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Emerging Markets M&A Review
Emerging Markets M&A Review FULL YEAR 2020 | LEGAL ADVISORS Emerging Markets Mergers & Acquisitions Review Full Year 2020 | Legal Advisors Emerging Markets Deals Intelligence Emerging Markets Announced Target M&A $1,000 16,000 EMERGING MARKETS DEAL MAKING FALLS 5%; SECOND HALF REBOUNDS 46% M&A activity with emerging markets involvement totaled US$955.1 billion during full year 2020, a 5% $900 14,000 decline compared to 2019 levels and the slowest annual period for emerging markets deal making since 2014. The second half of 2020 registered a 46% increase compared to the first half of the year, marking $800 the strongest six-month period for emerging markets M&A since 2015. By number of deals, emerging 12,000 markets deal making declined 6% compared to full year 2019, a six-year low. $700 10,000 $600 ENERGY & POWER, FINANCIALS & TECH LEAD EMERGING MARKETS SECTOR MIX Deal making in the Energy & Power sector totaled US$173.9 billion during full year 2020, a 16% $500 8,000 decrease compared to full year 2019. Financials M&A accounted for 16% of activity, while Technology M&A accounted for 14% of overall emerging markets M&A during full year 2020. Collectively, the top $400 three industries accounted for 48% of total emerging markets deals this year, on par with a year ago. 6,000 $300 CHINA, INDIA & RUSSIA DRIVE MORE THAN TWO-THIRDS OF EMERGING MARKETS M&A 4,000 M&A activity involving targets in China, India and Russia accounted for 67% of overall emerging markets $200 M&A activity during full year 2020, up from 48% during 2019. -
Lessons Learned from Law Firm Failures
ALA San Francisco Chapter Lessons Learned from Law Firm Failures Kristin Stark Principal, Fairfax Associates July 2016 Page 0 About Fairfax Fairfax Associates provides strategy and management consulting to law firms Strategy & Performance & Governance & Merger Direction Compensation Management Strategy Development and Partner Performance and Governance and Merger Strategy Implementation Compensation Management Firm Performance and Operational Structures & Practice Strategy Merger Search Profitability Improvement Reviews Market and Sector Merger Negotiation and Pricing Partnership Structure Research Structure Client Research and Key Process Improvement Alternative Business Models Client Development Merger Integration Page 1 1 Topics for Discussion • Disruptive Change • Dissolution Trends • Symptoms of Struggle: What Causes Law Firms to Fail? • What Keeps Firms From Changing? • Managing for Stability Page 2 How Rapidly is the Legal Industry Changing? Today 10 Years 2004 Ago Number of US firms at $1 billion or 2327 4 more in revenue: Average gross revenue for Am Law $482$510 million $271 million 200: Median gross revenue for Am Law $310$328 million $193 million 200: NLJ 250 firms with single office 4 11 operations: Number of Am Law 200 lawyers 25,000 10,000 based outside US: Page 4 2 How Rapidly is the Legal Industry Changing? Changes to the Law Firm Business Model Underway • Convergence • Dramatic reduction • Disaggregation in costs • Increasing • Process Client commoditization Overhead improvement • New pricing Model efforts models • Outsourcing -
Here Restitution Was Ordered As the Firm Picked up a GAR Award in That Year in the “International a Remedy
GAR 100 2020 The firm is representing investors in claims against Montenegro, Tanzania and Venezuela, having previously acted in claims against Steptoe & Johnson Turkey and Jordan. It helped Canada defeat two NAFTA claims in the mid-2000s. Pending cases as counsel 11 Other government clients are Argentina, the Dominican Republic, Value of pending counsel work US$1.5 billion+ Guatemala and South Korea. The firm has also been helping China Treaty cases 8 to negotiate an investment treaty with the EU. Third-party funded cases 1 Current arbitrator appointments 4 (3 as chair or sole) Track record Lawyers sitting as arbitrator 1 Steptoe & Johnson’s most impressive results to date have been for the von Pezolds, a Swiss-German family of farmers, in a pair of Has strengthened its investor-state team with some ICSID claims against Zimbabwe concerning the controversial