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Improved hard-disbursements management can mean major improvements for firms' financial performance.
In the mid-1990s, the IRS stopped allowing lawyers to deduct as a business expense funds advanced for clients, treating their repayment as income. The agency said such advances should be treated as loans. This policy turned the nation's lawyers into bankers making interest-free loans. Last year, the AmLaw 100 firms alone reportedly advanced more than $4.5 billion in such loans.
Firms typically average about 120 days from the date they pay outside vendors to the date clients repay firms. Most firms lay out the cash and finance these payments on behalf of their clients without charging interest to cover their own cost of funds. Bank borrowings or borrowings from principals as additional capital are needed to pay vendors when firms pay before clients do.
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This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
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In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?