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Improving Billing Security Improves Client Experience
Every law firm wants their clients to have exceptional experiences of their services, from intake through invoice delivery because client service is often the key differentiating factor in winning new business as well as retaining and expanding existing.
Client service, however, has changed over the years. It's no longer a story of handing clients prestigious, 50-yard-line football tickets; rather, much of what clients consider to be client service today has to do with data and security.
In fact, year over year, the ACC Chief Legal Officers' survey shows that CLOs site security and data management as their number one priority when working with outside counsel; and as security threats evolve, so too the areas for which law firms should be scrutinizing for heightened security as part of that business-critical client service.
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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.
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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.