land significant hires and is now instructed on a US$350 reform programme of former president Robert Mugabe. The firm million ICSID claim against Colombia won a pair of awards in 2015 requiring the state to return land it had expropriated or pay US$195 million in compensation. An ICSID US-based Steptoe & Johnson has worked on arbitrations for a annulment committee upheld the awards in November 2018. It was number of years, but 2016 marked a turning point after it achieved one of the first ICSID matters to consider discrimination on the outstanding results in a pair of ICSID cases against Zimbabwe. basis of race, and one of the few where restitution was ordered as The firm picked up a GAR Award in that year in the “international a remedy. -
Rethinking the Law Firm Organizational Form and Capitalization Structure
Scholarship Repository University of Minnesota Law School Articles Faculty Scholarship 2013 Rethinking the Law Firm Organizational Form and Capitalization Structure Edward S. Adams University of Minnesota Law School, [email protected] Follow this and additional works at: https://scholarship.law.umn.edu/faculty_articles Part of the Law Commons Recommended Citation Edward S. Adams, Rethinking the Law Firm Organizational Form and Capitalization Structure, 78 MO. L. REV. 777 (2013), available at https://scholarship.law.umn.edu/faculty_articles/90. This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in the Faculty Scholarship collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Rethinking the Law Firm Organizational Form and Capitalization Structure EdwardS. Adams 1. INTRODUCTION The recent bankruptcy of large law firms has energized the debate over the viability of the traditional partnership model. Dewey & LeBeouf filed for bankruptcy in May 2012, becoming the largest law firm bankruptcy in U.S. history.' At its peak, Dewey employed 1,400 lawyers in several offices across the globe, causing some to ask whether Dewey's collapse was an iso- lated product of poor management or a symptom of greater systemic prob- lems. 2 But Dewey's bankruptcy was not the first to result in the dissolution of a large firm. The financial downturn of 2008 deeply affected the legal profession, and several firms went under. Many have already questioned the traditional business structure of the law firm in light of these bankruptcies and the manner in which they oc- curred.4 Partner defections and limited capital place criticism squarely on the partnership model as a major factor in these bankruptcies. -
Health Advisory
Health Advisory July 2, 2021 • Information for Pierce County Healthcare Providers Communicable Disease Control Communicable Disease Control • (253) 649-1412 3629 S. D St. • Tacoma, WA 98418 (253) 649-1412 • (253) 649-1358 (fax) COVID-19 Updates for Providers Requested actions • Be aware Washington State Department of Health (DOH) issued a behavioral health provider alert about Fourth of July celebrations and other summertime gatherings. The alert asks providers to give patients information about safe social behaviors and the potential negative effects of impulsive behaviors following the state’s full reopening and the misperception that the COVID-19 pandemic has ended. • Be aware the U.S. Food and Drug Administration (FDA) updated the following Emergency Use Authorization (EUA) fact sheets to include the possible risk of pericarditis and myocarditis following vaccination: o Pfizer fact sheet for healthcare providers. o Pfizer fact sheet for patients. o Moderna fact sheet for healthcare providers. o Moderna fact sheet for patients. • Continue to report any case of myocarditis and pericarditis among people who received COVID-19 mRNA vaccine within the last 2 weeks. o Promptly report cases to the U.S. Vaccine Adverse Events Reporting System (VAERS). o Report cases to the Health Department’s 24-hour reporting line at (253) 649-1413. Include vaccine manufacturer, vaccine lot number, vaccination date, dose number, patient gender, age and history of prior SARS-CoV-2 infection. • Be aware the FDA extended the shelf life of Janssen (Johnson & Johnson) COVID-19 vaccine from 3 months to 4½ months. Visit Janssen’s lot expiry checker to determine the updated expiration of your vaccine. -
