This Month's Issue: President's Address Next IBO Monthly Meetings Nolan's Notions Legal Ease

IBO Mentoring Program IBO Calendar of Events Noticeboard Newsletter & IBO Information

PRESIDENT'S ADDRESS

James Doran
President, IBO

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IBO CALENDAR OF EVENTS

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NOLAN'S NOTIONS
An occasional Column from former IBO President!

I was reminded of a conversation I had some 5 years ago, over a Pint in the Landmark Tavern (almost on the west-side highway in Manhattan, its on 46th Street and 11th Ave, and is a genuinely interesting and loquaciously pandering pub). Anyway I met there with a rather unusual man, a self-made millionaire, from Chicago, now living in Ireland with his wife and 8 children. He wanted Ireland to move away from the dot-com boom (boy, did he ever get his wish!) and to be instead a purveyor of true science and research, to the world, in the coming 25 years. He said that US companies had long ago abandoned their 10% per annum investment in patentable research in favor of faster-turn, stock-influencing programs.

He envisioned Ireland as being the key European player in USA-European research, using its positional, educational and linguistic advantages to the full in doing so, but more importantly, he had in mind a model where scientists from Ireland, and modern, fast-morphing Irish companies would be the catalysts for spreading and directing such research in lower-cost Africa and South America, much as the Irish missionaries did with religion in the past 2 centuries. This would have the effect of guaranteeing Ireland’s and the sub-continents economic futures! I have to say he was a visionary, but I had other things on my mind, and was in no position to join his crusade.

What brought that conversation so keenly back to my mind were two events. One was just yesterday, when reading in the New York Times, I read a fascinating if troubling article on the state of science funding and knowledge here in America. The Times article read in part “In a report last month, the American Association for the Advancement of Science said the Bush administration, to live up to its pledge to halve the nation's budget deficit in the next five years, would cut research financing at 21 of 24 federal agencies - all those that do or finance science except those involved in space and national and domestic security.

More troubling to some experts is the likelihood of an accelerating loss of quality scientists. Applications from foreign graduate students to research universities are down by a quarter, experts say, partly because of the federal government's tightening of visas after the 2001 terrorist attacks.

Shirley Ann Jackson, president of the American Association for the Advancement of Science, asked rhetorically, "Who will do the science of this millennium?". It got me thinking.

I had attended a meeting last week of a new group called Bio-Link Ireland (have a look at their web-site www.biolinkusaireland.com for details on this really fascinating initiative). Many countries (most of whom represent the waxing economies of the hugely populous eastern bloc countries, India, Korea, China etc have realized that science and technology are key to their future economic growth and prosperity. Ireland is among these countries, positioned as it is on the doorstep of Europe and with the key to America. The Irish Government and private sector played their cards so cleverly in the past 20 years that we had the hottest economy in Europe, per capita at least, and our economy was dubbed the Celtic Tiger. Now the Tiger is showing distinct signs of jungle fatigue, and her cubs need new hunting grounds if they are to survive and thrive.

Bring on players like Elan. In the 80’s it was a tiny but innovative bio-medical research company, seeking a niche in the infant Biotech and bio-Pharmaceutical industry, at a time when most of us thought that meant they made yogurt enzymes. Now, even after recent stock-market set-backs Elan are a multi-billion dollar enterprise, still based in Ireland, but selling to the world, from a position of strength. And their strength like many other Irish companies in that exciting field, is not just from major Dollar investor backing, but from a host of extraordinarily gifted and scientifically driven men and women, who are Irish bio-Link and a new but well funded Government agency called Science Foundation Ireland in whose remit it is to fund returning scientists or entrepreneurs in this field to a rather fetching degree, financially!

They have honed their skills all over the world working for such household names a Wyeth, Novartis, Pfizer and Abbott and while those parent companies have investments in Ireland that would boggle Einstein in their scale and scope, the natural evolution of that presence was that some of their talent, enthusiasm, knowledge and drive would, by osmosis, if not by genetic mutation, transfer itself to the Universities and SME’s of Ireland and mutate, giving the next generation of scientist-Industrialist a very real opportunity to achieve a healthy future for Ireland and her people in the coming millennium.

