The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Nasdaq-listed technology company BEA Systems has demoted its general counsel following an investigation by Simpson Thacher & Bartlett into stock options backdating.
Bob Donohue will stay on at the company, but in the lesser role of vice-president of the legal department.
BEA has yet to find a successor, but the new general counsel will report directly to the chief executive officer and to the board's governance committee, a new measure taken since the Simpson Thacher-led inquiry found that there were procedural errors in the way stock options were granted.
Backdating is when stock options are selected using an earlier date to benefit from a lower price.
The US Securities and Exchange Commission, which has found evidence of backdating at companies such as Apple, is also "informally investigating" BEA.
The demotion of Donohue and others and the repayment of stock options by BEA's management are voluntary measures to boost investor confidence.
BEA's legal panel is also in flux, with the company's general counsel for Europe, the Middle East and Africa Nils Breidenstein ditching Bird & Bird as a member firm earlier this month (The Lawyer, 5 February). He is yet to find a replacement.