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| vol 22, num 1 | January 2024 |
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| Co-Chairs’ Corner |
| The Ethics and Professional Compensation Committee had a tremendous 2023! We strived to continue to provide our members with enlightening and useful substantive information, while also offering enjoyable and valuable social and networking opportunities.
During 2023, our committee offered a wide variety of opportunities for ABI members to learn about timely and interesting issues facing professionals in the bankruptcy arena.
- At the Annual Spring Meeting, our committee partnered with the Young and New Members Committee to explore ethical issues encountered by bankruptcy practitioners with a panel presentation titled, “Danger Ahead! Avoiding and Addressing Ethical Landmines in Attorney Engagement and Compensation.”
- For the Winter Leadership Conference, we joined with the Financial Advisors and Investment Banking Committee for a panel discussion titled, “Corporate Investigations for Companies in Distress: Planning, Process and Execution.”
- Our committee issued two newsletters during 2023, presenting and discussing a variety of timely and important topics.
- In addition to the serious work of helping to keep our members educated and informed, the committee ensured that members had time for fun. In 2023, it again focused on organizing meetings and social events at national and regional ABI conferences in order to bolster membership, encourage members to become active in the committee and provide valuable networking opportunities.
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| Practical Overview of Lawyers’ Use of AI and Billing |
| Increasingly, consumer bankruptcy lawyers will be using AI in the future. It therefore is incumbent upon them to develop procedures and policies for its use and in billing for such services. Doing so will be a combination of art and science controlled by both ethical and practical considerations. Because its use is in an embryotic phase, standards are still being developed, and the area is plagued by a dearth of both case law and statutory guidelines. Practitioners also have to be cognizant that AI is a rapidly and ever-changing tool characterized by advances made on a constant basis.
This article is designed to highlight the issues that need to be addressed and to provide an impetus for discussion and additiona analysis.
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| No Vote, No Problem — Right? Novel Ethical Implications of a Subchapter V Bankruptcy Nonconsensual Plan |
| The Small Business Reorganization Act of 2019, also known as SBRA (Pub. L. No. 116-54), became effective on Feb. 19, 2020. This legislation allows a small business debtor to choose, during the filing process, to proceed under subchapter V within chapter 11. A primary legislative goal behind the SBRA is to expedite the reorganization process for small businesses by enabling them to confirm a plan with the aid of a private trustee, specifically a subchapter V trustee. The key provisions of the SBRA aim to enhance a debtor’s capacity to negotiate a successful reorganization while maintaining control of its business. Additionally, the legislation seeks to minimize unnecessary
procedural burdens and costs by eliminating such requirements as the creditors’ committee and disclosure statement for the reorganization plan. |
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