business law boot camp · favorite source for 50-state surveys nyberg, subject compilations of...
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Business Law Boot CampLaura M. ScottApril 11, 2008
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AgendaFirst part (12:15-1:15)
What is business law research?Examples of basic business law research questions“Real life” issues in business law researchResearch strategies and sourcesKeeping currentBrainstorming on example questions
Second part (1:15-)Hands-on practice question
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What is “business law”?Broad view: anything to do with corporations
Choice of business entity, formation, governance, M&A, etc.Contracts, banking, bankruptcy, securities law, corporate tax…
Narrower view hereBasic corporate focus +A few securities research tools
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Do business lawyers really do research?Summer and junior business associates often are asked to do business law research.
Advise client on legal implications of a proposed course of actionPrepare for business transactionsHelp partner write an article or client alertCreate CLE or in-house training materials
Litigators, bankruptcy lawyers, others may also do business law research.
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Example research questionsCorporate client plans to run a short-term promotional contest on its website.
Can the company do so legally?Are there any specific requirements that the company must meet?
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Example research questionsFind the “Black Box Incorporated” SEC no-action letter for me. I think it was issued in the early 1990s, so I’d also like you to find out whether it is still good law.
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Example research questionsResearch and write the first draft of a firm “client alert” on a recently-amended SEC rule.
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Example research questionsFor our monthly business department “lunch & learn,” please research how courts in Delaware, Massachusetts, New York, and California have interpreted “material adverse change” clauses.
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“Real-life” concerns & tipsCorporate clients are often sensitive to research costs
What does that mean?
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“Real life,” cont.Firm may subscribe to alternatives to Lexis and Westlaw.
Still fee-based……but often treated as overhead.Examples include
CCH databases: securities, tax, among many othersSEC research: LivEDGAR (Westlaw Business), SECnet
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More real life tipsAsk for help
Availability of and instruction in using alternative sourcesConstructing complex searches on Lexis or WestlawRecommendations for useful secondary sources
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Research Strategies
& Sources
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LARW reduxEverything you learned in LARW still applies, just re-purposed, specialized.What are your first steps?
Brainstorm: “What is this question is asking me to do?”Look for important facts, research leads, alternative terms, etc.
Consult a secondary source“What kind would be useful to me?”“Print or online?”
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Starting with a secondary sourceLegal dictionaries & encyclopediasJournals
Law reviewsPractitioner-oriented newsletters & journals
TreatisesPractitioners’ resources
Less historical analysis; more focus on current state of the lawPractice pointers and checklists
Sample documents (“forms” or “precedents”)
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Finding secondary sourcesAsk for recommendationsConsult research guides
Cleveland-MarshallExample of a guide with helpful state-specific (Ohio) references
In print and often available on Lexis, Westlaw, and online alternatives
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Finding primary and secondarysources by topic on Lexis
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Finding primary and secondarysources by topic on Westlaw
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Legal dictionaries & encyclopediasGarner, A Dictionary of Business Law TermsFletcher Cyclopedia of the Law of Corporations
On Westlaw (FLTR-CYC)
State legal encyclopediase.g., Massachusetts Practice SeriesOften owned by firms and on Lexis or Westlaw
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JournalsThe Business Lawyer (ABA)
Example of scholarly business journalOnline
On HeinOnline (1946-2007)On Westlaw (BUSLAW) - selected articles since 1982On Lexis – full text since Nov. 1981
The M&A LawyerExample of practitioner-oriented newsletter
Updates of latest developments, practical tipsMay be delivered in print or online
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Corporate Law TreatisesCox & Hazen on Corporations
Example of a comprehensive treatise
Examples of very specialized treatisesO’Neal & Thompson, Oppression of Minority Shareholders & LLC MembersKnepper, Liability of Corporate Officers and DirectorsIn-depth treatment of narrower issues
ALI Principles of Corporate Governance: Analysis and Recommendations
Similar to a RestatementAnalyzes current law and makes recommendations for improvementOn Lexis
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Favorite DE Corp. Law treatisesBalotti & Finkelstein, The Delaware Law of Corporations & Business Organizations
Arranged by topicIncludes formsOn Westlaw (DELCBO)In CCH Internet Research Network
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Example of fee-basedalternative to Wexis
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Search the full text orbrowse the TOC
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Favorite DE treatises, cont.Folk on the Delaware General Corporation Law, 5th ed.
Originally written by one of the draftersIncludes text of the statute plus detailed commentaryArranged by code sectionAlso in CCH Internet Research Network On Lexis, but…
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Example practitioners’ resourcesPractising Law Institute materials
Treatises and seminar materialsEspecially the Corporate Law & Practice Series and the Commercial Law & Practice SeriesOn Westlaw (PLI), 1984-present
ALI-ABA Course of Study materialsSeminar materials on a variety of very specific business law topicsOn Lexis
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“Forms” or “Precedents”In-house
In “form file” or just in firm’s DMSBenefits: consistent with the way your firm does business, institutional memoryTip: Ask for background before using
e.g., Anything unusual about the deal? Was it completed?
