Organizational Risk in an Economic Downturn
July 28, 2009
During turbulent economic times, organizations need to be especially vigilant to minimize potential risks that could ultimately affect the bottom line or shareholder ROI.
Secured Lenders' Right to Full Payment
July 28, 2009
The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that two secured lenders were fully secured, "entitled to a full recovery" from the debtor despite the bankruptcy court's improper valuation of the collateral (improved airport terminal space) securing the lenders' underlying $60 million loan. <i>In re United Air Lines, Inc.</i>
Re-engineering Underused Partners
June 30, 2009
In the current recession, partners whose practices depend on transactional areas of the law have experienced a significant decline in business. Some firms may have the resources and client work to carry them. Others may not. "Re-engineering" underutilized partners, although not the easiest solution, could be the least objectionable.
Estate Planning: Attorneys and CPAs ' Perfect Together
June 30, 2009
Whether or not a law firm offers its clients estate planning services, the input of a CPA is vital to ensure that a client receives the most comprehensive estate planning advice. Law firms without estate planning capabilities should work closely with accounting firms that do have estate planning expertise in order to realize an additional revenue stream from existing clients.
Cash Management: Know What You Need, Get It, and Put It to Work
June 30, 2009
The cash-flow statement is the single most important tool for the success of any business. Most lawyers, and even many large law firms, begin to realize that they are in trouble only after the money ceases to come in the door. However, cash flow cessation is usually the last symptom of a downward spiral that started long before.