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Business | 2007 | May | 24


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LONDON (Thomson Financial) - Seven insurance companies agreed total compensation of 4.55 bln usd on the destroyed World Trade Center complex, resolving all outstanding claims by the site's owners and developers from the Sept 11 2001 attacks, said officials from New York state
May 24 '07 -Business- www.forbes.com -news,afx,content
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More than half of the settlement amount - 2.55 bln usd - has been paid out for rebuilding, and the total figure had long been expected to be more than 4 bln, the Wall Street Journal noted
May 24 '07 -Business- www.forbes.com -news,afx,content
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Dollar sales rose 8 percent to $1.5 billion during the quarter excluding acquisitions, helped by demand for microwaveable meals, chili, deli sandwich meats and other higher-margin grocery products
May 24 '07 -Business- today.reuters.com -share,cents,higher
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Reuters Pictures Editors Choice: Best pictures from the last 24 hours
May 24 '07 -Business- today.reuters.com -share,cents,higher
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The larger insurers involved include Swiss Reinsurance Co, Allianz (nyse: AZ - news - people ) SE, Travelers Cos and Zurich Financial Services (other-otc: ZFSVY.PK - news - people )
May 24 '07 -Business- www.forbes.com -news,afx,content
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As part of the pact, which was announced late yesterday, all parties agreed not to disclose how much each insurer will pay
May 24 '07 -Business- www.forbes.com -news,afx,content
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For the third quarter, Hormel expects earnings of 42 cents to 48 cents per share
May 24 '07 -Business- today.reuters.com -share,cents,higher
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Recasts first paragraph, adds sales, forecast details, CEO comment) NEW YORK, May 24 (Reuters) - Hormel Foods Corp.(HRL.N: Quote, Profile , Research) posted slightly higher quarterly profit on Thursday on strong sales of higher-end grocery items such as microwaveable meals, but missed analysts' estimates and lowered its full-year outlook
May 24 '07 -Business- today.reuters.com -share,cents,higher
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Analysts are expecting 46 cents per share, according to Reuters Estimates.
May 24 '07 -Business- today.reuters.com -share,cents,higher
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View Slideshow Hormel, which has struggled to pass through higher feed costs in its Jennie-O Turkey Store business, lowered its full-year earnings forecast from a range of $2.15 to $2.25 per share to $2.12 to $2.22 per share
May 24 '07 -Business- today.reuters.com -share,cents,higher
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Analysts, on average, were expecting earnings of 51 cents per share, according to Reuters Estimates
May 24 '07 -Business- today.reuters.com -share,cents,higher
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May 24 '07 -Business- www.forbes.com -news,afx,content
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Analysts expect the company to earn $2.20 per share, according to Reuters Estimates
May 24 '07 -Business- today.reuters.com -share,cents,higher
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"Jennie-O Turkey Store will continue to face the challenge of recovering significantly higher input costs through pricing," Chief Executive Jeffrey Ettinger said in a statement
May 24 '07 -Business- today.reuters.com -share,cents,higher
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The maker of Spam luncheon meat and Dinty Moore canned stew reported net income of $68 million, or 49 cents per share, for the fiscal second quarter, compared with $67.3 million, or 48 cents per share, a year earlier
May 24 '07 -Business- today.reuters.com -share,cents,higher
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May 24 '07 -Business- www.forbes.com -news,afx,content
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The pact increases the likelihood that the rebuilding plan for the site, which is expected to cost more than 12 bln usd, will be completed early in the next decade as currently scheduled
May 24 '07 -Business- www.forbes.com -news,afx,content
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May 24 '07 -Business- www.forbes.com -news,afx,content
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Price increases implemented during the quarter on turkey products did not offset higher grain costs, and Hormel will increase prices further in the second half of the year
May 24 '07 -Business- today.reuters.com -share,cents,higher
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He says law firms might muse about other creative possibilities
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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That recruitment is key to making the arrangement work
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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By doing so, he says, "we're showing we have a long-term commitment to increased diversity
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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McElroy Deutsch has seven Hispanic lawyers, three blacks and nine Asian lawyers
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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MICROSOFT APPROVES Law firm consultants and lawyers who follow minority firm issues are reacting positively, for the most part, to the firms' announcement
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Espinosa remains the 51 percent equity holder, but his firm will identify and market itself as "a subsidiary of MDMC"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
