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The Business Benefits of Leasing When Combatting the Increasing Costs of Operating a Firm
The cost of operating a law firm is becoming more expensive. From increases to associate pay, to rising costs of recruiting, to the additional costs of hybrid operations and increased cyber security needs, there's a variety of reasons as to why overhead expenses have been steadily increasing quartile by quartile, with Q1 of 2023 ending at an 11.7% increase, according to the Citi Law Firm Group Q1 2023 Report.
Even more challenging is that — for most firms outside the top 50 — incoming revenue is not meeting this steady increase in expenses. This year as of the end of Q1 2023, expenses were outpacing revenue by 6.3% across the industry, mainly for firms outside the top 50 firms which reported revenues outpacing expenses through record breaking rate increases, according to the Citi report.
While challenging overall, firms are stable, profitable businesses posting solid profitability projections through the end of 2023 — but not quite breaking the records as was the case in 2020 and 2021. Profitability is important, however, when recruiting high value laterals into the firm, and so protecting every inch of the firm's margin is key — especially when the macroeconomic outlook is volatile with whispers of recession and a heated political environment heading into the fall.
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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.
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.
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.