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Client Attrition: More Tools to Stem the Trickle of Lost Work
One of the best ways to hone a firm's business strategy is to dig deeper into the assumptions relied upon to devise that firm's business strategy. At the Redwood Think Tank, we reported not too long ago that law firms, on average, lose work from existing clients at the rate of 1% per month. See 'Client Attrition Analytics: Firms Can Control Whether Clients Stay or Go,' Accounting and Financial Planning for Law Firms, January 2007. We based our estimate on a study of four firms that experienced remarkably similar rates of attrition.
Since then, we were asked whether our estimate would hold up if we studied a larger number of firms. We also wondered whether some firms experience lower rates of attrition, and if so, why.
So we set out to do a follow-up study, and pulled data from 23 random Redwood Analytics clients that participate in the Redwood Benchmarking Program. We cataloged the clients that had provided work in 2005, and evaluated the attrition associated with those clients on a monthly basis through December 2007.
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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.
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.
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.
Removing Restrictive Covenants In New York
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?