legal dollar

legal dollar

Home - Category: Uncategorized

Category: Uncategorized

Euro Zone Crisis – Will It Destroy The US Dollar?

Posted on February 6, 2019 in Uncategorized

The economic conditions in Europe are becoming worse as the weeks move on. In all there is at least a fifty percent stake of US Banks with exposure to some degree with the European debt problems in the Euro-zone. Furthermore, it is the US dollar that still remains the world’s reserve currency. And the Federal Reserve whose status is that, none other than the “lender of last resort” making it very hazardous for the US taxpayers.

The huge US Government bailout program from 2008 only helped the large banks, auto industry and giant institutions such as AIG and several foreign central banks from going under. Because they were all deemed “to big to fail” at the end of the day however, nothing was solved and the bailouts amounted to nothing. These mega banks and companies only lined their own greedy corporate pockets and left the American taxpayers holding the bag.

It happened to be Greece’s over consuming public sector and sinking private sector that created Greece’s financial problems from the start. Surly they will become the 1st domino in a huge chain of dominos to fall. Stating this, chances are high that when the crisis point is reached in the Euro-zone it will be the US Government’s own politicians coming in to handout the final bailout to the European investors further punishing the American public.

US Banks have a total estimated value of over one trillion dollars at risk within all the Euro-zone’s banks combined. Due to all Central Banks strongly insisting on concealing debt with more credit the risk of the Euro itself is in imminent danger of collapsing. Would the Federal Reserve be held accountable if the Euro fails and consequently takes the US dollar down with it?

The time is coming soon where all banks will be facing tough times again and their free ride will be over you can be assured of that. As the euro is slowly destabilizing the people in Greece are starting to wise up. They are now being seen forming bartering systems for local trade and services within their own communities. By avoiding the use of fiat currency all together, they are re-discovering what sound money really is. This is one positive way to take away control and currency manipulation from central banks and the inflation that goes along with it.

Sadly, if left in the hands of politicians they will try to dominate and control the currency using legal tender laws. The public at large will quickly notice that having to survive increased inflation and taxation that they are involuntary subjected too becomes that much harder. The only real solution left is for the bankers to take their beatings and losses now. So the innocent people are not left on the hook again to pay for their past mistakes. These losses should be limited, but all agreed upon debt should be paid up in full. Instead of the corporate greed cycle, being repeated over and over again. While profits keep getting siphoned off to line the pockets of the corporate lackeys.

There are no other answers; this is the only answer left in which there is any chance for recovery. Persisting to bailout the banks so they continue to lose money while driving up debt then forcing this debt back upon the taxpayers as before, will create a time bomb that will explode and once it blows the US Dollar will surly go down with it.

Top 5 Highest Paid Legal Professions

Posted on February 3, 2019 in Uncategorized

1. Trial Lawyer

Trial lawyers are among the highest paid legal professionals on earth. There are literally thousands across the globe, with the highest compensated being litigators that handle high profile, high stakes, high dollar cases.

Not all lawyers rake in incomes that are high; solo professionals and many public interest attorneys receive modest wages at best. As stated by the Bureau of Labor Statistics (BLS), the median yearly salary for all lawyers is $110,590. The middle percentile earn between $74,980 and $163,320. However, millions can be earned by the nation’s top trial lawyers.

2. Chief Legal Officer

Chief legal officials, also referred to as general counsels, head corporations law sections. The bigger the corporation the bigger the salary; earnings for lawyers heading big, multi-national corporations may skyrocket to seven figures with experience. Additional to their base pay, chief legal officers additionally receive stock options and other bonuses.

More recently women are claiming more CLO positions, according to the 2011 General Counsel Compensation Survey. For the first time in history, a woman who works at (Altria Corp) topped the charts, taking in $6.5 million in compensation.

3. Judge

Judges and magistrates make a median annual salary according to the Bureau of Labor Statistics of $110,220.The highest paid judges are on the federal level, the pay decreases in order of federal, state, and local.

Besides salaries that are generous, most judges experience healthy benefits, these include expenses paid for and matched contributions to their retirement plans.

4. Law School Professor

Law school professors teach courses, publish scholarly writings, and perform research in their chosen field.

Law school professors currently rank high in America’s best-paying occupations, according to Forbes.com.

Law school professor wages vary by school and by area. According to the Society of American Law Teachers wages ranged from $113,691 to $242,500 per year.