In form books or treatisese.g., Fletcher Corporation Forms Annotated (Westlaw FLTR-FRM)
Includes forms themselves, annotations (“practice considerations”), cross-references, and checklists
Attachments to SEC filingsTip: Free at SEC.gov, but more search functionality with a fee-based source
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Primary Sources
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Delaware!Stats (from Finkelstein)
Over 40% of companies listed on the NYSE are incorporated in DE.Majority of publicly traded Fortune 500 companies are incorporated in DE.More than 80% of companies that have reincorporated in the last 25 years did so in DE.
Why?Companies whose HQ are not physically located in DE are still often incorporated in DE due to favorable corporate laws and court system.
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Delaware Courts
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Other states’ corporate statutesFound in their codesConvenient compilation in Corporations: Statutes (Aspen)Model Business Corporation Act Annotated, 4th ed. (ABA Committee on Corporate Law)
Includes commentaries, states that have adopted each section, and case citations
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A few securities primary sourcesFirms often issue attorneys an annual paperback edition of current statutes & regs.More comprehensive compilations of primary sources
CCH Federal Securities Law Reporter & CCH Blue Sky Law ReporterInclude statutes, regs, SEC releases, no-action letters, etc.In printOnline subscription
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Favorite securities secondary sourcesLoss & Seligman, Securities Regulation
3d ed. on Lexis; 4th ed. on CCH
“Those blue books”West’s Securities Law Series (binders)
Comprehensive treatise
Securities Law Handbook Series, Securities Handbook Series
Practitioner-oriented, detailed treatments of narrow subjects
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Keeping currentDaily & weekly newsletters
Print & email/web-basedExample: BNA Corporate Accountability Report
On Westlaw (BNA-CAR)
BlogsBusiness Associations Blog – UCLA prof on corporate law and governance and legal educationBusiness Law Prof Blog – scholarly commentary on business news and legal developments, includes links to free primary sourcesWall Street Journal Law Blog – “law and business and the business of law”; offers a business perspective on legal issues
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Example questions &
places to start
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Example research questionsFor our monthly business department “lunch & learn,” please research how courts in Delaware, Massachusetts, New York, and California have interpreted “material adverse change” clauses.Why?
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Getting startedConsider: What kind of primary sources would I use to answer this question?
Cases
Consider: What is this question asking me to do?
Compare and contrast cases on the same topic, but from different jurisdictions
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Don’t start from scratchDon’t start full-text case searching on Lexis/WestlawStart with a secondary source; lots of articles about “MAC” clauses
Context: MAC clauses are standard clauses in M&A agreements.Cites to important casesAlternative term: “material adverse effect” clauses
Now start searching, but narrowly!Topics & Key Numbers on WestlawField search: sy,di(“material adverse change” “material adverse effect”)
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What about comparing state statutes?Try a “50-state survey”
Example: Martindale-Hubbell Law DigestFind cites to code sections by state, then subjectAvailable on Lexis
Example: National Survey of State LawsArranged in 50 topics, with cites to state codesMore focused on social & political issuesIn the SURVEYS database on Westlaw
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Select the SURVEYS database,then choose table of contents
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Very convenientstarting place!
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$ indicates transactional charges apply
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Favorite source for 50-state surveysNyberg, Subject Compilations of State Laws
Refers you to 50-state surveys in books, websites, and law review articles.Covers much narrower and more specific topics
E.g., Cites Muir, Dana M., “The Challenge of Company Stock Transactions for Director’s Duty of Loyalty,” 43 Harvard Journal on Legislation 437 (2006), with references to specific footnotes where relevant statutes are identified.
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Black BoxFind the “Black Box Incorporated” SEC no-action letter for me. I think it was issued in the early 1990s, so I’d also like you to find out whether it is still good law.What’s a no-action letter?
http://www.sec.gov/answers/noaction.htm
Where can I find them?On Westlaw (FSEC-NAL) & Lexis, 1971-presentCCH Federal Securities Law Reporter, same
Also on other fee-based services
SEC’s website, early 2000s-present
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Black Box, cont.How do I update NALs?
Can’t (yet) be KeyCited/ShepardizedRun searches for references to them
Tip: Call Lexis/Westlaw 800#s for help.
Consult secondary sources which can explain the subsequent history and treatment of specific NALs.
“Black Box” was clarified by a subsequent interpretive NAL, usually referred to as “Squadron, Ellenoff.”
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Client alertsResearch and write the first draft of a firm “client alert” on a recently-amended SEC rule.What’s a client alert?
Brief newsletter on legal developments of interest to groups of clientsTime-sensitive
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Getting startedFirst step: Look at other client alerts from your firm
Content, style
“Recently-amended” ruleNeed to look at regulatory historyStart with the proposed rule in Federal Register and articles about the perceived need for or reasons for the rule.
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Website contestCorporate client plans to run a short-term promotional contest on its website.
Can the company do so legally?Are there any specific requirements that the company must meet?
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Getting startedAsk yourself: “What topic does this question fall under?”
Internet law?State laws on gaming, lotteries, sweepstakes, etc.?
Ask yourself: “What kind of primary source would likely answer this question?”
Statute
Starting with a secondary source“Hot,” narrow topic like this is likely to be the subject of a PLI article
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Questions?