Securities

Expert Analysis

• Cloud Computing Clearly The Future For Small Firms

  

  While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

• Signs Of Renewed SEC Interest In Key Performance Indicators

  

  Key performance indicators have been a topic of concern for the U.S. Securities and Exchange Commission for some time, but enforcement actions have been less prevalent. Recent actions coupled with statements by commission officials, however, suggest that KPIs may become more of a focus for the current SEC, say Brooke Clarkson and Jessica Matelis of Foley & Lardner LLP. 

• Leveraging Today's Lateral Associate Market

  

  With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

• Opinion

  What I Learned As Lehman's Bankruptcy Lawyer

  

  I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

• Zaslavskiy Does Little To Encourage Clear Crypto Guidance

  

  A New York federal judge's decision last week in Zaslavskiy relieves the government of a potentially significant pleading burden when bringing cryptocurrency actions, but does not encourage clarification of clear standards for application of the Howey test, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

• Q&A

  Back To School: Stanford's Jeff Fisher Talks Supreme Court

  

  In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

• The Diminishing Role Of Agency Guidance

  

  An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.

• Where Have The SEC Enforcement Actions Gone?

  

  There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.

• Preparing For New Life Settlement Transactions Reporting

  

  Last year’s Tax Cuts and Jobs Act imposed a host of new information reporting requirements on participants in life settlement transactions. Those affected should put systems in place now to ensure they have the information they need when the filing requirements go into effect, say attorneys at Eversheds Sutherland LLP.

• Opinion

  Orexigen Decision At Odds With High Court Jurisprudence

  

  The Ninth Circuit's decision last month in Khoja v. Orexigen Therapeutics — placing constraints on the record a court may consider in deciding falsity and scienter under the securities laws — countermands the U.S. Supreme Court’s direction to courts in Omnicare and Tellabs, say attorneys with BakerHostetler.