Law School Survival in the 21st Century
Most businesses today operate essentially in the global marketplace and face both U.S. and international business/legal issues and challenges. Their legal counsels will also face the same issues, so curriculum(s) must be expanded to make sure that students understand the issues described in this article and are reasonably prepared to handle them when they hit the workplace.
February 28, 2020 at 10:57 AM
3 minute read
Most businesses today operate essentially in the global marketplace and face both U.S. and international business/legal issues and challenges. Their legal counsels will also face the same issues, so curriculum(s) must be expanded to make sure that students understand the issues described in this article and are reasonably prepared to handle them when they hit the workplace. The goal of this article is to help companies to avoid liability.
The most critical business/legal issues I see facing [and will continue to face] businesses, along with some tips on how to address these issues, which are:
Bribery. Under FCPA [Foreign Corrupt Practices Act], a violation, either by the company or its reseller(s), could be very costly. DOJ [Department of Justice] along with the SEC [Securities and Exchange Commission] have primary enforcement oversight of FCPA violations. DOJ recently introduced 2 settlement options, DPA's [Deferred Prosecution Agreement] and NPA's [Non-Prosecution Agreement]. Counsel needs to understand the consequences of accepting these settlement arrangements. Also, many other countries have implement similar laws so a company can be hit from both ends.
Data Privacy. In May 2018, the EU [European Union] implemented a very complex 'General Data Protection Regulation' [GDPR] protecting EU consumers' data. Companies doing business in Europe must strictly comply with GDPR or face sever financial penalties. Also, on Jan 1, 2020 the California Consumer Privacy Act [CCPA], goes into effect which is also very complex. To minimize the company's financial impact arbitration is recommended, also, a Privacy Officer should be appointed as the go to person. Lacking a federal privacy act, many other states are working on similar legislation, so companies will need to understand and comply with a host of differing state privacy requirements.
Technology Ownership. AI [Artificial Intelligence] is currently dominating global business by developing APS, platforms, programs, tools, etc. related to Blockchain, IoT [Internet of Things], ML [Machine Learning], and VR/AR [Virtual and Augmented Reality]. IP litigation is very time consuming and costly, so this raises the question: should AI (or parts of it) be considered as 'open source'. [VIA Technologies has designated its AI -APP as open source]. Sexual Misconduct, bullying and sexual harassment in the workplace is out of control. Can it be stopped in the age of the #MeToo movement, probably not, can it be minimized, maybe, having a [very] strong company policy and including the so-called 'Weinstein' disclosure clause(s) in all appropriate corporate agreements may help minimize a company's financial exposure.
There are numerous other issues which have been discussed in various articles that law schools need to consider in order to attract and retain top students. Legal education needs to keep pace with the 21st century marketplace.
Joe Valof, Esq. is the founder of OnLine Counsel [a ALSP], and author of 'Marketing In The 21st Century: Adjusting To The Digital Age' and Ethics in Corporate America: A Guide to Avoiding Liability.'
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