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In the newsletter
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Welcome
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Six tips for more effective proofreading
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Transactional education: what's next?
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Contract
drafting: the perils of imperfect plagiarism
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What the Deepwater Horizon disaster tells us about
bond pricing
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In upcoming
issues
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The six basic differences between bank loans and debt securities
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Avoiding ambiguity in contract drafting
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The rhyme and reason of antidilution provisions
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The Carlyle/Extell case: bigname lawyers fight over a typo
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Unlocking the potential of litigation/transactional crossover
training
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About Charles Fox
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Charles Fox is one of the country's foremost experts in
training for transactional lawyers. Prior to founding Fox
Professional Development LLC, he was a partner at Skadden, Arps
in New York for 14 years, specializing in debt financings and
restructurings. An active trainer at dozens of law firms and
well-known companies, he is the author of Working with
Contracts - What Law School Doesn't Teach You, the leading
book on practical contract drafting skills for junior lawyers.
Read more at www.foxprof.com.
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What the Deepwater Horizon disaster tells us about bond
pricing
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It
should come as no surprise that the recent events in the Gulf of
Mexico have caused the market value of BP's shares to plummet:
on April 19, 2010, the day before the accident, BP's share price was
$59.48, and on June 16 it had fallen to $29.92. What happened
over the same period to the market value of BP's debt? A look
at this is instructive on the relationship between the market price
of fixed-rate debt and its yield.
click
here to
continue
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Join Our List
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WELCOME
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Welcome to the
inaugural issue of Transactional Practice Today, a newsletter
focusing on transactional law practice. I am hoping that it
will be of interest to practicing lawyers (particularly junior
lawyers), professional development
and training professionals, and academics involved with
the teaching of transactional skills and subjects. The
newsletter will come out every two months. (An aside: as
an example of the kind of linguistic pitfall that transactional
lawyers face, I was going to use the word "bimonthly" in
the preceding sentence until a dictionary review told me that it can
mean either every two months or twice a month!)
To get a sense
of the kinds of topics that will be covered, please see the sidebars
to the left detailing today's articles and some of the topics that
will be covered in upcoming issues. If you have any ideas about
possible topics, or would like to submit something for inclusion,
please let me know at cfox@foxprof.com.
Thank you.
Charles Fox
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Six
tips for more effective proofreading
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For newer
lawyers who are still struggling with the rigor with which senior
lawyers require documents to be perfect, six tips for reviewing
documents:

1.
Eliminate pride of authorship. Most of us fall in
love with what we write, whether it's poetry or an officer's
certificate. Don't fall into this trap: turn your heart
to stone. Imagine that the work product that you are reviewing
was drafted by your worst enemy, and each error that you find sends
him or her to a deeper circle of hell.
- Let
as much time pass as possible between drafting something and reviewing
it. This will make it easier to follow tip no. 1.
So, if you are asked on Tuesday to prepare a first draft of an
agreement for review by a senior lawyer on Thursday, don't wait
until Wednesday night to draft it: if possible, draft it
on Tuesday and review it at the end of the day on Wednesday.
click here to
continue
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Transactional
education: what's next?
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I recently
attended and spoke at "Transactional Education: What's
Next?" a conference hosted by Emory University Law School and
its Center for Transactional Law and Practice on June 4th and
5th. The answer to the question posed by the
conference's title is mixed: according to the Center's
Executive Director Tina Stark in h er opening remarks, practical transactional learning at
American law schools is advancing at a rapid pace but is still at a
stage that compares with where practical litigation learning was 20
years ago. As an example of the uphill climb faced by academics
in this area, Tina reported that the AALS (Association of American
Law Schools) has just recently agreed to consider an application to
make transactional practice a provisional section of the
organization (there are currently more than 90 sections). It
was clear to me from the panels I observed, however, that there is a
strong base of dedicated and talented teachers who are driving
significant progress in this area. The fact that law firms are
increasingly pressuring law schools to prepare law students better
for the real practice of law can only act as an accelerant to this
process.
click here to
continue
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Contract
drafting: the perils of imperfect plagiarism
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People like me
who teach contract drafting all advocate the same basic
principles: clarity, simplicity and precision. Everyone
who drafts contracts for a living grasps these precepts, consciously
or implicitly. Why, then, are so many contracts excessively
long, confusing, and bloated with redundancy, anachronisms and
bloviation? Is it because (as some cynical clients suggest)
lawyers are paid by the word? Is it because lawyers are so
averse to risk that they are unwilling to make any changes to forms
that have been handed down through the ages? Or are we just
lazy?
For a
thought-provoking examination of this phenomenon, please click here
to read Why Contracts are Written in "Legalese," 77
Chicago-Kent Law Review 59 (2002) by Claire Hill, click here
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