One of my favorite pastimes(?) is watching the behemoth that is the US economy. I have been fascinated by it since my Intro to Economics class in college way back when (supply and demand baby!). It’s a pretty incredible engine; dynamic and resilient over the course of hundreds of years. But it does have some down periods, big ones on occasion, and I have lived through several of these. And despite clamoring from the left and the right, whether the US economy is good or bad, up or down, really doesn’t depend on who is President. Our economy has a mind of its own – like a four-year-old or a cranky grandparent. Regardless, for the past couple of years, we have all been wondering if the USA will fall into a recession or not. So far, the answer has been “not.” Which is great. Gen Z deserves a break or two. If our economy does go into a recession one thing all in-house lawyers will see is an increase in the number of bankruptcy filings. It’s never a great day when a major customer of a company files for bankruptcy protection.[1] Most in-house lawyers know, intuitively, that getting paid amounts owed by that customer will now be a challenge. But there is so much more that in-house counsel must be aware of when dealing with a debtor in bankruptcy if they expect to properly advise the business on the next steps (or recognize an issue that requires the expertise of outside counsel). On the other hand, while most in-house lawyers will experience bankruptcy from the viewpoint of a creditor of the bankrupt company (my experience), some will have the unenviable task of seeing it up close and personal as counsel to the debtor filing for bankruptcy protection. Albert Einstein said it best when he noted, “That’s a bummer, dude.” He was, as usual, correct (and succinct). Consequently, in-house lawyers also need a basic understanding of the bankruptcy process in case such a filing becomes a realistic possibility, and they are called upon to provide some initial advice to the business or bring in the experts if necessary (which you will do if the company is on the verge of going under). Sound painful? Never fear, I got your back. This edition of “Ten Things” deals with bankruptcy basics for in-house counsel:
Basics
Ten Things: Marketing Law Basics for In-House Counsel
Recently, a client asked me to review some advertising copy, something I had not done for several years. It got me thinking about how much I always liked working with the marketing team when I was an in-house lawyer. They are the “cool kids” at most companies; fun, sophisticated, and always handing out the best snacks. And, they have lots of good swag to give away too. More importantly, they bring a shit load of legal issues to the table which, depending on your point of view, can be a positive or a negative. I tend to be a glass-half-full guy so I took all the crazy the marketing team could deliver as an opportunity to hone my skills (and maybe nab a free t-shirt, coffee mug, or Travelocity Gnome). And, since I knew nothing about marketing or advertising law when I started in-house, it was a chance to learn something new – which is always a positive in my book. After a rough start, I came to appreciate that “marketing law” covers a lot of ground, touching a host of legal issues. Because of that, all in-house lawyers should have a basic understanding of the different facets (and how the legal department can best help the business navigate the problem areas). Not sure what I am talking about? Well, read on! This edition of “Ten Things” discusses what in-house lawyers need to know about marketing law:
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Ten Things: Electronic Signatures (What In-House Counsel Need to Know)
[Since the last “Ten Things” post there are now over 4,000 followers of this blog. Thank you!!]
Welcome to day 987 of “Shelter-in-Place.” Brought to you by our good friends at COVID-19 – courtesy of unprepared governments everywhere! Okay, that’s a little snarky and it’s really only day 17 or so for me (but it sure feels like 987 days). Like most of you reading this, I have been working from home, practicing social distancing, binging television shows, and reading a lot. On that last one, more like devouring books and whatever other reading materials I can get my hands on. In fact, I just finished an amazing two-part series by Dan Jones on English kings: “The Plantagenets” and “The Wars of the Roses.” I highly recommend both to the history buffs out there. One thing that stuck in my mind as I was reading these books was the use of seals by kings to “sign” documents (well, parchments actually). For some reason, that got me thinking about how we sign documents today, especially contracts – the lifeblood of any company and the top priority of the in-house legal department. That, in turn, got me thinking about all the different ways I have managed contract signings over the course of my in-house career, including the use of electronic signatures (yes, that is how my mind works). Which made me start to wonder “how in the hell is an electronic signature valid… and have I been screwing this up for years?” Intuitively, I know they are valid but I have to say I never spent a lot of time thinking about “how” or “why.” The current pandemic crisis with its discouraged human interaction are the perfect launching pad for thinking about “signing” documents remotely and e-signatures are the perfect solution for that. This edition of “Ten Things” walks you through what you need to know about electronic signatures:
Ten Things You Need to Know as In-House Counsel® 