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Desperately Seeking HPLs: Lateral Recruiting as Law Firm Growth Strategy

The market is ripe for lateral acquisitions—law firms just need to be listening for where the opportunities may lie…more

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of the…more

Your Daily Dose of Financial News

Activist investor Carl Icahn has taken a sizeable stake in Bristol-Myers Squibb, a move that reportedly caught execs at the drugmaker unawares and sets the stage for a potential sale…more

New lending opportunities for EU Alternative Investment Funds in Italy

On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated Financial…more

Supporting Gender Diversity in the Legal Profession: Carly Alameda’s WISE Perspective

"I want to see this group of women on the cutting edge of the evolving legal marketplace, coming up with new ideas and models for how law firms deliver better value to in-house counsel."…more

Pennsylvania Accepts Applications for Medical Marijuana Growers, Processors and Dispensaries

The Pennsylvania Department of Health will accept permit applications for medical marijuana grower/processors and dispensaries from February 20, 2017 until March 20, 2017, pursuant to its authority under the Medical Marijuana Act. The…more

Partner and Firm Profitability in 3 Steps: Plan, Monitor, Bill (Part 1)

Let’s Acknowledge It’s Permanent - The legal industry is confronted with tremendous challenges for 2017. It’s been 10 years since the great recession, and one thing we can say with certainty is that the change in our industry…more

Econ 101: If You Increase Expenses More Than You Increase Revenue, Profits Will Be Lower

You just can’t make this stuff up. A recent ABA Journal article, Some law firm leaders question associate pay hikes amid tepid year, caught my eye. The Peer Monitor report stated: Firms were squeezed by a perfect storm of…more

Chinese Government Releases Draft Rules to Implement Cyber Security Law

China's 2015 State Security Law, which substantively amended and supplemented its first version issued in 1993, lays down the foundations for cyber security review. The law provides that the state needs to build a network and…more

Whistleblower General Counsel Prevails Through Use Of Attorney-Client Privileged Information

In a seminal trial court decision, the federal court in the Northern District of California ruled in a whistleblower retaliation case that a fired general counsel of Bio-Rad Laboratories could use as evidence otherwise privileged…more

Bitcoin and Blockchain Technology Update: Research Paper

Locke Lord London Global Head of Cards & Payments Robert Courtneidge and Associate Charlie Clarence-Smith wrote a research paper on bitcoin and blockchain technology. Over the past few years, digital currencies have been gaining…more

DC Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

On February 16, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in the PHH Corporation, et al., v. Consumer Financial Protection…more

SEC Announces Enforcement Action for Failure to Disclose Banker Fee Arrangements

On February 14, 2016, the SEC settled an enforcement action against CVR Energy for providing misleading disclosure about the fees payable to CVR’s two financial advisors in connection with CVR’s defense of a hostile tender offer by…more

The Devil's Dictionary of Bankruptcy Terms: Venue

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy arena…more

OFCCP Issues Updated “Pay Transparency” Notices

Although the Office of Federal Contract Compliance Programs has not announced a requirement that contractors update their Pay Transparency Nondiscrimination Provision, the agency has updated its required posters and language. The…more

Mastercard Win Over Retailers for “Interchange Fees”

Mastercard has won a victory against a group of UK retailers, including Morrisons, who had brought proceedings against it for damages for breaches of European Union and United Kingdom competition law. The claimant retailers contended…more

TechConnect Conference Will Include Panel on Safety and Innovation as Partners for Success in Advanced Manufacturing

The TechConnect World Innovation Conference and Expo, which will be held May 14-17, 2017, in Washington, D.C., will include a panel discussion on May 16, 2017, on “Safety and Innovation as Partners for Success in Advanced…more

Vladis Dombrovskis Gives Speech on the International Financial System

The European Commission has published a speech given by Vladis Dombrovskis, European Commissioner for Financial Stability, Services and Capital Markets Union, on February 10, 2017. Amid general concerns about the state of both European…more

[Audio]Podcast: Alissa Lipton and Jeffrey Jacobstein on Obviousness-Type Double Patenting

