Smaller litigators grow with huge potential

Gregory P Joseph Law Offices has worked as a small but effective entity since 2001, and is now a stable and well-respected legal practice

Gregory P Joseph Law Offices practices exclusively in the field of commercial litigation. The head of the firm, Greg Joseph, is President of the US Supreme Court Historical Society, a past President of the American College of Trial Lawyers and former Chair of the 60,000-member Section of Litigation of the American Bar Association. Partner Pamela Jarvis was formerly a General Counsel in the healthcare industry and a partner in a major New York law firm, and she is currently a member of the disciplinary committee overseeing legal ethics in New York. Counsel Paul Bschorr was Head of Litigation at White and Case, is a Fellow of the American College of Trial Lawyers and is also a former Chair of the Section of Litigation of the American Bar Association.

High stakes commercial and financial cases are the firm’s bread and butter. Since its inception, it was designed to remain small and stable in number (it currently stands at 14 lawyers), and devoted exclusively to the practice of complex commercial litigation and arbitration, including a series of sub-concentrations, all of which the firm has had success in:

  • Complex financial/commercial transactions
  • Securities
  • RICO (the Racketeer Influenced and Corrupt Organisations Act)
  • Sanctions
  • Federal procedure
  • Professional responsibility
  • Legal malpractice
  • Legal ethics

The substantive concentration of lawyers allows for selectivity in case selection, continued refreshment of expertise, and the ability to master any new matter quickly. Stability of personnel is reflected in the fact that more than half the firm’s lawyers have been with it since its earliest days in 2001.

Peer appreciation
The range of cases on which the firm focuses in part traces to the subject matter of Greg Joseph’s treatises and articles, which address areas that tend to give rise to bet-the-company litigation. Those books and articles have themselves become recognised authorities, having been cited by the courts in more than 200 published judicial opinions and cited by academics and practitioners in more than 300 law journal articles. In the past few years the firm has increasingly been sought out by major law firms to represent them in connection with serious litigation directed against them or serious internal or regulatory issues. Without cultivating this practice area by means of any marketing, the firm finds itself representing law firms around the US, based in New York, Boston, San Francisco and New Orleans. The firm is gratified by the fact that the most discerning consumers of legal services – lawyers themselves – request its assistance when a great deal is at stake for them.

In addition to litigation and arbitration services, focusing on trial and appeals, Gregory P Joseph also offers expert subject matter advice to other law firms embroiled in litigation in areas in which the firm has specific expertise and the other firms do not, commonly including RICO, sanctions and litigation-provoking ethical issues. This advice includes helping to structure claims and defences at the trial level and taking charge of matters, in whole or in part, at trial or on appeal.

The firm, through Greg Joseph, also provides expert witness services in very select cases which, over the past four years, have included testimony concerning: the RICO statute and case law in a multibillion litigation at a Russian court in Moscow; the standard of care in a legal malpractice case concerning the ownership of Facebook; federal jurisdiction in a complex patent arbitration; and federal sanctions in a legal malpractice case seeking in excess of $100m in damages.

Small-scale and proud
The firm grew out of the insight that the growth of major law firms, coupled with the growth of their commercial clients (through mergers, takeover and otherwise), created an environment in which a smaller law firm – one which rigorously maintained its focus and avoided conflicts – could potentially thrive. Companies like Gregory P Joseph had an opportunity to offer a safe haven to which conflicted major law firms could refer cases they could not handle due to conflicts, and also for clients to turn to for quality representation when their primary outside counsels were conflicted. The firm’s competitive edge lies in its reputation and practice focus, which it maintains through careful case selection. It will not accept a case unless it is convinced it can make significant contribution. It will not learn at a client’s expense. It will not accept a case with millions of documents, unless it brings in a large firm or multiple smaller firms to manage those documents. It prefers high stakes cases with finite documentation (a few hundred thousand documents or fewer), and prides itself on the ability to master complex fact situations, including highly complex instruments, promptly and with the knowledge of governing law. The firm’s clients range from major financial institutions to Fortune 500 corporations to renowned cultural institutions. It has been selected by several international law firms to represent them directly in litigated and non-litigated matters.

