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Judge Sets Limits for 'Community of Interest' Privilege
A corporation's attorney-client privilege may be extended to include a second company and its lawyers, but such a joint privilege covers only those communications that were truly made in furtherance of a shared legal strategy, a federal judge has ruled.Brokerage Houses Face 'Sweep' Suits
Some major brokerage houses are facing proposed class actions for sweeping uninvested brokerage account money into low-interest accounts at affiliated banks and using the funds to allegedly earn money for the companies while paying lower interest to the sweep-account holders. The "sweep suits" have been filed in federal court in New York and Colorado. Sweeping has become a huge source of revenue for brokerage firms, but a plaintiffs lawyer on the New York cases says the practice is "not defendible."New York City Retains Immunity From Punitive Damages in Sexual Harassment Suit
A federal judge set aside a jury's award of $1 million in punitive damages against New York City in a sexual harassment suit brought against the police department by a former civilian employee. In a case of first impression, U.S. District Court Judge Gerard E. Lynch said the New York City Human Rights Law does not abrogate the city's common law sovereign immunity from punitive damages.Gryphon Buys Placement Firm Update Legal
Gryphon Investors said Friday it has agreed to acquire a majority stake in legal staffing company Update Legal. Nick Orum, a partner at Gryphon, said efforts by law firms and internal corporate legal departments to reduce costs are fueling growth in the legal staffing industry. An increase in financial dealmaking is also contributing to the use of legal staffers, he added. Founded 35 years ago, Update Legal places both attorneys and paralegals; it has offices in nine cities.Some Law Firms Keep the Lid on Partner Pay Info
As law firms expand, they tend to go more corporate. Yet despite the race for talent and push for higher profits per partner, the majority of firms use open compensation systems rooted in a bygone era when law was more a gentleman's profession and less a cutthroat business. And leaders of closed-system firms say knowing about the books fractures relationships and produces rifts within a partnership that show that not all owners are equal. Is the open pay system used by most firms an antiquated relic?Trending Stories
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