Understanding the Importance of Preserving Historical Financial Data
April 29, 2004
The hours have been billed, the client invoiced and the payment recorded, what happens next in your firm? Does your financial management software preserve a detailed financial history? For many firms, once an invoice has been collected in full, the process of utilizing the associated data stops ' a hard copy of the invoice is filed and the numbers lie dormant in the financial system. This scenario is problematic because it does not allow for long-term flexibility in accessing and manipulating the data for best practices and/or analysis purposes. The truth is, many financial systems ' even those designed in the last few years ' don't maintain enough historic detail to solve tomorrow's problems.
True Lease or Secured Financing?
April 26, 2004
In the Chapter 11 context, it is common for interested parties to challenge the characterization of a Chapter 11 debtor's obligations under an agreement styled as a lease. A Bankruptcy Court's determination as to whether a transaction is a "true" lease or a secured financing can have far-reaching consequences on the administration of a debtor's Chapter 11 case and the respective rights of each party to the agreement. As the recent decision by the Third Circuit Court of Appeals in <i>Duke Energy Royal, LLC v. Pillowtex Corp. (In re Pillowtex, Inc.)</i>, 349 F.3d 711 (3d Cir. 2003) illustrates, when faced with the question of whether a transaction constitutes a "true" lease or a secured financing, bankruptcy courts will look beyond the form to the substance of the parties' agreement.
Pro Bono is Profitable: A CFO'S View
April 12, 2004
What is your law firm's definition of "pro bono?" Seems like a simple enough question, but ask any two lawyers or law firms what "pro bono" means to them, and you are likely to get two or even several different answers.
Legal Business and Employment Outlook: Recruiter Views
April 12, 2004
The following remarks are excerpted from "The Outlook for 2004: A Recruiter Roundtable." Lawyers, firms and corporate legal departments can all find reasons for optimism in over a dozen interrelated trends identified by this thoughtful panel.
Attractive Prospects for Suburban Law Firms
April 12, 2004
Two panelists in the Recruiter Views article note current economic trends that favor midsize firms. In this article, the managing director of a suburban midsize firm describes how to position such a firm for profitability.
The Ethics of Double Billing
April 12, 2004
In this new article for <i>A&FP</i>, Professor Ross takes a fresh look at one of several vexing billing problems he explored in his 1996 book, "The Honest Hour: The Ethics of Time-Based Billing By Attorneys."
First Sarbanes-Oxley Whistleblower Decision
April 01, 2004
In the first ruling applying the whistleblower protections of the Sarbanes-Oxley Act of 2002, 18 U.S.C. ' 1514A, an Administrative Law Judge (ALJ) ordered a bank holding company to rehire its former Chief Financial Officer (CFO), after finding that the company fired the CFO in retaliation for reporting alleged accounting misconduct to the company's Chief Executive Officer (CEO), outside auditors, and others.
Changes in International Civil Justice Law: The Gathering Storm
March 31, 2004
Europe's approach to civil liability law and litigation is changing. As part of the European Union's (EU) move toward a common economic culture, virtually every aspect of EU civil justice law and procedure is under review. Thus far, the laws governing product safety and commercial dealings between businesses and consumers have begun tilting toward greater liability for businesses. Whether it is strict product liability, class actions, lawyer advertising, or variations on the contingent fee, many of these changes have been seen in the United States and are starting to migrate across the Atlantic.
QDROs for Enforcement Purposes
March 29, 2004
As matrimonial practitioners, we are often confronted with the problem of enforcing either pendente lite or post-judgment awards of support, equitable distribution and counsel fees. Perhaps one of the most overlooked enforcement tools is the Qualified Domestic Relations Order (QDRO). While QDROs are used routinely to distribute all kinds of qualified deferred compensation benefits, they are also available for enforcement purposes.
