European Stars And Stripes (Newspaper) - August 4, 1985, Darmstadt, Hesse                                August 1985 the stars and stripes Page 19 jury still out on future of business Law new Orleans up business a billion a year is facing a future of uncertainty and change As corporations sue less and turn More to their own staffs when they feel compelled to do some who emphasize their pragmatism As Point to the Public Price tag of private Legal tax deductions for these deprive the National coffers of much needed the finding a recent history of litigation has accomplished Are keeping More and More of their Legal work inhouse reserving outside counsel for special courtroom until the last there was a lot of and it was often very said attorney Charles Hamilton a 15year Veteran of corporate com ing out of the companies Are a lot More circumspect about Large we have perceived a trend for businesses to internalize a lot of their Legal to get their own staffs to handle routine who recently went into partnership with a former Tulane Law school classmate after each had prac tired said studies have shown inhouse lawyers do the Sam Equality work As outside help at a much lower the trend has been developing for a number of Hamilton but it has accelerated so drastically since the recession that some of the nations largest Law firms Are now sequestered within some of the nations largest firms on the scale of general motors and american Telephone Telegraph often keep on salary More than attorneys devoted to nothing but their Day today technical questions and ongoing Legal these used to be jobs that we rent exciting and didst pay said Hamiltons Frank Lamothe now companies Are paying a lot More Money and trying to attract Quality it would appear that the trend toward inhouse handling of litigation and toward less litigation in general threat ens to take income from Lamothe and thou Sands of other private attorneys across the but the partners insist that in the Long everyone will Bene for Legal minds have come to see More clearly than Ever that american life is too dependent on once the last resort to Settle has be come the first resort for Many a kind of knee Jerk reaction to anything less than Complete the trouble is that delays from two to five years Are not uncommon in the Field of corporate with documents ranging into the hundreds or thousands and Price tags rising to million and beyond for a single Hamilton and Lamothe Praise the Public for finally realizing the Law like the Oil and other valuables is an exhaustible courtroom judges lawyers All Are finite and at present nearly yet the High Cost of litigation carries an even bigger stick than most people the partners Point to losses of tax revenues due to corporate write offs for cases that stopped far Short of changing this is perfectly legitimate and probably As fair As any other but the implication is that every Large lawsuit becomes a Public Hamilton litigation is not a free Good at the courts Are now seeing that such things had better be Hamilton and Lamothe praised the accomplishments made possible by the openness of the 60s in response to a flood of important civil rights the Legal profession accepted virtually any they the realities of the present Economy spotlight a need to be America came through its naive years when we decided everybody was going to get a whole Bunch of every said now we know we can run out of including the judicial Bessemer Trust holds steady after rearranging finances by Vartania Vartan new York not Bessemer Trust which manages billion for wealthy individuals and More than 60 pension funds and made two key changes in asset allocation this Spring for Many client at officials they Are holding to a  in an two members of the investment policy and strategy committee Robert Elliott and Stanley Nabi discussed these changes and their appraisal of various portfolio our major which took place in was to move 20 percent of an accounts assets into 20year Treasury said who joined Bessemer Trust Early this year As research director and executive vice president for this reflects our conviction that the United states is in the midst of a secular disinflation that probably will last through most of the what we see ahead is a pattern of lower interest slower economic growth and sustainable Low inflation it is a he that other Money managers particularly those who see a Sharp pickup ahead for both economic activity and interest rates might we believe that any real improvement for the Domestic Economy is almost a year Nabi the other strategy change also took place in we increased the recommended allocation of for eign stocks to 10 percent from 5 based partly on our expectation of further declines in the value of the said a senior executive vice presi Dent who joined Bessemer Trust in japanese stocks account for 25 percent of foreign but this is a much smaller percentage than found in most portfolios of foreign in we emphasize domestically oriented rather than those primarily dependent upon our commitments include Mitsubishi a real estate along with Nguk Insu a producer of and Kyushu electric a Utility among automobile makers in West the firm recently switched from Daimler Benz to we regard Bow As a better value at current Elliott German companies account for 13 percent of foreign Bessemer Trust seeks to adjust its rate of return to the risk involved in any sometimes this involves the Purchase of a High yield convertible Issue a company rather than the common Stock for its holding of United states steels 53a convertible purchased at a deep the assets Are managed in a variety of digest Trade sets record peking a Trade Between China and the United states reached a record billion in the first four months of up 24 percent from the same period last figures released by the embassy showed a 32 percent gain for exports in compared with the corresponding 1984 Chrysler profits Down Highland Michigan a Chrysler earned million in the second Quarter this a 25percent drop Over the same period a year ago despite record the nations 3 automaker Chrysler earned a share on second Quarter sales of a record for any the previous record was billion set in the first Quarter this hungarians to get credit cards Hungary a Twenty one companies have formed a credit card association and plan to Intro Duce the first credit cards on the Domestic the National news Agency Mai the cards will be of the new memory developed in they contain miniature units recording the users credit limit and other tourists have Long been Able to use credit cards in selected shops and hotels throughout the country for pay ment in foreign but the new for the first Are envisioned for use by hungarians with payment in investors guide by William Doyle i have three Bonds issued by a Telephone these Are registered in my name and pay interest on 2 and april have owned two of the Bonds for a number of years and purchased the third on april the interest checks Are supposed to be deposited directly in my Bank my Bank says it has received the interest checks for the first two Bonds but denies receiving the interest for the third the forms 1099 i received from the Bank that is interest paying agent for the Bonds show the interest checks were sent out in How can i get the missing which amounts to Start by contacting the interest paying agent find out the address to which the missing interest checks were sent and if those checks were it May be that the interest checks for your third Bond were mailed to the wrong if your Bank didst receive those it  credit the interest to your if that the those two checks most Likely have been returned to the paying agent have them sent to your theres a possibility that the checks were mailed prop Erly and someone at your local Bank goofed by not cred iting the two missing interest payments to your in that your Bank should straighten things direct Deposit of payroll and social Security checks is gaining in As with is its done by electronic funds Transfer by without paper checks being direct Deposit is a Good because theres no delay in Deposit no worries about foul ups such As you encountered Are mighty i own several tax free municipal Bonds in bearer which my broker is the brokerage firm clips the interest coupons As they come due and credits the Money to my my banker says this is risky and the Bonds could disappear if the brokerage has serious financial prob he strongly urges me to take Possession of the Bonds and keep them in my Safe Deposit the broker says this is As i have confirmation slips showing i purchased the Bonds and the Bonds Are listed on the monthly statements i he also says i might miss a Call and lose what do you say i go along with the Bonds and any other securities you leave with a brokerage firm Are covered by securities investor Protection up to Many brokerages provide additional written by private insurance your broker makes another Good Point about Many investors who have Possession of bearer Bonds dont find out that their Bonds have been called for Early redemption until they try to redeem an interest Coupon six months As a they lose the interest and the use of their Money for at least half a leaving your bearer Bonds with a brokerage firm eliminates that because brokerages watch out for Calls and redeem the Bonds for their my broker suggests i move most of what i have in a Bank Money Market Deposit account to a Money mar Ket Mutual he claims i would get a higher is this True the dividends paid on most Money mar Ket Mutual funds do result in higher yields than the interest paid on most Money Market Deposit a Money Market Deposit account at a Bank with Federal Deposit insurance coverage or at a savings and loan association with Federal savings and loan insurance coverage is safer than a Money Market Mutual Money Market Mutual funds use accounting methods that keep the values of their shares constant at per in most Money Market Mutual funds Are virtually risk features