1 UNITED STATES DISTRICT COURT DISTRICT of MINNESOTA Shirley
CASE 0:10-cv-01821-JNE-JJK Document 65 Filed 04/05/11 Page 1 of 5 UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA Shirley Venus Shannon, Plaintiff, v. Civil No. 10-1821 (JNE/JJK) ORDER Baxter Healthcare Corporation, Hospira, Inc., and Abbott Laboratories, Inc., Defendants. In April 2010, Shirley Venus Shannon brought this action against Eli Lilly & Company and several unidentified entities. In October 2010, she filed an Amended Complaint against Baxter Healthcare Corporation, Hospira, Inc., and Abbott Laboratories, Inc. Abbott Laboratories and Hospira moved to dismiss the case for improper venue, see Fed. R. Civ. P. 12(b)(3); moved to dismiss the case for failure to state a claim upon which relief can be granted, see Fed. R. Civ. P. 12(b)(6); and moved to transfer the case to the United States District Court for the Northern District of Illinois, Eastern Division, see 28 U.S.C. § 1404(a) (2006). After answering, Baxter Healthcare joined the motions of Abbott Laboratories and Hospira. Baxter Healthcare did not separately submit memoranda of law. Shannon opposed the motions, but she asserted that the case should be transferred to the United States District Court for the Western District of Tennessee, Western Division. For the reasons set forth below, the Court transfers this action to the Western District of Tennessee. The Court first considers whether this case should be dismissed for improper venue. See Fed. R. Civ. P. 12(b)(3). The defendant bears the burden of establishing improper venue. United States v. Orshek, 164 F.2d 741, 742 (8th Cir. -
Mandating Diversity: the Inclusion Clause
Call to Action Sara Lee's General Counsel: Making Diversity A Priority By Melanie Lasoff Levs For some committed general counsel, the standard talk about diversity is only a starting point. Recently, many corporate attorneys decided it was time to demand specific actions and results-with very real consequences. In spring 2004, Sara Lee General Counsel Roderick Palmore created "A Call to Action: Diversity in the Legal Profession," a document reaffirming a commitment to diversity in the law profession and taking action to ensure that corporate legal departments and law firms increase the numbers of women and minority attorneys hired and retained. And if law firms don't, the document states, "We [the undersigned corporate legal department representatives] further intend to end or limit our relationships with firms whose performance consistently evidences a lack of meaningful interest in being diverse." (See the sidebar in this article for the complete text.) Palmore wrote the Call to Action to build on a previous manifesto: former BellSouth General Counsel Charles Morgan's "Diversity in the Workplace: A Statement of Principle," written in 1999. "In that [document], signatories espoused an interest in diversity and the principle of diversity, which was a fabulous thing at the time," Palmore says. "But it struck me that not enough has happened. The progress of the profession-and more specifically the progress of large law firms-had stagnated." The Call to Action takes the Statement of Principle a step further, Palmore adds. "Its purpose is to take the general principle of interest in advancing diversity and translate that into action, into a commitment to act on, to make decisions about retaining law firms based in part on the diversity performance of those law firms." Discussion around the need for a Call to Action began in November 2003, when a group of general counsel gathered at the invitation of the Minority Corporate Counsel Association (MCCA®), and the Association of the Corporate Counsel (ACC). -
Abbott-Abbvie Multiple Employer Pension Plan
