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February 28, 2013

Legal News in Brief

Corporate Spotlight

Lack of agreement might bring another delay for Volcker rule
Regulators are finding it difficult to agree on details of the Volcker rule, which is likely to lead to another postponement, sources say. Separately, the group Occupy the SEC has asked a federal court to order regulators to finalize the rule. Reuters (2/27), The Wall Street Journal (2/27)

SEC plans to scrutinize advisers for conflicts of interest
The Securities and Exchange Commission has instructed examiners to take a hard look at potential conflicts of interest among financial advisers. In SEC guidance, examiners are told to be alert for conflict resulting from undisclosed compensation. Financial-Planning.com (2/25)

National News

Obama, Republicans plan last-minute talks on sequestration
President Barack Obama and Republican leaders in Congress have agreed to meet Friday to discuss a last-ditch effort to avert $85 billion of spending cuts. Speaking to The Business Council on Wednesday, Obama offered little hope that a deal will be achieved in time. "Whether that can be done in the next two days -- I haven't seen things done in two days in Washington in quite some time," he said. Reuters (2/27), Politico (Washington, D.C.) (2/27), The New York Times (tiered subscription model) (2/27)

Legislative Dispatch

Senate confirms Lew as Treasury secretary
Twenty Republican senators joined Democrats in confirming Jack Lew as U.S. Treasury secretary. The 71-26 vote came despite some concerns about Lew's experience in the private sector. Lew said his priorities will be reducing expenses of entitlement programs, revamping individual and corporate tax codes and encouraging China to shift to an exchange rate determined by the market. Bloomberg (2/28), The Wall Street Journal (2/27)

Employment Focus

How IBM might alter the 401(k) landscape
Companies took note last year when IBM said it would make once-a-year contributions to employees' 401(k) plans instead of providing a 401(k) match with each paycheck, says Mike Alfred, CEO of Brightscope. The move will save IBM money because it won't need to pay the 401(k) matches of employees who quit midyear, and many companies may use similar strategies, Alfred says. San Antonio Express-News (2/26)

Supreme Court and Federal Court Watch

High court: SEC's discovery of fraud doesn't reset clock for penalties
The Supreme Court has ruled that the Securities and Exchange Commission has five years from when fraud occurs to seek civil penalties. The regulatory agency had argued that it had five years from the discovery of the alleged fraud. Reuters (2/27), The Washington Post (2/27), The New York Times (tiered subscription model)/The Associated Press (2/27), The Wall Street Journal (2/27)

Other Legal News

Boutiques look for opportunities in white-collar defense
The market for white-collar defense has grown increasingly crowded, leading some to wonder whether boutique firms will survive in that field. Others say there are enough opportunities for everyone. "You don't need to do any more than open the newspaper and see that there's another investigation. The opportunities have increased for boutiques in several ways," said Steven Molo, a partner at a boutique firm. New York Law Journal (2/27)

Professional and Business Development

Welcome to management -- here's how to get started
Newly appointed leaders can feel like they've been thrown out of an airplane without a parachute, writes Roberta Matuson. To avoid hitting the ground, you'll need to learn quickly to master office politics, handle workers respectfully and effectively, and hire superb people. "You will shine the most when those around you are beaming," Matuson writes. Fast Company online (2/22)

Apply product marketing to your job search
Use the marketing principles of product, place, price, promotion and persona to find a job, Richard Sellers advises. For example, you can promote yourself as the right person for the job by discussing a similar role in your past, and you can price yourself correctly if you've had a previous salary in line with what's being offered, he writes. B2C Marketing Insider (2/26)

PLI News

Audio Briefing Helps to Accelerate Associates' Learning and Development
Mentoring is an essential investment in legal talent because firms cannot function or survive without well-prepared and confident associates to meet current and future client needs, become law firm partners, and serve as law firm leaders. The March 4 audio briefing Mentoring: The Best Kept Secret to Success in the Recovery will examine the mechanics of mentoring and present strategies for making mentoring successful in your firm.

Who's Who on the House Subcommittee on Intellectual Property
One of the subcommittees of the House Judiciary Committee is the Subcommittee on Intellectual Property, Competition, and the Internet. The House IP subcommittee has primary jurisdiction over all matters relating to intellectual-property matters. On PLI's Patent Law Practice Center, Gene Quinn dishes on which members of Congress he thinks will most likely be the leaders on this subcommittee.

SmartQuote

He that will not apply new remedies must expect new evils; for time is the greatest innovator."

--Francis Bacon,
British author and statesman

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