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Client Maximization: Doing Well by Doing the Right Things
Making the most of your firm's client base need not be a costly undertaking. There are several steps a firm of any size can undertake to improve client experiences, while also ultimately increasing the firm's chances of thriving. Here's what you can do.
Identify your best clients. Whether you define "best" by revenue, by intellectual challenge, by rapport, by target market, or other criteria, flag the clients you'd most like to keep and grow. While the Pareto Principle (also known as the 80/20 rule) would predict that 80% of your revenues come from the top 20% of your clients, at least one analysis showed that 13% of the firm's client base produced 87% of its revenues. If time is limited, and it always is, it makes sense to focus on the clients at the top. In most law firms, giant oaks do not from little acorns grow. Of course, you can and should identify future star clients and include them in the "best" category. Common sense should prevail.
Draft a description of your ideal targets. The ideal target may vary by practice area, by industry group, by office, and by attorney. Once the ideal targets have been described, they should be shared with other groups and individuals in the firm. It's easier for a partner to spot opportunities for others when she knows what to look for.
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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
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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?
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.