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Financial stability within a law firm practice does not guarantee harmony within the partnership itself — far from it. Law firm management that does not acknowledge or reflect the importance of firm leadership and the contributions and needs of its members endangers a firm's cohesiveness and its very existence, no matter how many clients come through the front door.
By examining the lack of leadership in a hypothetical mid-size law firm, Baxter, Rice & Stern, some changes and solutions could suggest themselves to firms that may not know they have problems or wish to avoid certain problems.
Hypothetical firm; real problems. Baxter, Rice & Stern is at a crossroads. It is no longer the firm founded 18 years ago by three partners, Ed, Tom and George, who left a larger firm because of their dissatisfaction with a big-firm setting.
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There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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.
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The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.