In House - The FindLaw Corporate Counsel Blog

October 2010 Archives

Survey: Companies Expect Increased Litigation and Regulation

It looks like there will be increased litigation due to tightened U.S. government relations. The 2010 Fulbright Jaworski L.L.P. Litigation Trends Survey found that among companies of all sizes, many expect an increase in legal disputes. According to the study, 93% of U.S. and 97% of U.K. respondents expect the number of legal disputes to increase or remain the same in 2011.

According to the study, the data going back the past five years supports the respondents expectations: litigation filings declined in 2006 and 2007 according to respondents, but steadily rose in 2008 and 2009. The trend of increased litigation continued in 2010.

Judge: Insurers Don't Have to Cover Allen Stanford's Defense Bills

Here's an idea by financier R. Allen Stanford: obtain legal defense insurance, swindle investors out of $7 billion and if anything goes wrong, pay your attorneys with your $100 million insurance policy. Sounds like a plan, right?

Perhaps you're thinking that your company should get it's own insurance policy so that your in-house work would be paid for by insurance in the case of bad acts by the company or its executives.

Just one problem, Lloyd's of London, who insured the directors and officers of the Stanford Financial Group have denied the claim and a judge has upheld their rejection. Stanford, who is behind bars, had his creative insurance plan blocked when a federal judge ruled that there was a substantial likelihood that Stanford "knowingly committed acts of money laundering." Stanford was accused of running a $7 billion Ponzi scheme where the company issued certificates of deposit from an offshore bank he controlled.

Thomson Reuters Acquires Serengeti Law

Thomson Reuters has acquired Serengeti Law, the most widely used and highest-rated matter management system for corporate legal departments. Serengeti specializes in management tools and electronic billing for corporate attorneys. Serengeti is currently used at over 21,000 law firms. The business will be aligned with Corporate, Government & Academic bsuiness unit within Thomson Reuters Legal. The terms of the deal have not been disclosed.

"Corporate legal departments around the world are rapidly adopting software and services that solve legal workflow needs more simply and more efficiently," said Mike Suchsland, president. "The acquisition of Serengeti Law provides us with the bedrock for building a leading suite of offerings for the corporate general counsel. Serengeti brings to Thomson Reuters a broad and rapidly growing client base, as well as the profession's most widely used legal project management workflow tools for corporate legal departments."

New Platform Aims to Make SEC Filing Easier

Filing with the Securities and Exchange Commission has never been something that attorneys look forward to. It tends to be slow and drawn out, like much of the legal process. However, there is good news on the horizon.

San Diego's SEC Connect is displaying a web-based platform that will simplify the way in house counsel, law firms and companies file forms with the SEC. The program is being unveiled at the 49th Annual corporate Counsel Institute in Chicago. It was created by Daniel W. Rumsey, the founder of SEC Connect and the new program, the "Disclosure, Collaboration and Filing System," or DCAF.