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The Association of Corporate Counsel (ACC) is the world's largest organization serving the professional and business interests of attorneys who practice in the legal departments of corporations, associations, nonprofits and other private-sector organizations around the globe.

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Strategic alliances in various forms have long been a useful tool for entities looking to leverage the expertise, reputation, market position, capital or other resources of potential alliance partners. In the current economic climate, strategic alliances represent a potentially attractive alternative to acquisitions or capital-intensive initiatives or projects undertaken by a single entity. For those currently engaged in strategic alliances, however, the current economic circumstances may exacerbate issues with a failing alliance partner or a failing strategic alliance.

This panel will address the hottest tax and legal issues affecting attorneys serving nonprofit organizations. It will provide a practical update of the case law, and new statutory and regulatory developments. Bring your latest issues and discuss practical solutions you can take back to the office.

With the steady increase of cross-national relationships in virtually every industry, it is inevitable that a domestic company, irrespective of size, will at some point face a cross-border bankruptcy matter. Consideration of this international component is critical for the in-house practitioner to effectively protect the client when structuring transactions. When the inevitable cross-border insolvency arises, a basic knowledge of the applicable rules will be equally critical to minimize the interruption to operations and potential loss of revenue.

The "b" word usually raises fear and anxiety in those who are not bankruptcy specialists. Worry not!

In the current economic climate, in-house counsel may respond to the word "restructuring" like Dracula did to sunlight. Don't! Opportunities abound for companies large and small who are savvy to the potential benefits and pitfalls arising in so-called "Section 363 sales" in bankruptcy proceedings, coined for the section of the Bankruptcy Code that enables debtors to sell their operating assets.

An overview of finance and accounting issues that in-house counsel may encounter. Includes guide to accountant's role and GAAP, basic financial statements and their importance, liquidity, leverage, corporate finance model, capital markets, corporate reporting and performance pressures, non-financial considerations, and a common sense approach to these issues.

Non-profits may secure significant long-term, low-cost funding through the issuance of tax-exempt bonds, but the process is technical and complex. This session covered the basics on the benefits and risks of such financing, as well as the process and possible pitfalls in successfully bringing a bond deal to closure, and being a key player in the bond process.

This session presented an overview of the tax law and regulations as they relate to the deductibility of fines, penalties, and punitive damages. There was also a discussion of the current trends in settlement language with governmental institutions and strategies to obtain the optimal tax outcome for the company. And what are the economic implications of a settlement being deductible as compared to a settlement that is not deductible? We addressed that, too!

Best practices dictate that you should get and keep your directors interested in and learning about your company and issues pertaining to the board. This effort should start with the “on-boarding” process, followed by a continuing education program on topics such as legal and regulatory changes, trends in corporate governance, compliance, compensation, financial reporting, whistleblower developments, insurance, and more. It’s never to late for anyone—even the Board—to learn.

This was a practical session addressing real-life challenges between in-house counsel and auditors.

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