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The best law firm websites

Holland & Hart and Reed Smith topped the list of best U.S. law firm websites in a survey conducted by Internet Marketing Attorney.

The websites of the top 250 firms were assessed randomly between June 2005 and April 2006. An average of 20 minutes was spent surfing each site. Based on design, content, usability, interactivity and intangible qualities, a maximum of ten points were awarded in each category. Holland & Hart topped the list with a score of 45 while Reed Smith followed with 44.

Internet Marketing Attorney has provided law firm personnel and interested end-users guidance with business development practices in the legal profession since 1997.

05-12-2006

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Deal of the year

Wachovia Corporation (NYSE:WB) and Golden West Financial Corporation (NYSE: GDW), have signed a definitive agreement to merge, creating a leading retail banking and mortgage lending franchise in many of the nation's most attractive growth markets. This combination strengthens Wachovia's presence in California, Florida and Texas, extending the banking franchise within reach of 55% of the U.S. population

Well-known New York law firms Sullivan & Cromwell and Wachtell Lipton Rosen & Katz played lead roles in the deal. The $25.5 billion deal, the biggest merger of the year, was announced on May 7th.

05-12-2006

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Law firm prosperity unevenly divided

The top-50 U.S. law firms showed an increase of 11.5% in fee income last year, generating $36 billion. Similar trends were observed in 2003 and 2004. But it seems that not everybody got a piece of the pie.

While many firms have enjoyed robust profits, some have struggled to keep pace. While corporate work remained strong, litigation has not fared as well overall. In addition, the number of initial public offerings also fell in 2005. For the first time, no U.S. companies were listed on the top-10 global IPOs of the year.

There has been a marked regional variation in performances of law firms. The best performers were California-based practices. Firms based in Los Angeles and the Bay Area boosted their income by 13% on average. This can be attributed to a strong market for litigation and healthy economy. Firms in DC, Texas and Chicago enjoyed a steady year, while New York firms performed just below the national average in 2005.

According to provisional figures, the top-30 firms by profitability, on average, enjoy more than double the profitability of the other firms surveyed - and the gap is growing.

05-12-2006

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KPMG's mess

KPMG, a global network of professional firms providing Audit, Tax and Advisory services, and its partners have been accused of committing tax fraud by inking illicit deals and misleading the IRS about transactions between 1996 and 2003. The network allegedly developed tax shelters designed to create fake losses that investors could use to reduce their taxes.

Sources say that the deal under consideration calls for KPMG to pay around $500 million in penalties. KPMG avoided indictment last year and instead reached a $456 million deferred-prosecution agreement over the shelters. In the process, it admitted to criminal wrongdoing and agreed to cooperate with the investigation of its former employees.

In a move to show cooperation with the investigation, KPMG has severed legal fees for employees caught up in the investigation of the tax shelters. The decision to cut legal fees for 16 former KPMG employees, including vice chairman Jeffrey Stein, has raised questions from criminal defense attorneys and judges. Mr. Stein and the other defendants are accused of defrauding the government. Their trial is scheduled to begin in September.

The investigation has caused several major accounting firms to sharply curtail their marketing of tax shelters, at least for now.

05-11-2006

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South Carolina law firm taking on Bausch & Lomb

Charleston-based law firm Richardson, Patrick, Westbrook & Brickman LLC (RPWB) has taken the initiative to file a case against Bausch & Lomb, Inc. The contact lens solution manufactured at the company's South Carolina plant is thought to have caused an outbreak of eye fungus known as Fusarium Keratitis, which can lead to corneal ulcers, infections and ultimately blindness.

Bausch & Lomb pulled ReNu with MoistureLoc from suppliers' shelves in the U.S. six months after it was aware of the contamination. The company has yet to explain why it delayed pulling the product in the U.S., which is linked to more than 136 cases of a rare fungal eye infection.

Richardson, Patrick, Westbrook & Brickman LLC is one of the leading complex litigation firms in the country with extensive expertise in tobacco, asbestos, securities fraud, pharmaceutical and other complex mass torts. The firm has locations in Charleston, Mt. Pleasant, Chicago and Barnwell, SC.

05-11-2006

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New rules for criminal attorneys

A recent Supreme Court ruling is now allowing the character of criminal defendants to play a crucial role in reducing prison sentences.

Criminal attorneys can now bring to light the positive aspects of their client's character and persuade the court to give lesser sentences. Based on the recent ruling from the Supreme Court, many cases have been reopened and sentences reduced.

In January, the U.S. Supreme Court ruled in U.S. v. Booker that Federal Sentencing Guidelines are unconstitutional. The sentencing guidelines, which had been in place for nearly two decades, allowed judges to sentence defendants based on facts not heard by juries. As per the guidelines, the severity of the crime was given a number. Based on the number, the sentence was announced. To overcome this, the Supreme Court declares the guidelines to be advisory and not mandatory.

Now, several other factors can be taken into consideration during the sentencing phase, including personal history, family life and character.

05-10-2006

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The power to confer law degrees

The College of Law, the largest provider of postgraduate legal training in the UK, now has the power to award degrees. With this, it becomes the first non-university-affiliated law school to win degree-awarding status.

The unique decision, made by the Privy Council, follows a full scale review by the Quality Assessment Agency and a positive recommendation to the Department for Education and Skills.

The College of Law is the largest provider of vocational legal education and training in Europe. The College also offers a wide range of long-distance learning and continuing legal education.

05-10-2006

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