Form vs. Function: When Is a Lease a 'True Lease'? The Seventh Circuit Applies Substance over Form in United Airlines v. HSBC Bank
December 02, 2005
Financing deals have become increasingly complicated as parties attempt to raise capital and take advantage of accounting and tax incentives. These transactions often face scrutiny when one party files for bankruptcy. During a Chapter 11 reorganization, a debtor must use all tools at its disposal to best restructure its obligations. In contrast, a creditor must work to ensure it receives the best possible return. The term "lease" is not defined in the Bankruptcy Code. Due to this lack of a clear definition, creditors and debtors will often attempt to recharacterize agreements between the parties. In this context, a secured creditor or debtor may argue that a "lease" is actually a disguised secured financing. In the converse, a party could also argue a secured financing is actually a "true lease." This is due to the Bankruptcy Code's different treatment of secured debt and leases. Depending on the factual scenario, this differing treatment could significantly change the parties' obligations.
Negotiating Alignment, Not Agreement: A Guide to Effective Tenant Negotiations
December 02, 2005
What do negotiators fear most? Failure, being manipulated and being second-guessed. Why do negotiators fail and why are they manipulated or second-guessed? Often, it's lack of adequate preparation and disregard for the issues, purposes and concerns of the other side. A lack of internal alignment can lead to confusion and that dreaded second-guessing. A well-prepared negotiator can be manipulation proof, avoid the second-guessing and achieve valuable results.
The Best of MLF 2005: Looking Back at the 'Benchmark' Year
November 30, 2005
Well, it's been an exciting year here at <i>Marketing the Law Firm</i>. As with past practice, this month's issue will be a look back at the year that was. In this issue we will present February (the January issue recaps part of 2004) through July.
What In The World Is Going On With Lawyer Retirement Planning?
November 30, 2005
In Part One, the author provided an overview of what lawyers (and their firms) were doing about retirement planning, including a discussion on firms that do not use unfunded obligations ' The First Camp. Part Two examines firms that use unfunded retirement obligations, and the current trends in partner retirement planning.
Matter Profitability: When Metrics Mislead
November 29, 2005
Law firms often mislead themselves when they draw conclusions about profitability based on individual metrics without adequately considering how the metrics interrelate. In particular, isolated improvement of one or more measures may impair rather than improve the net contribution of a matter and therefore partner and firm profitability.
Improving Associate Retention Through Confidential Interviewing
November 29, 2005
Partners in law firms of all sizes and specialties now realise it is one thing to attract high quality associates, but an even more difficult challenge to retain them. Competition for top quality associates continues to intensify, so effective associate retention is more important than ever.
Beastly Beauty Contest for Preferred Providers
November 29, 2005
In this compelling snapshot of a growing trend, Eriq Gardner describes the newly expensive vetting procedures now faced by outside firms choosing to pursue business with a highly demanding large client. Gardner also touches on law business practices (<i>eg</i>, long-term fixed-fee contracting for an entire class of a client firms' litigation needs) that may bode ill for the quality of justice produced by the overall legal system
Enlarging Scope of Disaster Plans
November 28, 2005
Considering how much damage can result from something as innocuous as a faulty sprinkler system, it may be understandable that many law firm disaster planners previously gave their first attention to common threats, and then never got around to considering large-scale disasters. Firm planners could pat themselves on the back if they maintained proper fire safeguards, kept the firm properly insured, arranged for regular backups of key data files, and the like.
In the Wake of the Storm
November 28, 2005
As everyone knows, Hurricane Katrina devastated the residents and businesses of the Gulf Coast, causing massive damage and loss in Louisiana, Mississippi, Alabama and elsewhere. The sheer expenditure of time and resources in rebuilding the region will no doubt be enormous. In recognition of the magnitude of the disaster and the likelihood of a long and costly recovery, the federal government has taken both legislative and regulatory action in response. Many of these government actions have direct impact on employment practices.
Competitive Intelligence: A Must Have
November 14, 2005
In today's evolving technological legal market, it is not enough for a law firm to perform tactically, using best practices. Competitive marketing for same client market share necessitates strategic planning. And strategic planning, in turn, mandates Competitive Intelligence (CI) initiatives tag teamed with information analysis.
