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As Gen X and millennials ascend to leadership positions in law firms, they have a lot on their respective plates — an industry facing rapid change, innovation promising to fundamentally change the way lawyers work, continued stratification in the market, ongoing struggles to attract and retain talent and the daunting task of building thriving firm cultures in a hybrid work world.
Generation X lawyers stand poised to wield considerable influence. Gen X has always served as a bridge — between tradition and innovation, the old and the new. Often the unsung heroes in discussions about generational dynamics, Gen X professionals bring a wealth of strengths to law firm leadership. Their pragmatic outlook, honed by navigating shifts in technology and societal changes, positions them as adaptable leaders. Unlike their predecessors who were more comfortable with tradition and a stare decisis mindset, they infuse a sense of flexibility and agility into management strategies.
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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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