Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The 'Silly Season'
Almost 30 years ago when I began my career consulting to law firms, the then managing partner of Donovan Leisure Newton & Irving used that term to refer to the months of October through December. It was his way of pointing out to his fellow partners that the necessary activities of practice management that so many of them had avoided for the first nine or 10 months of the year now had to be addressed. Clients that had not been billed as frequently as firm policy required now had to be invoiced. Outstanding invoices, many issued in the cold days of early March and April, now had to be collected and current work would not only have to be billed but collected as well.
Donovan was one of those old New York "White Shoe" firms that regrettably did not survive into the new century, but one where I first encountered afternoon tea time ("iced, two sugars and a mall-o-mar please") and where I learned the craft of consulting and therefore will always have a special place in my memory.
But Donovan, like most of its contemporaries and far too many law firms today, had poor billing and collection hygiene. Accounts receivable often totaled more than 50% of a law firm's annual revenue. Professional fees were billed 30 to 60 days after recording and collected four to seven months after that. As a result, the "docket to pocket" time for many firms was 150 to 270 or more days.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
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.
CoStar Wins Injunction for Breach-of-Contract Damages In CRE Database Access Lawsuit
Latham & Watkins helped the largest U.S. commercial real estate research company prevail in a breach-of-contract dispute in District of Columbia federal court.