privacy Handbook.” Its subtitle notes that it is intended as a “Global Reference for Journalists, Publishers, Webmasters, and Lawyers.”

Mr. Glasser also provides for listeners a glimpse into the life of a counsel to a leading media company and gives key insights into how to make compliance with law a reality in a business that really never closes its doors.

Today’s show is here (just click on the “mp3″ link):

mp3 (15:03 min; 3.4 mb)

Show Notes:

– Mr. Glasser’s book is available on the Bloomberg website, which contains biographical information as well.

– This book is also available on Amazon here.

Close GC Supervision

October 24, 2006 | Filed Under On The Dock, Compliance 

Intrepid law.com reporter Sue Reisinger at Corporate Counsel has a sobering account of Prudential Financial’s experience in settling claims with US DOJ of alleged wrongoing at a brokerage subsidiary.

Other companies have had requirements of outside oversight over post-settlement compliance programs. The new twist for Prudential Financial is that some of these terms focus on its GC; indeed, the settlement:

“…requires GC Susan Blount to personally design, install, and oversee a complex compliance program. Moreover, Blount must report on the program to federal prosecutors twice a year for the next five years.”

What is unclear as to how this will work in practice. Twice-yearly reports to a US Attorney. What if there is a disagreement in the scope or substance of the compliance program? Ms. Reisinger’s article also raises the specter of GC Blount’s own liability for the effectiveness of the program. That would be a potential expansion of a job description.

This oversight will undoubtedly give ample fodder for increased substance to compliance training programs at Prudential Financial in the future. That and the $600 million in fines and penalties.

Here’s the obligatory DOJ press release. Some good news, though: BusinessWeek still rates Prudential Financial a buy, the settlement notwithstanding.

Google and its Lawyers

October 23, 2006 | Filed Under Managing, In the News 

The New York Times had an interesting article today on Google and the use of its legal group to advance key strategic objectives.

What’s rare about this article is the access that Google granted to many inside counsel. The headline “We’re Google, So Sue Us” is not really borne out with the tone of these responses. An example:

Michael Kwun, a senior litigation counsel at Google, agreed that “the Geico case was very important.” Mr. Kwun said that establishing a body of precedent was a priority for Google, especially as legal interpretations continued to evolve. “If we don’t at least litigate to the point where we get rulings on the issues that matter to us, we’re left with less clarity in the law,” he said.

Google is a prime example of a company on the cutting edge of technology and commerce that relies heavily on its own lawyers. While outside counsel are no doubt heavily involved, no company should completely outsource its legal function when it comes to principles of law that drive top-line revenue and protect intellectual property.

And given the hiring binge Google is on, this approach seems attractive to potential new employees, as the Wall Street Journal reported today.