The Changing Face of Chapter 11
The face of bankruptcies in corporate America has changed multiple times since the reforms of 1978. And it's going to change once more ' probably radically ' over the coming months. This article explains.
Rent Abatement Clauses: Tenants Should Speak Softly, But Draft a 'Club'
In commercial lease transactions, a tenant's desire and need to occupy a space and begin transacting business often takes precedence over a landlord's ability to complete all of the bargained-for physical alterations that it has promised. The issue of determining the diminished value of the premises prior to the completion of the landlord's work is customarily resolved through the negotiation of rent abatement provisions that quantify damages where delays in the landlord's construction would lead to a breach of contract.
Ancillary Businesses Losing Appeal
Law firms once dreamed of owning separate businesses to bring in new streams of revenue, and while some achieved that goal, the industry is now largely backing away from a strategy that provided little economic benefit.
FIN 48: Accounting for Uncertain Income Tax Positions
This article provides a brief overview of the two-step, benefit-recognition approach implemented by FIN 48, a summary of the disclosures required by FIN 48, and a discussion of issues associated with protecting FIN 48 compliance documentation from disclosure to taxing authorities.
Update on Lawyer Retirement Perspectives
In the newly released Altman Weil Flash Survey on Lawyer Retirement, only 38% of lawyers agreed with the enforcement of mandatory retirement provisions in law firms. However, 50% of respondents reported that their firms currently have mandatory retirement policies. These findings may encourage more discussion and possibly policy changes in U.S. law firms.
Dealing with Merger Financial Data
When two law firms undertake merger discussions, they eventually exchange financial information. Here, we have compiled a short list of do's and don'ts to combat avoidable problems related to merger financials.
PC Partners Face NY Tax Challenge: Will Other States Follow?
Last year, we informed readers of the rediscovery by some partners in multi-state partnerships of the benefits of becoming a professional corporation ('PC') partner in their law firms, primarily to obtain state income tax savings. New York recently enacted legislation that would potentially adversely affect that strategy, including those who incorporated long before the legislation was passed, and it is unclear whether other states may follow.