Abbott-AbbVie Multiple Employer Pension Plan Summary Plan Description Effective January 1, 2013 This summary plan description (SPD) describes the key features of the Abbott-AbbVie Multiple Employer Pension Plan effective January 1, 2013. This booklet describes only the highlights of the plan and does not attempt to cover all administrative details. Every attempt has been made to communicate this information clearly and in easily understandable terms. Benefits and services described here apply only to those former employees and retirees eligible for benefits under the plan. The boards of directors of the companies, or when applicable, the Abbott-AbbVie Pension Plan Administrative Committee, reserve the right to modify, suspend or terminate these benefits at any time to the extent permitted by law. This SPD does not constitute a contract of employment or guarantee any particular benefit. The terms of the Abbott-AbbVie Multiple Employer Pension Plan are governed by the plan and trust documents. In case of a conflict between this SPD and those documents, the plan and trust documents will control. Table of Contents Introduction................................................................................................................................................. 1 Eligibility ..................................................................................................................................................... 1 Eligible Employees ................................................................................................................................ -
Rankings of Leading Suppliers
TOP SUPPLIERS Rankings of Leading Suppliers The Top Suppliers to DLA Troop Support, JSPVP and the NAF Purchasing Division (AFNAFPO) he following lists detail the top food suppliers of the Defense Logistics Agency (DLA) Troop Support, T the Joint Services Prime Vendor Program (JSPVP) and the Air Force Nonappropriated Fund (NAF) Pur- chasing Division (AFNAFPO) based upon the most recent dollar-volume available. DEFENSE LOGISTICS AGENCY TROOP SUPPORT (Top 109 food suppliers with sales of at least $1 million from August 1, 2017, to July 31, 2018) Tyson Foods Inc. ConAgra Foodservice InHarvest (Indian Harvest Brakebush Brothers Inc. 1 27 55 83 2 Richmond Peak Quality 28 Perdue Farms Inc. Specialty Foods) 84 Imperial Sales Company Kellogg Sales Company Nestlé Brands Foodservice Co. & 56 Schwan’s Food Service Blue Bunny Ice Cream 3 29 85 4 Sara Lee Refrigerated Foods Chef America (merged) 57 Needham Inc. 86 Kikkoman International Inc. CDS/Unistel CW Resources Inc. 5 Six Points Inc. 30 58 87 Super Bakery Inc. Lamb Weston Inc. Ocean Spray Cranberries Inc. 6 Trident Seafoods Corp. 31 59 88 Cass Ventures 7 Kraft Heinz Company 32 J.R. Simplot Company 60 Butterball LLC Renaissance Man Food Services 89 8 N’Genuity Enterprises 33 Ventura Foods LLC 61 High Liner Foods (USA) LLC PepsiCo Foodservice and 34 Strategic Culinary Innovations 62 Dispenser Beverages 90 Good Humor/Breyers Ice Cream 9 Vending 35 Aryzta 63 Bunge Oil CEH LLC/Bayou Barataria 91 AdvancePierre Food Company Pilgrim’s Pride Food Service C&R Foods Inc. Foods LLC 10 36 64 (Acquired by Tyson Foods Inc.) 37 Campbell Soup Co. -
Exelon Corp. V. Commissioner
Tax News and Developments North America Tax Practice Group Newsletter November 2018 | Volume XVII, Issue 10 Second Circuit Decides that Modification of In This Issue: Variable Prepaid Forwards was Taxable Second Circuit Decides that Modification of Variable The US Court of Appeals for the Second Circuit handed the taxpayer a major Prepaid Forwards was defeat in a case of first impression regarding the tax consequences of modifying Taxable variable prepaid forward contracts (“VPFCs”). In Estate of McKelvey v. Closing Down the SILO: Commissioner, No. 17-2554 (2nd Cir. 2018), the Second Circuit determined that Exelon Corp. v. Commissioner the amendments to the VPFCs (i) resulted in an exchange of the original VPFC Common Interest Privilege for the amended VPFC, and (ii) triggered constructive sales of the stock Affirmed as Supreme Court of Canada Refuses to Hear underlying the VPFCs. Government Appeal Andrew McKelvey was the founder and CEO of Monster Worldwide. McKelvey New IRS Guidance Opens Door to Use of Qualified owned millions of Monster shares. In 2007, he entered into a VPFC with each of Opportunity Zones two investment banks. Under the VPFCs, the banks paid McKelvey an upfront China Expands Scope of cash payment of approximately $194 million. The VPFC required McKelvey to Reinvestment Incentive to All deliver a variable number of Monster shares to the bank counterparty on the MNC Projects settlement dates specified in the VPFC. The number of shares McKelvey had to UK Budget 2018: What You deliver to the bank depended upon the value of the shares on the settlement date Need to Know and was subject to a cap and a floor. -
