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Legal departments unprepared for new law

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News In Brief:
Date: 12-26-2006

Legal departments unprepared for new law
A survey conducted by LexisNexis Applied Discovery found that a meager 7% of corporate counsel gauge their companies as ready to take on the new Federal Rules of Civil Procedure regarding e-discovery. Under the new laws, electronically stored information will be placed on the same level as other discoverable evidence. The rules require early discussion of and agreement on the way electronic discovery will be addressed in each case. The survey reports that most companies are still in the process of preparing themselves for the new regulations. The survey was conducted at the 2006 Association of Corporate Counsel Annual Meeting in San Diego. Applied Discovery surveyed 74 verified corporate counsel, asking them 14 questions designed to gauge the preparedness of their companies for the new laws.

New GC at Legacy Banks
Legacy Banks, which is headquartered in Pittsfield, MA, has announced the appointment of Kimberly A. Mathews as its new Vice President and General Counsel. Mathews will be entrusted with managing all legal affairs for the bank and ensuring its compliance with state and federal regulations. Prior to the appointment, she served as Vice President and General Counsel at Developer Finance Corporation in Williamstown, MA. With roots going back to 1835, Legacy Banks today provides a range of services, including personal banking, real estate lending, insurance, investments, and portfolio management.

PMI Group promotes VP and assistant GC to senior VP and deputy GC
Mortgage insurance major The PMI Group, Inc., has announced the promotion of Andrew D. Cameron to Senior Vice President and Deputy General Counsel. Having joined PMI in 1998, Cameron has been serving as Vice President and Assistant General Counsel since 2003. He excels in the fields of Sarbanes-Oxley compliance, SEC reporting, acquisitions and investments, and corporate governance initiatives. Cameron served as Senior Counsel to the U.S. Securities and Exchange Commission's Division of Enforcement before he joined PMI. Providing financial products for residential mortgages and securities, public finance obligations, and asset-backed securities, The PMI Group has offices located across the globe.

Tobacco giant names new GC in management restructuring
In one of a series of moves to restructure its top management, R.J. Reynolds Tobacco Company has stated that Martin L. Holton, III, will be the company's new general counsel. Taking charge of all legal issues for R.J. Reynolds, Holton will coordinate with E. Julia Lambeth, Executive Vice President and General Counsel for Reynolds American, Inc., and will report directly to Lynn Beasley, President of R.J. Reynolds Tobacco Company. Holton joined the company in 2002 as Vice President and Assistant General Counsel for Litigation. The second-largest tobacco company in the United States, R.J. Reynolds owns several major cigarette brands, including Camel, Kool, and Winston.

Senior partner from Jenner & Block joins L-3
Former Senior Partner at Jenner & Block, LLP, in Washington, DC, Kathleen E. Karelis has joined L-3 Communications as the company's Senior Vice President, General Counsel, and Corporate Secretary. Karelis has represented a number of government contractors, including L-3, in matters pertaining to the defense and aerospace sectors. L-3 Communications offers a number of defense-related products and services, including intelligence, surveillance, and reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services, guidance and navigation systems, sensors, scanners, fuses, data links, and propulsion systems.

Cowen appoints new GC
J. Kevin McCarthy has been named General Counsel of Cowen Group, Inc. Based in New York, McCarthy will oversee the company's legal and regulatory matters and head the legal and compliance department. He specializes in advising financial institutions on issues relating to securities and broker-dealer regulation. Prior to his appointment as General Counsel, McCarthy was a partner with Wilmer, Cutler, Pickering, Hale, and Dorr, LLP. Cowen Group, Inc., handles investment banking for small to mid-sized companies in the fields of healthcare, retail, media, telecommunications, and technology.


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