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Bracing for Troubled Waters
Few doubt that the U.S. economy is either dangerously close to a recession or already in one. There is equally little doubt that other global economies are weakening as liquidity further tightens and new bank write-downs emerge. There is a common perception that law firms also suffer when the economy goes bad. While it is true that transactions-oriented practice groups fare worse during times of economic slowdown, law firms generally fare well, irrespective of economic conditions, when compared with other business sectors. Both managing partner and CFO will instinctively return to the basics of law firm economics. To a degree, reviewing the basic drivers of profitability is a helpful exercise ' but this provides part of the answer. Irrespective of whether your firm is on the winning or losing side of a looming recession, undoubtedly the firm's finance department will be involved heavily in anticipating solutions to 'shore up for troubled times ahead.'
Watching New Matters
How far are we already into this slowdown? One of the key indicators of the future is the number of new matters by work type that the law firm opens. From which clients do they come? Which clients have decreased the number of matters they provide? Are certain industries more affected than others? By providing basic data on new business, the firm's finance department can provide useful insights into the future revenue of the firm. The finance department also can use this information as ammunition for a recession program ' require each partner to speak to those clients that constitute 80% of that partner's revenue about future business ' and use the opportunity to evaluate where the firm can add even more value.
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Major Differences In UK, U.S. Copyright Laws
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.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
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.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?