Obviousness-type double patenting is a judicially-created doctrine designed to prevent a patent owner from applying for a second patent which isn’t “patentably distinct” from the claims of a first patent. In many cases…more

B.C. Court of Appeal Denies Class Certification of Environmental Nuisance Claim

On February 15, 2017, the B.C. Court of Appeal issued its decision in Baker v. Rendle (Baker) denying class action certification in a case about nuisance claims against industrial operations. Baker lends further weight to the view that…more

Tax Court Puts Brakes on Recent Trend Limiting Religious/Non-Profit Exemptions

In a recent tax court case, Holy Trinity Baptist Church v. City of Trenton (Docket No. 015909-2014, February 2, 2017), the court overturned the findings of the County Board of Taxation and upheld the tax exemption for…more

The Top Ten Things You Should Know About UK Employment Law

What 2016 lacked in employment law changes, it made up with political surprises (Brexit) and sweeping data protection changes (the GDPR). Due to these dynamic changes and in anticipation of what lies ahead, our UK employment team…more

States Consider 51 Bills to Restrict Chemicals in 2017

So far in the 2017 legislative cycle, 16 state legislatures are considering 51 bills seeking to restrict or otherwise regulate chemicals, just 8 months after sweeping changes to the federal Toxic Substances Control Act (TSCA) were…more

D.C. Circuit Grants Rehearing in PHH Case

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest twist in…more

What is the Current Status of OSHA’s Injury and Illness Reporting Rule?

As we previously reported on this blog, OSHA recently made sweeping changes to its injury and illness reporting rule. The agency delayed enforcement of the rule until December 1, 2016. Many industry advocates were hoping for a…more

Second Circuit Holds That Minority Bondholders Cannot Avail Themselves of the Trust Indenture Act

While out-of-court restructurings can help companies in need, they can negatively impact minority bondholders. Minority bondholders displeased with out-of-court restructurings looked to a 2015 decision interpreting the Trust Indenture…more

SCOTUS Hearing Arbitration Case Wednesday; Spotlight On State Cases

While the Supreme Court has put off hearing a more contentious arbitration case until the fall (presumably in hopes that it will have nine justices by then), tomorrow it will hear the nursing home arbitration case from Kentucky. I…more

BuzzFeed Faces $11 Million in Defamation Suit by British News Agency

BuzzFeed, the popular independent digital media company, was hit with an $11 million defamation suit in January 2016 by journalist Michael Leidig and Central European News (“CEN”). Leidig and CEN are demanding more than $11…more

Trump Taps Alex Acosta for New Department of Labor Secretary

As readers of this blog are aware, President Trump originally chose Andrew Puzder, the CEO of CKE Holdings, the parent company of Carl’s Jr. and Hardee’s, as his Secretary of Labor. However, on February 15, 2017, one day prior to his…more

Will In-House Attorneys Reach for their Whistles?

The news is full of stories about whistleblowers collecting millions from their former employers. Surely at least a few in-house lawyers fantasize about that kind of payday. After all, who knows better than an in-house lawyer where…more

Employees Bound By Non-Compete By Clicking On Box To Accept Stock Grants

Employees at payroll processing giant ADP were held to the terms of a non-compete contained in online stock award documents when they clicked the “I have read and agreed” button in order to receive stock grants. On February 7, 2017…more

Trump Temporarily Tables Effective Date of the New Episode Payment Model Rule – But No Change to July 1, 2017 Implementation

As mandated by the Trump Administration’s regulatory review policy, CMS is delaying the effective date of its January 3, 2017 final rule establishing mandatory Medicare episode payment models (EPM) for acute myocardial infarction…more

New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Institutions (“DFS“) promulgated a regulation that requires “Covered Entities” to establish and maintain a cybersecurity program designed to protect consumers and the financial…more

Comments Sought of FCC Privacy Regime

On Friday, the Federal Register published the FCC’s January 17th Public Notice of the fact that eleven Petitions for Reconsideration were filed in the Broadband Privacy proceeding (WC Docket No. 16-106). The Petitions challenge…more

Parsing the Revisions to the I-9 Handbook for Employers

On January 22, 2017, two days after President Trump was inaugurated but with no connection to that event, USCIS published a new Form I-9 for verification of employment authorization required for every new hire since 1986. Last week…more

