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Law Firm 3.0: Compensation, Billable Hour Limiting Firms' Success
Editor's note: This is the second installment of a series examining the shift in law firm business models and the issues law firms must address to remain competitive in a new age of providing legal services. A wealth of information, little market growth, and increased competition have created an environment where many firms need to consider changing, but significant obstacles, particularly compensation structures and reliance on the billable hour, remain in the way.
In order to make the necessary changes to stay competitive, consultants say, law firms need a clear strategy, strong leadership, buy-in from the partners and strategic discipline in order to succeed. Strategic discipline in a partnership, however, where culture and partnership equality have historic roots, can often be difficult to maintain. But in some cases, it has separated the winners from the losers.
“The highest performing firms have a very low tolerance for chronically underperforming people, practices and offices. They shed them,” says Kent Zimmermann of the Zeughauser Group. “Many law firms that are not high performing don't have the stomach to make those decisions.”
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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?