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Equipment Leasing as a Current Financing Strategy for Middle Market Companies
Equipment leasing remains a viable tool for middle market companies in today's environment. The Equipment Leasing Association of America (the “ELA”) estimates that of the $668 billion spent by U.S. business on productive assets in 2003, $208 billion, or 31.1%, was acquired through leasing, and for 2004 the ELA projects that leasing activity will grow to $218 billion, or 30.7 cents of every dollar American businesses will invest in equipment.
The leasing industry has a history of employing product and market strategies that meet changing customer needs and economic realities. As a result of these actions, the industry has established a relatively consistent market-penetration range ' 28% to 32% of annual business investment in equipment ( See Table 1, below), from which the industry's recent and anticipated performance has not deviated. While it is true that lease pricing will increase with the expiration of bonus depreciation, and accounting regulations may impose new rules that impact the financial reporting of lease obligations, many of the historical motivations to lease will remain, and new economic and environmental factors will drive the offering. This article will review some of the primary reasons why leasing has served as a relevant financing strategy through multiple business cycles and in light of changing customer needs. Moreover, we will identify some specific reasons why leasing will continue to serve as a valuable financing strategy for U.S. business: both middle market companies and larger companies, alike.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.
Discovery of Claim Construction and Infringement Analysis May be Compelled Prior to a Markman Hearing
A defendant in a patent infringement suit may, during discovery and prior to a <i>Markman</i> hearing, compel the plaintiff to produce claim charts, claim constructions, and element-by-element infringement analyses.