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Sidley Could Face $100M Liability in Opt-Outs
Sidley Austin is expected to pay $30 million to settle a class action filed by more than 200 investors who lost money on illegal tax shelters that the law firm approved. But the nation's seventh-largest firm isn't out of the woods yet. Investors in about 55 cases have opted out of the settlement, which includes claims against KPMG, the accounting firm that sold the shelters. A lawyer who represents three such investors said liability costs associated with the opt-out cases could exceed $500 million.Regulation FD Likely to Chill Informal Talks
One thing is for certain: No company wants to become the Regulation Fair Disclosure poster child. Before the controversial Securities and Exchange Commission rule went into effect today, there was a flurry of last-minute guidance -- from private attorneys as well as the federal agency itself -- to companies as they begin navigating the murky times ahead.Class Counsel in KPMG Case Seek To Sweeten Deal With Legal Fees
With one in five class members opting out of a vaunted $225 million settlement in a suit against KPMG and a law firm that advised it, the class counsel is trying to make the deal more attractive to the detractors' lawyers. Milberg, Weiss, Bershad & Shulman, which would get $30 million under the settlement, is offering fees to lawyers who convince their clients to drop individual claims and accept the settlement terms.The fight over the validity of so-called unfinished business claims in law firm bankruptcies is heating up in courts on both coasts this week.
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.A Buyer's Guide to Law Firm Software
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