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Supreme Court Likely to Leave Accounting Oversight Board as Is
The U.S. Supreme Court appeared inclined to leave well enough alone Monday and not tinker with the structure of an accounting oversight board created by the Sarbanes-Oxley Act of 2002. Congress created the Public Accounting Oversight Board in the aftermath of the Enron and WorldCom accounting scandals, giving the board broad and independent power to regulate accounting firms, which had been self-regulated before. The suit challenges the board's constitutionality as too insulated from presidential power.Increasing Competition in China Causes Friction for Law Firms
In China the rules state that U.S. firms can't practice Chinese law nor can the Chinese lawyers who work for them. Since the influential Shanghai Lawyers Association denounced what it said were Western firms' widespread violations of those rules, leaders of foreign and domestic firms have been abuzz over the possibility of a government crackdown. The use of Chinese lawyers as "legal consultants" isn't the only cause of friction between foreign and Chinese firms.Conflict Looms Over Executive Privilege
Democrats have long believed that the DOJ's plan to fire U.S. Attorneys began in the White House, and last week they proved willing to take the investigation to its doorstep by subpoenaing former Bush aides. White House counsel Fred Fielding hasn't budged from his first response to congressional inquiries in March: no transcripts and no public testimony. But many observers say the subpoenas are likely to force the White House to find a middle ground, even if it takes a protracted legal fight to get there.Directors' Concern Increases Over Executive Pay
It seems the reformers are not finished with the corporate boardroom. This time the issue is executive compensation, propelled to the front lines by the scandal over former New York Stock Exchange Chairman Richard Grasso's $188 million compensation package. The Grasso pay flap is the latest in a series of events causing corporate directors to wonder if they too could be blamed for how they go about paying company executives.Miami Lawyer Loses Enron Assignment to New York, Houston Firms
In a surprising turn of events, the firms Kronish Lieb Weiner & Hellman in New York and McClain & Siegel in Houston outmaneuvered Scott L. Baena, a partner with Bilzin Sumberg Dunn Baena Axelrod & Price in Miami, and jointly won the position as counsel to the Severed Enron Employee Coalition (SEEC). In January, Baena was retained by the SEEC to win a separate, employee-only committee.Justices Reluctant to Tinker With SOX Oversight Board
The U.S. Supreme Court appeared inclined to leave well enough alone Monday and not tinker with the structure of an accounting oversight board created by the Sarbanes-Oxley Act of 2002.Circuit Ends Doctors' Antitrust Litigation
Problems with venue and a lack of standing have doomed an antitrust case brought by a proposed class of some 14,000 emergency room physicians who claimed that the American Board of Emergency Medicine, the Council of Emergency Medicine Residency Directors and several hospitals colluded to use the physician certification process to restrain trade and monopolize the market for emergency-room doctors.Sign of the Times: Large Firms in Texas Make More Partners in 2005
The number of new partner promotions at Texas' largest firms increased for 2005, but the percentage of minority and female partners decreased when compared with 2004.State AI Legislation Is on the Move in 2024
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