3
The idea of the linkup came from Espinosa, who also presented the offer to other firms he declines to identify
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"If I were a general counsel, I would be in favor of it," says Rees Morrison at Hildebrandt International in Somerset, N.J.A law department might say, "If we retain the Espinosa firm, we can say we are using a certified minority firm, and there's backup of a much larger firm"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Espinosa & Espinosa would be the counsel of record, but McElroy Deutsch would receive fees for work done by its lawyers
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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While a handful of big partnerships like McElroy Deutsch have partnered with minority firms, Deutsch says his is the first to acquire an ownership stake
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Ultimately, he says, "Our goal with the relationship is to enable the subsidiary to become the premier minority owned and operated law firm in the country"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
2
For instance, a firm could create a subsidiary around some of its existing minority partners and associates, he says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"I don't give a damn whether this majority firm gets more corporate work
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Unless they can show that the work will be done by diverse lawyers, this will be nothing more than an exercise in public relations," he says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"The subsidiary agreement is designed to produce a far more integrated and synergistic relationship than has been the case with less formal and structured law firm combinations that often take the form of strategic alliances," he says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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The value of McElroy Deutsch's equity would rise as the subsidiary became profitable
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Managing partner Edward Deutsch says his 230-lawyer firm in Morristown last month acquired a 49 percent stake in Espinosa & Espinosa -- a six-lawyer, certified minority firm in Weehawken whose sole equity holder was Cuban-born Juan Espinosa
May 24 '07 -Business- www.law.com -minority,firms,espinosa
2
Part of the reason, he says, is the drain of talent from firms to in-house positions at corporations trying to increase their own minority percentages
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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He says general counsel like Wal-Mart's Thomas Mars are telling firms, "I don't care how big the firm is, how big the commitment to diversity is or how powerful the minority internal policy is; I want to see more diverse lawyers doing the work"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"I think general counsel will be impressed"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Ethics Opinion 704 of the New Jersey Advisory Committee on Professional Ethics, issued last year, permits law firms to form subsidiaries to provide legal services
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"I'm trying to get more corporate work into minority firms," she says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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The need to bulk up, she suggests, has been heightened by consolidation of legal service providers, which gives the largest of firms advantages in getting corporate work and tends to squeeze out smaller operations, which most minority firms are
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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"The No.1 thing corporate counsel want to know is, 'Can you do the work.' even when they are actively looking for minority-owned law firms," she says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
1
He said the relationship would take the smaller firm's business to "the next level," and he said, "We look forward to expanding our business relationship with Espinosa & Espinosa"
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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STRATEGIC ALLIANCES The best-known formal relationships between minority firms and big ones have been strategic alliances with no equity exchange, in which the division of labor on matters is clearly defined
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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He says 95 percent of the work is for Hispanic clients with some corporate clients in the mix, including El Corte Ingles, a global retailer that owns the largest department store chain in Spain
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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At the outset, Espinosa is the only minority among the five associates in his office and the five independent counsel, who have their own offices but do work for the firm on an as-needed basis
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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So the firm is committed to identifying, hiring and training minority lawyers to work in the subsidiary and in McElroy Deutsch, too, they say
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Corporations do not want to give business to minority-owned firms unless minority lawyers are doing the work, Deutsch says
May 24 '07 -Business- www.law.com -minority,firms,espinosa
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Deutsch and Espinosa decline to discuss their cash arrangements but say some of McElroy Deutsch's contribution to the operation will be in the form of computer upgrades for Espinosa & Espinosa and a serious effort to recruit minority lawyers for the subsidiary
May 24 '07 -Business- www.law.com -minority,firms,espinosa

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