Tuesday, December 12, 2017

IN-DEPTH

Feature

Once a taboo topic in the halls of BigLaw, litigation finance is winning over converts. And the peer pressure is building for rival law firms to join the bandwagon. Read more »

Feature

What Your Colleagues Think Of Litigation Finance

We asked, and you answered. Here are the results of Law360’s inaugural survey on third-party legal funding. Read more »

News Analysis

Why Investors Are Taking The Leap To 3rd-Party Funding

They often don’t know exactly what they’re buying, and there’s an ever-present chance they could come up empty in a given case. Here’s why investors are flocking to litigation finance anyway. Read more »

TOP NEWS

Analysis

Feds’ Plea Leverage At Stake In High Court Tax Dodger Case

The federal government could lose a potentially important bargaining chip during plea negotiations if U.S. Supreme Court justices narrow the application of a statute criminalizing the obstruction of federal tax laws, as they recently indicated they might do during oral arguments in an appeal from a convicted tax dodger. Read more »

EU Finance Chiefs Warn Congress Over GOP Tax Bills

The finance chiefs of Europe's five largest economies on Monday warned U.S. Treasury Secretary Steve Mnuchin and other U.S. leaders that provisions of the Republican tax bills could be at odds with World Trade Organization rules, break double-taxation agreements, constitute unfair trade practices and hurt international banking and insurance. Read more »

Supreme Court Denies Petition Challenging Tax On Stored Gas

The U.S. Supreme Court on Monday denied ETC Marketing Ltd.’s petition for certiorari, which sought review of a Texas Supreme Court decision that upheld an ad valorem tax on natural gas inventory stored in the state. Read more »

Treasury's $300B Boost From Senate Tax Bill Disputed

Analysis released Monday from the U.S. Department of Treasury's Office of Tax Policy said the Senate's tax reform plan would ultimately boost revenue by $300 billion over the next 10 years, but its one-page memo was quickly derided by critics for depending on assumptions and a rosy economic outlook. Read more »

Dunmore Owner Must Cough Up $16M In Travelers Bond Row

The former owner of defunct home builder Dunmore Homes Inc. has been hit with an order in a California federal court directing him to cough up millions of dollars that he allegedly has stashed overseas in order to satisfy a $16 million judgment Travelers won in a bond insurance suit. Read more »

FEDERAL

Exxon Seeks Quick Win Over $337M Refund In IRS Tax Spat

Exxon Mobil Corp. on Friday asked a Texas federal court to grant it a partial victory in its battle with the IRS over $1.35 billion in taxes, saying the government wrongly denied it $337 million in refunds over its handling of a federal subsidy for blending alcohol with gasoline. Read more »

Shipper Can't Dodge US Tax On $3.6M, IRS Tells DC Circ.

The Internal Revenue Service urged a D.C. Circuit panel on Friday to grant it another quick win against a Marshall Islands-based shipping company over the denial of a tax exemption on $3.6 million in income, saying the company was not qualified for the exemption because it could not prove its ownership. Read more »

Northwestern Mutual Must Hold Manafort's Insurance Policy

A federal judge on Monday granted Special Counsel Robert Mueller's request that Northwestern Mutual Life Insurance Co. be required to preserve the value of a life insurance policy for indicted former Trump campaign manager Paul Manafort and his wife. Read more »

Gates Keeps Defense Atty Despite Potential Conflict

Indicted Trump lobbyist Rick Gates will continue to be represented by Manhattan white-collar attorney Walter Mack despite a potential conflict of interest involving a separate criminal case, Gates told a D.C. federal judge Monday. Read more »

STATE & LOCAL

Detroit Residents Fire Back At Sanctions Bid In Arena Suit

Michigan residents looking to block $56.5 million in tax dollars from funding the NBA's Detroit Pistons' relocation to a new arena fired back at an "unethical" bid to sanction and compel a deposition that the residents claim has already been agreed upon. Read more »

Pa.'s New Fraud Unit Nets $30M In Taxpayer Savings

A program designed to block fraudulent tax refunds is paying off for Pennsylvania, bringing in nearly $30 million in its first year. Read more »

INTERNATIONAL

€8B Business Cost Prompts EU To Simply Tax Refund Process

The European Commission on Monday introduced a set of procedures aimed at simplifying the refund process for cross-border investors that are hit with a withholding tax twice, noting that the current repayment system’s complexity costs businesses €8.4 billion ($9.9 billion) a year. Read more »

OECD Proposes New Disclosure Rules For Tax Advisers

The Organization for Economic Cooperation and Development on Monday released recommended rules that would require tax advisers and planners to disclose if they are marketing structures or “schemes” to avoid new global reporting rules that prohibit tax evasion. Read more »

EXPERT ANALYSIS

Key Tax Considerations For High Net Worth Family Offices

Families of significant wealth have come to realize the benefits of establishing a family office, including enhanced control, privacy, customization of asset allocation, wealth and risk management and integrated legacy planning. Changes to the tax code currently pending in Congress could open up even more planning opportunities, say attorneys with Day Pitney LLP. Read more »

10 Things To Know About Native American Policy: Part 1

The Trump administration has a number of regulatory priorities and political vacancies that need to be focused on, including key areas that would impact Indian Country such as tax reform proposals, insurance reform and fee-to-trust regulations, say attorneys with Akin Gump Strauss Hauer & Feld LLP. Read more »

6 Things You Need To Know About Millennial Jurors

Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC. Read more »

LEGAL INDUSTRY

Another Boutique Tops Cravath Scale For Associate Bonuses

Two more firms announced in recent days that many of their associates would receive year-end bonuses that either matched or exceeded the market scale established by Cravath Swaine & Moore LLP, which has remained the standard among many BigLaw firms. Read more »

LA Boutique Says Ex-Gibson Dunn Atty Owes $140K In Fees

A former Gibson Dunn & Crutcher LLP partner skipped out on $140,000 in legal fees owed to Los Angeles-based boutique Brown Neri Smith & Khan LLP for an elderly abuse case, according to a state court suit filed Friday that said the former partner had even praised the boutique’s work with some freshly baked bread. Read more »

Pierce Sergenian Shakeout Produces A Split-Off Boutique

Less than a year into its existence, Los Angeles litigation boutique Pierce Sergenian LLP has been renamed Pierce Burns LLP after two members split to form their own boutique as a result of a clash between the original name partners over their long-term visions, Law360 has learned. Read more »

Senate Sets Up Vote For 'Not Qualified' Trump Judge Pick

The Senate on Monday advanced the nomination of Husch Blackwell LLP senior counsel L. Steven Grasz to an Eighth Circuit vacancy, despite Democrats' protests citing his "not qualified" rating from the American Bar Association. Read more »

Fla. Justices To Hear Row Over Judge's Facebook Friends

The Florida Supreme Court said Monday it will consider whether a judge should be disqualified from presiding over a case for being Facebook friends with opposing counsel, setting the stage for the court to refine the Sunshine State’s laws on judges' social media use. Read more »

Prosecutor Nominees Need To Be More Diverse, ABA Warns

The American Bar Association has urged the U.S. Department of Justice to place an emphasis on diversity when seeking recommendations for nominees to serve as U.S. attorneys, warning that a lack of diversity in the legal profession could erode public confidence in the justice system. Read more »

Analysis

15 Minutes With Pindrop's General Counsel

Clarissa Cerda, GC of voice technology security company Pindrop, shared with Law360 what she's most excited for in 2018 and her thoughts on alternative billing arrangements. Read more »

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