Private Companies Join the Club
July 01, 2003
According to AMR Research, which recently surveyed 60 Fortune 1,000 companies, it is estimated that the Fortune 1,000 will spend $2.5 billion in 2003 alone in costs associated with Sarbanes-Oxley Act (the Act) compliance. How much more will be spent by smaller public companies and by those in the private-company sector is a mystery, but the total costs - in cash, time, consulting fees, lost opportunities, and human resources - will surely be staggering.
Flight to Quality: Why Business Plans Don't Get Funded
July 01, 2003
Your business plan is very often the first impression potential investors get about your venture. But even if you have a great product, team, and customers, it could also be the last impression the investor gets if you make any of these avoidable mistakes.
Put Technology In Its Place ... and Deliver Results To The Bottom Line
May 01, 2003
When lawyers discuss the role of information technology in their practice, a phrase often heard is "it's a necessary evil." Regardless of firm size or practice area, complaints regarding information technology (IT) are unfortunately all too common: large investments ... disappointing results.
Product Review: RainMaker Software's Business Intelligence Suite
May 01, 2003
Founded in 1845, Robinson & Cole LLP is a commercial law firm with more than 200 lawyers in six offices throughout Connecticut, Massachusetts and New York. As with most firms, our time and billing system is critical to daily operations. Vast amounts of information go into the system, but extracting data in a meaningful way was always a struggle.
Impact of Corporate Governance Reforms on Private Companies
May 01, 2003
Public companies are facing dramatic changes in disclosure and corporate governance requirements under the Sarbanes-Oxley Act of 2002 and new or proposed rules from the SEC, NASDAQ and the NYSE. While these new rules and regulations do not generally cover private companies, they do affect private companies.
Proactive Fraud Prevention
May 01, 2003
Way back in the 80s, companies in the U.S. