European Union Pension Directive

[Excerpt] This Directive thus represents a first step on the way to an internal market for occupational retirement provision organised on a European scale. By setting the ‘prudent person’ rule as the underlying principle for capital investment and making it possible for institutions to operate across borders, the redirection of savings into the sector of occupational retirement provision is encouraged, thus contributing to economic and social progress. The prudential rules laid down in this Directive are intended both to guarantee a high degree of security for future pensioners through the imposition of stringent supervisory standards, and to clear the way for the efficient management of occupational pension schemes

Combination of CDF and D0 results on the W boson mass and width

The results based on 1992–95 data (Run 1) from the CDF and D0 experiments on the measurements of the W boson mass and width are presented, along with the combined results. We report a Tevatron collider average MW=80.456±0.059  GeV. We also report the Tevatron collider average of the directly measured W boson width ΓW=2.115±0.105  GeV. We describe a new joint analysis of the direct W mass and width measurements. Assuming the validity of the standard model, we combine the directly measured W boson width with the width extracted from the ratio of W and Z boson leptonic partial cross sections. This combined result for the Tevatron is ΓW=2.135±0.050  GeV. Finally, we use the measurements of the direct total W width and the leptonic branching ratio to extract the leptonic partial width Γ(W→eν)=224±13  MeV

Search for R-parity Violating Decays of Supersymmetric Particles at LEP

Searches for pair-produced charginos, neutralinos and scalar fermions decaying via R-parity violating / /\' and /\'' couplings with the OPAL detector at LEP are presented at sqrt(s)=189 GeV. Partial updates using data up to the highest energies of LEP, sqrt(s)=209 GeV, are also given.Comment: 5 pages, 11 figures. To be published in the Proceedings of DPF2000, The Meeting of The Division of Particles and Fields of The American Physical Society, Columbus, Ohio, 9-12 August 2000, (Supplement of the International Journal of Modern Physics A (IJMP)

Law Firms, Ethics, and Equity Capital: A Conversation

The correspondence collected here represents an effort to start a conversation. Pending legislation in the United Kingdom, based on what is known as the Clementi Report, would permit non-lawyer equity investment in law firms, subject to regulatory oversight. In other words, UK law firms could become publicly-traded businesses. This legislation has been proposed as part of reforms heralded as improving the delivery of legal services to consumers. By contrast, such investment in law firms is forbidden by ethical rules in the United States. What will happen when the two countries with the most dominant global law firms begin to move along such different paths? Australia already allows such investment, but the prospect of major UK firms raising capital in the equity markets has the potential to produce seismic shifts in the global market for legal services. It also could have far-reaching implications for the legal profession that we can only dimly anticipate. Until now, there has been remarkably little discussion -- especially in the United States -- about the possible effects of the UK legislation. This paper attempts to redress that situation. It consists of an exchange among Bruce MacEwen, an expert on law firm economics and editor of the on-line publication Adam Smith, Esq.; Mitt Regan, a Professor at Georgetown University Law Center, an expert on the legal profession; and Larry Ribstein, a Professor at the University of Illinois College of Law, an expert on partnership law

2013 Report on the State of the Legal Market

As we enter 2013, the legal market continues in the fifth year of an unprecedented economic downturn that began in the third quarter of 2008. At this point, it is becoming increasingly apparent that the market for legal services in the United States and throughout the world has changed in fundamental ways and that, even as we work our way out of the economic doldrums, the practice of law going forward is likely to be starkly different than in the pre-2008 period. The challenge for lawyers and law firms is to understand the ways in which the legal market has shifted and to adjust their own strategies, expectations, and ways of working to conform to the new market realities. While there is certainly evidence that some firms and lawyers have begun to make these adjustments, many others seem to be in denial, believing (or perhaps hoping) that the world will go back to normal as soon as demand for legal services begins to grow again. Legend has it that in 1519, when he and his cohort of some 500 soldiers and 100 sailors landed on the shores of the Yucatan intent on conquering the large and powerful Aztec empire, Spanish conquistador Hernando Cortez promptly ordered his men to burn the ships. Cortez knew that, unless more tempting alternatives were removed, it would be difficult to motivate his men to take on an empire with a large army that had been in power for more than six centuries. Hence, his bold and decisive order. The legal market today is an increasingly difficult and challenging environment, one that calls for clear thinking, strategic focus, and flexibility in addressing rapidly changing realities. To an unfortunate extent, however, many lawyers and law firms seem stuck in old models–traditional ways of thinking about law firm economics and structure, legal work processes, talent management, and client relationships–that are no longer well suited to the market environment in which they compete. Perhaps it\u27s time for us, like Cortez, to burn the ships–to force ourselves to think outside our traditional models and, however uncomfortable it might be, to imagine new and creative ways to deliver legal services more efficiently and build more sustainable models of law firm practice. This report describes the trends that have been observed in the legal market in 2012, exploring the longer term implications of those trends for the future, and suggesting some ways in which lawyers and law firms can better position themselves to deal with new emerging market realities