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Conference Raises Profile of In-House Counsel
The critical role of a company's in-house counsel was the central theme yesterday at The Corporate Lawyering Conference in New York. Sponsored by a coalition of bar associations, business councils, law firms and the U.S. Department of Commerce, the first-of-its-kind conference drew about 200 attorneys and entrepreneurs. One organizer said the conference was designed to emphasize to the business community the need for young companies to have in-house counsel.Former IndyMac CEO Michael Perry emerged from humble beginnings to head once one of the biggest regional banks in the country. Then, in 2008, he had a spectacular fall from grace. IndyMac collapsed, and Perry eventually got sued by both the SEC and the FDIC. But thanks to Veta, Perry has now gone a long way toward clearing his name.
The AIG litigation machine keeps humming as a New York federal judge declines to dismiss a class action alleging that the insurer misled shareholders about its credit default swap portfolio.
Noncompete Pact Enforceability
A recent NY Court of Appeals ruling upholding partial enforceability of an accounting firm's noncompete agreement is expected to prompt more employers to impose similar agreements on employees who interact with company clients, according to employment attorneys. The decision could also encourage courts faced with overly broad noncompete agreements to consider partial enforcement as an alternative to complete invalidation.Washington Catches the Associate-Raise Fever
O'Melveny & Myers said Thursday it would increase its first-year associate salaries in Washington, D.C., to $145,000 -- and in turn threw down a challenge to D.C.-based firms, saying the market for talent had changed. Following that announcement, Hogan & Hartson almost immediately said it was matching the number. The latest raises come on the heels of a flurry of pay increases during the past few days in other key legal markets.This could be a game changer, folks--and it couldn't come at a more critical moment for opponents of the deals that keep generic drugs off the market.
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