Client Alerts — Wasting Precious Time
Let’s assume that those interested in recent court decisions regarding IPOs are very busy. Let’s assume that they’d rather work with attorneys who appreciate that their time is precious. Let’s assume that they’d rather read 74 words that contain more useful information than 97 words.
Now, consider the intro to this client alert:
On June 18, 2007, in a 7-1 decision, the U.S. Supreme Court in Credit Suisse Securities (USA) LLC v. Billing, U.S., No. 05-1157 127 S.Ct. 2383, 2007 U.S. LEXIS 7724 (Jun. 18, 2007) held that securities laws implicitly preclude the application of antitrust law to investment bank underwriters of initial public offerings of securities because they face active regulation by the U.S. Securities and Exchange Commission. While it further limits the application of the antitrust laws, the ruling is a significant victory for the securities industry and reaffirms the SEC’s role in regulating competition in the financial markets.
Compare that to the intro after it’s been touched by an editor:
On June 18, 2007, in a 7-1 decision, the U.S. Supreme Court ruled that — because initial public offerings are regulated by the Securities and Exchange Commission — securities laws, rather than antitrust laws, apply to investment banks underwriting IPOs.
The ruling in Credit Suisse Securities v. Billing limits the ability of plaintiffs to bring antitrust claims against underwriters of IPOs and reaffirms the SEC’s role in regulating competition in the financial markets.
Suppose you’re general counsel for some Fortune 500 company. You’re busy and you’re time is precious and you could give a hoot as to which law firm sends you the fanciest holiday card at the end of the year.
Are you going to choose to receive client alerts from a firm that seems as if it cares about your time, or one that seems as if you’re likely to be impressed with more words than necessary? Which would you prefer: the firm that employs an editor, or the one that employs a CMO worried about sending you a fancy holiday card?