In vino veritas they say, and I had that veritable pint in the Landmark Tavern 5 years ago. I attended a NY NJ Bio-link meeting last week in Ireland house, and the talk of Irish-engineered cures for breast cancer, Alzheimer’s and common herpes made my head spin, not to mention damage markers and biometric indicators for Fifths Disease and early-onset Diabetes! For every one drug that is launched successfully in the US health-marketplace, 99 others did not make it through testing, and a further 900 did not make it beyond initial proving and research. I learned, that it takes as much as $900 million to get a drug to market here, and so many fail après launch, or deliver disappointing returns financially speaking, that most drug companies out-source their research and development to third party companies, Universities and bespoke developers just to cut their expenses and limit their losses. This model gives huge and renewable advantages to the research and development entities and countries, especially in patent rights and royalties. (Ask any Alumni Association of a University in the US and they will tell you of their interest in owning patents and rights to discoveries. Not only does it fund the College, but also helps attract in new students of given fields to that institution, thus ensuring a healthy future for the College and for Science! Many Irish Universities are now following suit, particularly in the Bio-tech field. Trinity and Cork Universities are leaders in this trend).

I’m not a scientist, nor would I ever second guess these incredible motivated men and women who may devote 10 to 15 years of their very intense lives in proving a genetic oddity, or separating an enzyme, but believe me, they are inspiring and above all, helping our lives in the future and ultimately, this group at least, working quietly on Ireland’s future behalf! Come along to their next meeting if you would like more information, or if you know someone who may be interested in discussing the future for Irish and American Bio-tech, call or e-mail Edel McCarville at emccarville@enterprise-ireland.com or call Edel at 212-546-0470, or call me and I will be happy to pass on the information. There are several chapters of Bio-Link across the States. They are collectively holding their national conference in San Francisco, June 4 and 5, 2004. (I attended their first national meeting in November 2003, and I was so impressed).

The New York chapter meets quarterly at Ireland House, and the NJ Chapter, is looking for a new meeting venue, having tried a few locations and found them wanting thus far! But more meetings are planned and soon! I’ll try and get them listed on the IBO calendar! It’s a really interesting and motivated group of perhaps 100 - 150 Pharma-related individuals, who heretofore have not had the means, nor reason to meet and network, within any structure that gave those common goals. As a marketer and networker, I also found them exceptionally welcoming and interested in my opinions and interests. I am looking forward to bringing them closer to the IBO fold in the coming year and perhaps hosting a joint IBO - Biolink meeting this year in NJ or New York. They are also actively seeking new members, so lots of reasons to get involved!

Now I’d better get on with mowing the lawn, Heather is making Confirmation on Saturday, and the Honey Do list is so long, I’m looking for a homeopathic cure for it, …yea you’re right…another beer!

Brian Nolan
Celtic Solutions
202 280 5022

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Legal Ease

A monthly legal column by Carolyn A. Byrne, Esq.

“YOU’RE FIRED,” barks Donald Trump as he gestures in the direction of a quivering young overachiever. The background music swells, and just in case we missed it, the camera zooms in on the face of a broken dream personified. The camera pans back to The Donald, who straightens his posture and purses his lips, as the despondent employee leaves the boardroom for the last time.

Such haltingly dramatic scenes from “The Apprentice” make for terrific reality-TV, but in real life, we need to carefully consider the terms governing our employment relationships, to avoid any unpleasant surprises in the proverbial boardrooms of our own. First, an important note about oral employment contracts: they may be valid and enforceable under New York law, under certain circumstances. This means that an employer may be liable for breach of contract due to wrongful termination of an employee even without a written contract with that employee. Does this surprise you? You are not alone. Many employers, especially in small business settings, make the mistake of thinking that if the employment contract is oral, the employee can be fired at any time, in any manner, and for any reason. Not necessarily. On the flipside, many unjustly fired employees mistakenly believe that it would be impossible to win a lawsuit against the offending employer without a written contract. Not so.

So, if employment contracts do not need to be in writing, how would an employer or employee prove what the terms of the employment contract were, in the event of a lawsuit? The answer is, by any one or more of: (1) testimony, including that of third party witnesses such as co-workers; (2) correspondence exchanged between employer and employee during the course of the relationship, including emails; (3) evidence of a “course of conduct” between employer and employee; (4) evidence of the typical practices in the industry; and sometimes (5) employee handbooks and other informational materials. Even the terms of written employment contracts may be supplemented or explained by items (1) - (5).

So, in light of the above, what can employees and employers do to prevent unpleasant misunderstandings and “Trumpesque” firings? Here are a few suggestions:

* If there is a written contract of employment in place, study its terms. Does it say whether the employment is for a specific length of time? Does it specify the types of employee conduct that might justify a termination? Or does it speak in more general terms, allowing immediate termination for acts of “insubordination,” “willful misconduct,” or “moral turpitude”? Does it provide for an internal hearing procedure, allowing the employee’s side of the story to be heard before an ultimate decision is made regarding termination? There are so many “hidden” terms that may come back to haunt both sides in the event of a lawsuit -- familiarize yourself with those terms now.