Greg Joseph is widely recognised as one of the leading commercial litigators in the US. His treatise entitled Sanctions: The Federal Law of Litigation Abuse (5th ed. 2013) has been described in one US Court of Appeals as “a leading treatise on litigation sanctions,” and it is cited in the official commentary to the US Federal Rules. He is the author of Civil RICO: A Definitive Guide (3d ed. 2010), about which the Harvard Law Review says “meticulously analyses the decisions” and Fortune calls “the leading treatise on RICO.” He also wrote Modern Visual Evidence, which has been described by Communication Arts magazine as “the authoritative text” on that subject. He has also written more than 100 articles in professional journals.

 

From the opinion of the Court in Gregory v. Oliver, 2002 at *5 n.1, 2002 WL 31972165 at *2 n.1 (N.D. Ill. Dec. 27, 2002):

“One of the true experts on federal practice, Gregory Joseph… is one of this country’s leading litigators (a few years ago he served as chairman of the Section on Litigation of the American Bar Association) and is an extraordinarily prolific author in addition to maintaining an active law practice. Each year he updates his excellent works on Sanctions: The Federal Law of Litigation Abuse… and on Modern Visual Evidence… and he is a regular contributor to the National Law Journal (with his periodic columns on Federal Practice). This court and Greg were fellow members of the Judicial Conference’s Advisory Committee on Rules of Evidence from the time of its reconstitution by Chief Justice Rehnquist during the early 1990s through the bulk of this court’s service as chairman of that committee.”

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  • http://barristerdirect.co.uk/ Daniel J ShenSmith

    There is another story common to smaller firms, which may not always lead to the same fate.

    I couldn’t agree more with the comment, “High stakes commercial and financial cases are the firm’s bread and butter.” however I do believe that not all new firms have signed up to this idea, or perhaps just don’t have the interest to do so.

    Many of the smaller law firms find a lucrative, regular flow of work from traditional conveyancing, but the problem here, and I do think it’s a serious problem, is that this sort of work is being swallowed up by the vast numbers of licences conveyancers which are so often tied to an estate agent. Why do I think this is a problem? Because the estate agent, whilst at all times must adhere to the law and so forth is not in fact regulated and does not need to adhere to the very strict requirements and regulations of the Solicitors Regulation Authority. In my personal experience I have had an agent attempting to manipulate our decision to use an in-house ‘legal team’ (not solicitors) by using the exact phrase, “If your vendors fees become onerous, you will become liable to those fee”. Now read that again, and I assure you 100% that this was their exact wording.

    So is the real problem with the high street firms that they are being pushed out of more and more lines of work? Or would you say this is the correct course of action, but perhaps requires firmer regulation of those bodies of ‘professionals’ taking up the work in lieu of the solicitors.

    On another front, we have been working closely with direct access barristers in order to reach out to a wider audience online, because this is now where, according to a major search engine, 97% of customisers first look when looking for a product or service.

    Small first can grow large, but they must grow smart first.

The May – June 2013 Issue

Highest corporate tax
rates in Europe

European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...

Belgium

Though all business taxes in Belgium can be paid online with little effort and preparation, the rates are still sky-high at 57.7 percent, including a staggering 50.8 percent total rate on profits only in social security contributions.

Belarus

In Belarus, a company spends up to 338 hours annually preparing for and paying ten different taxes and duties. The total tax rate has incredibly been lowered to 60.7 percent, from 117.5 percent in 2008.

France

A company in France pays seven different taxes and duties, the sum of which can amount to 65.7 percent of profits; though President François Hollande has announced a wave of business tax rate cuts coming up.

