Message from the Chair, Karl J. Ege

During the first week in December, we received official acknowledgement what many of us have known for some time - the American economy is in a moderate recession with no signs of an immediate turnaround in economic fortunes. At the American Bar Association Section of Business Law, we remain committed to addressing the legal issues currently facing our members and their clients and notwithstanding the economic slowdown, we are pleased by the sustained interest we have seen in our program offerings from you, our Section members. During the last two months several of the Section's substantive committees, including the Committees on Commercial Finance, LLCs, Partnerships and Unincorporated Entities, Corporate Laws, Mergers & Acquisitions, Banking Law and Business Bankruptcy, have held their traditional fall meeting, in each case focusing on the challenges presented by the current financial crisis and resultant economic downturn. At each meeting, attendance exceeded what was experienced in prior years, and the programs presented received favorable reviews.

At our Section Fall Meeting in Washington DC, twelve of the Section's committees sponsored programs. Once again the focus was on the legal and business issues arising from the current economic crisis. More than 400 Section members attended the Section Fall Meeting, again demonstrating the increased interest of our members in receiving timely and relevant information that will assist them in their day-to-day legal practice. The highlight of the Fall Meeting was a standing room-only presentation by the ABA Presidential Task Force on Financial Markets Regulatory Reform, captioned "Meltdown! Perspectives on the Future of Financial Services Regulatory Reform". That program was videotaped and is available for viewing through ALI-ABA by clicking here. Other programs at the Fall Meeting covered topics such as hedge fund valuation and liquidity issues, recent bankruptcy developments, bondholder rights, executive compensation and employee benefit issues, best practices in proxy disclosure, SEC website guidance, shareholder proposals, and a frank dialogue with the Staff of the SEC Division of Enforcement. There was something of value at the Fall Meeting for every business lawyer. I encourage each of you to consider attending next year for what has become an important part of the Section's offering to its members.

We enter this usually festive time of the year facing economic headwinds and significant challenges to our profession. Nonetheless, in the months ahead the Section's leadership and our able Section staff will continue to do our best to bring our members with timely products and services designed to help you deliver quality legal services to your business clients.

I extend to each and every one of you my personal best wishes for the Holiday Season; and may each of you have a joyous and prosperous 2009.