Distribution Merger Challenges at the FTC
Distribution Merger Challenges at the FTC By Scott Sher, Jamillia Ferris, Michelle Hale, and Jordanne Miller In recent years, the Federal Trade Commission (FTC) has launched significant investigations into mergers between distributors, with the merging parties resolving the FTC’s concerns through consent, by abandoning the transaction entirely, or litigating the FTC’s requests for injunction through judgment.1 This precedent provides valuable insight into how the FTC analyzes such mergers. Distribution mergers raise important and oftentimes complex competition concerns that require careful analysis of market structure and the likely competitive effects for particular classes of customers. Different distribution channels can sell precisely the same product but not actually compete against each other, because the idiosyncratic characteristics of one channel disqualify it as an option for a particular group of customers. The analysis below synthesizes key factors considered by the FTC in distribution mergers spanning the past two decades, including the FTC’s more recent focus on acquisitions of disruptive distributors. These factors are essential for counsel to assess and proactively address to avoid a costly FTC challenge and likely death knell to a proposed distribution merger. Three Kinds of Distribution Merger Reviews Historically, the FTC investigated whether consolidation of firms with similar distribution footprints and characteristics raised competition concerns. More recently, the FTC also has investigated and challenged transactions where a dominant distributor acquired a nascent competitor who challenged the incumbent’s distribution methodology with an alternative that threatened to disrupt the market for the better. For purposes of this article, we refer to the former as Traditional Distribution Channel (Traditional DC) mergers and the latter as Disruptive Distribution Channel (Disruptive DC) mergers. -
Chrysler Affiliate Rewards Program
Chrysler Affiliate Rewards Program If you or your spouse work, or have retired from, one of the companies listed below, you may qualify for pricing as low as 1% Below Factory Invoice on a New FIAT! Check the list of companies below to see if your company qualifies.* A F O AAA-- State of Ohio Members Freightliner Of Tampa, Llc Ocala Freightliner ABB, Inc. Freightliner Of Toledo OCE'- North America Abbott Labs Freightliner Of Utah, Llc Ocean Freightliner, Ltd. Abbott, Nicholson, Quilter, Freightliner Trucks So. Florida Inc. O'connor Gmc, Inc. Esshaki & Youngblood PC Freightliner Twin Ports O'connor Truck Sales, Inc. Abercrombie & Fitch Freightmasters Ohio Machinery Company AboveNet Fresenius Medical dba Ohio CAT Abraxis Bioscience Inc. Fresno Truck Center Oklahoma City Freightliner Accor North America FRIENDLY MOTORCARS Oklahoma Farm Bureau Ace Hardware Corporation Fru-Con Construction Corporation Oklahoma Publishing Company, Action Western Star Fujisawa Healthcare Inc. The (OPUBCO) Actelion Pharmaceuticals US, Inc. Ftl And Ws Of Maine Old Dominion Freight Lines Action Couriers Ftl And Wst Of Tifton Oldcastle Inc. ADVANTAGE Health Solutions, Inc. Ftl Stl Wst Of Odessa Omaha Truck Center Inc Advance Publications Ftl Trucks Of South Florida Omni Care Health Plan Aearo Company Ftl, Stl And Wst Of Montgomery One Call Locators Aetna Ftl,Stl, and Western Star Of Dothan One Source Management Inc Affinia Group Fyda Freightliner Cincinnati Oracle Corporation Agar Truck Sales, Inc. Fyda Freightliner Columbus,Inc Organon Pharmaceuticals USA, Inc. AGCO Corporation Fyda Freightliner Pittsburgh Orlando Freightliner AGFA Corporation Fyda Freightliner Youngstown Orlando Freightliner South Aggreko, LLC ORRIN B HAYES, INC. Agricredit Acceptance LLC G Oscient Pharmaceuticals Agrilink Foods OSI Pharmaceuticals Gabrielli Ford Truck Sales AGSTAR Financial Services Otjen, Van Ert, Stangle, Lieb & Weir, S.C.