Estonia

A business in Estonia pays 67.3 percent of profits in tax, 37.2 percent exclusively in social security contributions. The country has gone against the grain in Europe by raising businesses taxes from 48.6 percent in 2008 to the current rates.

Italy

While corporate income tax (IRES) in Italy is limited to 38 percent of taxable profit, a company operating in Italy can expect to pay 14 other taxes and duties, including social security contributions, bringing their total payable tax to 68.7 percent of profits, according to the World Bank.

Norway

Norway taxes motor fuels twice, with a road use tax and a CO2 emissions tax. Combined with strikes in the energy sector that have curbed output, the price of gas at a local pump has soared to $10.12 per gallon.

Turkey

Though Turkey sits on the Suez Canal and neighbours many oil rich countries, the price of a gallon of average gas clocks in at $9.41 in Turkish pumps, because of a 60 percent share of taxes. 

Israel

Like Turkey, Israel is surrounded by oil-rich neighbours, but drills very little itself. Gas prices are controlled by the government, so about half of the $9.28 per gallon goes to taxes.

Hong Kong

There are few gas stations in Hong Kong, but the ones available charge up to 76 percent more per gallon than mainland China, where the government caps the cost of fuel. A gallon at the pumps will cost around $8.61 on the island.

Netherlands

Expensive labour costs make the Dutch petrol prices the dearest in Europe, at $8.26 per gallon; though the 57 percent tax add-ons don’t help.

The credit crisis

8 February 2007
HSBC warns of subprime mortgage losses

2 April 2007
New Century goes bus

14 September 2007
Wholesale markets have dried up

17 March 2008
Rescue of Bear Stearns

7 September 2008
Rescue of Fannie Mae

15 September 2008
Lehman Brothers file for bankruptcy

3 October 2008
US congress approves $700bn bailout

14 February 2009
$787bn stimulus approved by congress

 

The effects of the current financial crisis are global and irrefutable. With the collapse of Lehman Brothers, the domino effect of irresponsible public monetary policies, huge levels of unsustainable debt, and a deregulated financial sector, has escalated to the point where no corner of the globe has been left untouched.

1973 oil crisis

October 1973
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;

1977
US President Carter creates Department of Energy, which develops the US strategic petroleum reserve

 

The Organisation of Petroleum Exporting Countries (OPEC) used their oil reserves as a weapon with the Arab Oil Embargo against those who supported Israel. By January 1974, world oil prices were four times higher than they were at the start of the crisis, especially in the US, and the shock led to a huge drop in the stock market with NYSE losing $97bn in just six weeks.  The embargo lasted five months, and the effects are still seen today.

German hyperinflation

1922-1923

Hyperinflation
1923 – 1924
Stabilisation

 

The trouble began when Germany missed a repatriation payment, worth about one third of the German deficit in this period. Inflation was already high but by 1923 it was raging. Prices doubled within hours, and by late 1923, it cost 200bn marks to buy a single loaf of bread. People burned money as it was cheaper than buying firewood. Germany eventually regained control of its economy when it introduced the Rentenmark into circulation in 1923, and then the Reichmark in 1924.

The Great Depression

1929-1933
The Great Crash
1934-1939
Recovery and Recession

 

After the decadence of the Roaring Twenties, the 1930s saw the biggest economic slump of all time. The stock market crashed on 29 October 1929, and optimism and decadent living tumbled along with the figures. The GDP fell from $103.6bn in 1929, to $66bn in 1934 and the subsequent years of recovery were the most dramatic in US history.

1907 bankers’ panic

1907
Otto Heinze and his brother Augustus Heinze bought shares of United Copper.

 

The stock market was already cautious over the tight money supply, but the US was thrown into a depression after the stock market fell nearly 50 percent from its peak in 1906. The Heinze brothers thought they could influence market shares but ended up bankrupting lenders that provided the financing to buy the stock. A chain reaction left nine institutions bankrupt. By February 1908, the panic was over and the government created the Federal Reserve system, to prevent banks from exercising too much control over the economy.