Strong law school professor wages could be credited, in part, to growing law school tuition. Tuition increases have stayed strong above inflation for 25 years, this includes several double digit tuition hikes in the past five years. In the past ten years the United States has seen an impressive nine law schools open their doors, with five new schools awaiting future approval.

5. Litigation Support Manager

As technology continues to evolve and change the face of our planet lawyers with tech related skills are ranking higher on the pay scale. Professionals in the lower tier of litigation support bring in an average salary of $70,882, this is according to the most recent survey by Litigation Support Now, while managers and litigation support directors can earn wages of over $200,000. The highest paid will generally have law degrees or advanced degrees in finance, business or technology.

Litigation support managers handle company-wide litigation support activities, and technology resources. As the need for professionals in this field continues to accelerate, and as long as the pool of individuals capable of filling these positions remains small, their salaries will continue to rise. The shrinking variety of attorneys and the ever-increasing quantity of work driven by cloud computing, e-discovery, and file management as well as other technology needs have created a strong demand for litigation support directors, and this is forcing law firms to go the extra mile for these skilled individuals.

Commercial Law – Contract Construction – ‘Reasonable’ & ‘Best’ Endeavours

Posted on December 19, 2018 in Uncategorized

The recent case of Rhodia International Holdings Limited and Rhodia UK Limited v Huntsman International LLC [2007], provides new guidance on a long-disputed area of contract law. According to the judgment of the High Court, a duty to exercise ‘reasonable endeavours’ requires less than ‘best endeavours’ but can still demand a party to act against its own commercial interests, although the case does not resolve all the uncertainty surrounding the difference between ‘reasonable’ and ‘best’ endeavours.

The case confirms that ‘reasonable endeavours’ is a less stringent obligation than ‘best endeavours’ – a concept which is commonly assumed. The case also confirms that a ‘reasonable endeavours’ obligation may be discharged by exhausting just one of a number of possible solutions, whereas a ‘best endeavours’ obligation requires all avenues to be explored.

Huntsman International LLC (“Huntsman”) had agreed to buy Rhodia International Holdings Limited and Rhodia UK Limited (“Rhodia”), a chemicals company. As part of the sale and purchase agreement both parties were to use reasonable endeavours to ensure that all supplier contracts passed from Rhodia to Huntsman, including one with a power company called Cogen.

However, Cogen refused to accept the transfer of the contract without a guarantee from Huntsman’s parent company. The argument over what was meant by reasonable endeavours focussed on Huntsman’s refusal to provide that guarantee. That refusal therefore affected the transfer of the contract with Cogen for the supply of power.

Huntsman paid for the power from the date of its purchase of Rhodia in 2001 until 2004. However, in 2004 Huntsman told Rhodia that it was pulling out of the location and that responsibility for the power contract remained with Rhodia until the contract expired in 2009. Huntsman submitted the reason for this being that the contract for the supply of power had not been transferred. Cogen claimed that £14.8m worth of power and services was owed, and the case concerned Huntsman and Rhodia arguing over who owed Cogen that amount.

The case was eventually decided on what constituted ‘reasonable endeavours’ to ensure the contract transferred from one company to the other. It was ruled that Huntsman International had breached the sale agreement by not using its reasonable endeavours to provide a guarantee for a power contract. Julian Flaux QC, sitting as a deputy High Court Judge in the case said:

“An obligation to use reasonable endeavours to achieve the aim probably only requires a party to take one reasonable course, not all of them, whereas an obligation to use best endeavours probably requires a party to take all the reasonable courses he can. In that context, it may well be that an obligation to use all reasonable endeavours equates with using best endeavours…”

The ruling in the case made it clear that the terms of the sale contract were binding, even if its terms no longer suited one of the parties. The companies must abide by their contractual obligation to make a reasonable endeavour even if it is against their company interests.

However, there are other authorities which suggest a slightly different viewpoint. In the absence of a specific course of action assumed by a party in the context of a reasonable or best endeavours obligation, neither obligation is likely to require a party to sacrifice it own commercial interests. It appears from the other authorities – which were not discussed in this case – that ‘reasonable endeavours’ may not even require the party giving such an obligation to act to its own disadvantage. This would suggest that relatively little effort is required to comply with a ‘reasonable endeavours’ obligation.

As far as the drafting of contracts is concerned, the best way to achieve certainty would be to specify the actions a party must take in using its ‘best’ or ‘reasonable’ endeavours wherever possible. The relevant party will then be bound to take those actions in any event and the question of whether those actions are contrary to that party’s commercial interests will not arise.

© RT COOPERS, 2007. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances.

Top