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:
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Ten Things: All I Want for Christmas is a FCPA/Anti-Bribery Health Check
As we head into the holiday season, this is the perfect time to give your anti-bribery program a health check. For those in the U.S., we tend to focus on the Foreign Corrupt Practices Act when thinking about anti-bribery laws. However, if you work for a company that operates globally, you know that many countries have anti-bribery laws and you need to be aware of those requirements as well. Enforcement of the FCPA/anti-bribery laws is not going away. In fact, in my opinion, it will get even more intense over the next few years. Given the level of fines and the reputational risk at stake, it’s important to ensure you are taking the right steps to give your employees the tools they need to stay on the right side of the line. At my prior company, we typically used the advent of the holiday season as the time to take a number of steps relating to FCPA/anti-bribery compliance. Below are ten things you can do now to help ensure compliance with anti-bribery laws. In key spots, I have included links to articles or websites with additional information you might find helpful.
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Ten Things: How to be a Successful In-House Counsel
Whether you are new to the in-house department or a long-term veteran, the General Counsel or just a basic contract lawyer, there are a number of things that can help make you more successful in your career. I have distilled a lot of hard-learned lessons into ten key tips. These are not exhaustive and there are always more, but these are the ten things I consistently taught to my teams over the years.
Ten Things You Need to Know as In-House Counsel® 