Recent Changes and the Future – Where Do We Go From Here?
Recently enacted laws and new regulations have changed many aspects of the business world and the practice of corporate law. Privacy issues are also very important in this day and age. As we continue to move forward in an area of enhanced technology, the interplay between technology development and intellectual property law, as well as general corporate practice, has created a significant area of concern for corporate lawyers and clients.
There is no doubt that the practice of corporate law has changed significantly. The overall trends that affect the breadth and depth of corporate practice will be with us from now on. It is not in the nature of our society for things to become simpler. The complexities faced by corporate lawyers and their clients require the application of a team – the right specialist has to be involved in dealing with the appropriate issues. We are no longer in an environment where one practitioner can expect to handle a sophisticated matter by himself or herself. That is just not the age we live in. It is becoming much more the case and will continue.
The marketplace demands that firms be able to deliver the full spectrum of sophisticated legal services. Therefore, law firms in general must organize themselves with the primary goal of being able to deliver services effectively and efficiently as a team. The most effective law firms recognize that teamwork is a significant strength that enhances their contributions to the client’s efforts. The law firms that are best at this teamwork approach will have that perspective deeply embedded in their culture – not just the corporate practice but the entire firm – and will find ways to reinforce it. A significant part of that is the goal of being selfless rather than selfish and recognizing that one’s role as a corporate lawyer is to serve the needs of the client. Any issues having to do with a law firm’s internal competition must be eliminated. It is only when people operate as team members that the modern law firm is successful in today’s demanding environment.
Thomas W. Hughes is a longtime corporate and securities shareholder at Texas-based Winstead Sechrest & Minick, a 330 attorney, full-service business law firm. As the chair of the Corporate Section, he directs and guides approximately 80 attorneys in the day-to-day dealings with the firm’s corporate clients. Hughes’ diverse experience in representing companies, institutions and individuals in mergers and acquisitions, public and private offerings of equity and debt securities, corporate governance and financial restructurings, as well as in various issues pertaining to compliance with federal and state securities laws, provides a well-rounded experience to counsel and advise companies.
Hughes is an active member of the Dallas Bar Association, State Bar of Texas and the American Bar Association, having previously served as chairman of the Dallas Bar Corporate Counsel Section and a member of its Continuing Legal Education Committee.
Hughes is a Phi Beta Kappa graduate of the University of Oklahoma in economics and earned his J.D from Georgetown University Law Center, Washington, D.C.