* Study (and keep in a safe place) all employee handbooks, brochures, and other materials supplied prior to or upon hiring. As discussed above, these documents may become critical to proving or disproving aspects of an employment contract at a later date.

* If the employment relationship is oral, consider reducing at least the most important terms to writing. Written employment agreements tend to foster a better understanding of the employment relationship than oral contracts, and may serve to protect both the employer and employee from needless litigation. One quick war story-- Several years ago, I represented an employer who was sued by a former employee/account executive. The employee claimed that based on her oral agreement with her employer, she was actually a co-owner of the company, and therefore entitled to a multi-million dollar stake in the business. Ultimately, the jury did not believe her version of the story, but the point is that both sides could have saved a lot of time and energy if only they had created a written employment contract at the outset.

* Create a detailed record of incidents with your employer or employee. Employers and employees alike are often at a loss for factual details when an employment relationship breaks down, and comes under legal scrutiny. Which is why, at the first whiff of trouble, you should keep a detailed journal of employer/employee “run-ins” or incidents, including the date and time of the incident, the first and last names of any witnesses who may have been present, any documents that support your position, etc. That journal could be your saving grace one day.

* Employers should maintain personnel files for as long as possible, but in no instance should the files be thrown out sooner than 6 years after an employee is terminated. New York’s statute of limitations for breach of contract is six years. This means that if you terminate an employee tomorrow, even if you never hear another word or objection from the employee, you could be faced with a lawsuit over your decision in the year 2010!!! Frightening, right? Save your records!

* Keep the reasons for the termination confidential. There are many reasons why both employers and employees should heed this suggestion, most of which are founded on common courtesy and respect. But there are many other reasons, including the fact that post-termination “bad-mouthing” can lead to a lawsuit for slander or libel (discussed in last month’s column). Employers often find themselves in trouble in this regard, particularly when asked to provide references in connection with the terminated employee’s search for a new job. I will address this issue of employment references in next month’s Legal Ease column, as I think deserves a more detailed analysis and discussion.

Until then,

Carolyn A. Byrne, Esq.
cbyrne@velaw.com

The opinions expressed above are those of the author, and should not be construed in any way to reflect the opinions of Vinson & Elkins L.L.P. or the Irish Business Organization of New York. Moreover, this column is intended for general information purposes only and does not constitute legal advice. There is no substitute for a one-on-one consultation with a lawyer to address your particular legal concerns.

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IBO MENTOR PROGRAM

If you have a career that you would like to develop further, run an enterprise that you would like guidance on, or simply would like a wise and unbiased head to turn to - the IBO Mentoring Program could be the answer. We have access to experienced individuals both within and outside the IBO who have offered to act as Mentors to our members.

The Program is free to IBO members and is totally confidential.

If you would like to learn more, email Simon Pereira Shorey at simonps@ibo-ny.com or call Simon on (212) 208 2526.

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• IBO Website Members Forum
  Just a reminder that once you have logged into the Members Forum (left hand side of the IBO Home Page at www.ibo-ny.com) if you click on to ‘Members Forum’ you will have access to pages for:
  • Job Opportunities
  • Members seeking positions
  • For Sale/For Rent
  • Misc. Event Announcements
  • IBO Suggestion Box

  You can post your own items and read those posted by other members. This is a new area so initially there will be only a few items there. However, the more you use it, the more useful it will become! So please post about any non-IBO events that you wish to publicize, post job opportunities that you hear about, and indeed anything else pertinent. This is YOUR area. Please use it and read it every time you come to the website.
  

• Success Stories
  One hears of many success stories of how membership of the IBO has led to new business, a new job, etc. We are seeking to collect these so that they can be used as ‘sales points’ to attract and retain members. If you have one (or many) of these stories to tell, please email us now at success@ibo-ny.com and let us know.
  

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About The IBO: The Irish Business Organization of New York, Inc. is an non-profit, non-denominational organization, which seeks to promote, foster, and advance the business interests of Irish and Irish American business people in the tri-state area.

The IBO News is the official newsletter of the Irish Business Organization of New York, Inc. It is published 10 times per year. This newsletter is distributed to members of the IBO, guests from recent IBO meetings, and other individuals from the NY-NJ-CT business community.

Newsletter Staff
Editor: Simon Pereira Shorey, GeneAfrica, Inc. (212) 208 2526

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Contact Information:

The Irish Business Organization of New York Inc.

FDR Station, PO Box 6425
New York, NY 10150-1901

Tel: 212 750 8118
Fax: 212 747 1820

email: info@ibo-ny.com
www.ibo-ny.com

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