New York Seeks to Regulate Fintech Lending Market

New York is joining a small but growing list of states seeking to regulate the “bank-origination” method of online lending. The recently introduced New York Budget legislation would amend Section 340 of the New York Licensed…more

Blog: 2017 M&A Trends Series: Rep & Warranty (R&W) Insurance is Here

So far this year, deal parties are approaching M&A with cautious optimism. This series of Cooley M&A blog posts include some brief observations that offer some M&A highlights over the past year and our thoughts for the year to…more

BREAKING NEWS: Advance OFCCP Audit Notification Letters Sent Out

It has come to our attention that OFCCP has sent out Courtesy Scheduling Announcement Letters providing contractors with advance notice of upcoming OFCCP audits…more

“Alexa, Are My Questions to You Discoverable?”

The Amazon Echo is a hands-free speaker controlled with your voice. It features a personal assistant, “Alexa,” who will perform various tasks for the user in response to the “wake word,” Alexa. Over the holidays, I observed my fiance’s…more

Insurance Claims Report Spotlights Risks To Assisted Living Facility Operators

Late last year CNA, one of the nation’s largest commercial insurance companies, issued a report summarizing professional liability insurance claims for senior living facilities that it closed between 2011 and 2015. Although the vast…more

An Example of Where Elite Businesses Go, But Law Firms Fear to Tread

The title is simple enough: success = experimentation. Here is Peter Diamandis’ thesis: Today’s most successful companies, the ones that are “crushing it,” started as a series of crazy ideas, followed by experiments to test just…more

New FCRA Class Action Against UPS Shows Traditional FCRA Claims Alive and Well

The federal Fair Credit Reporting Act (FCRA) has created a flurry of class action complaints in recent years aimed at employers who fail to comply with the FCRA’s hyper-technical disclosure and consent requirements. However, a new…more

Employers Not Required to Track “Hours Worked” on Itemized Wage Statements for Exempt Employees

California employers are required to provide written wage statements to employees generally identifying the total hours worked during each period. The Labor Code provides an exception to this requirement for those employees who are…more

Blurry Boundaries of Oil & Gas Joint Ventures Under the Securities Act and the Exchange Act

In Sec. & Exch. Comm’n v. Sethi Petroleum, LLC, 4:15-CV-00338, 2017 WL 192666, at *1 (E.D. Tex. Jan. 17, 2017), the Eastern District of Texas, Sherman Division, issued an opinion that clarifies the often-blurry boundaries between…more

Be a Jetson, Not a Flintstone: 7 Tips for Social, Mobile, & Cloud in E-Discovery

We’re all used to how quickly technology changes these days – one moment something is all the rage (remember Pokemon Go?) and within months, it’s ancient history. Those platforms that do stand the test of time become so ubiquitous…more

Give Me the Ring Back! Written Promises Around Engagements

On Valentine’s Day, Zack takes Kelly, his high school sweetheart who goes to a different college, to the Max for a romantic dinner. At the end of the meal Zack says, “Kelly, I want us to promise each other that after college we’ll…more

Should a Family Business Owner Make a Charitable Gift of Her S Corporation Stock?

Owners of family businesses are often looking to support charitable causes, while also seeking to obtain the most tax efficient outcome from such donations. Generally, a charitable contribution of appreciated property allows a donor…more

Depreciation of Labor Costs Class Action: Nebraska Supreme Court Rules In Favor of Insurer

I’ve regularly followed on my blog key developments in the numerous class actions against the insurance industry involving the application of depreciation to the labor cost component of estimated replacement cost value in determining…more

Trump’s Trade Policy–Not as Protectionist as You May Think

I was fortunate enough to be on a panel last week with four foreign government representatives to discuss trade. The meeting was informative and I thought I would share my take-aways. My conclusion is that Trump’s trade policy is…more

Use of e-banking secured mailbox to provide information on durable medium

By a decision held on 25 January 2017 (C-375/15), the Court of Justice of the European Union (CJEU) clarified the question of information (in electronic format) that payment service providers (such as banks) convey to their customers…more

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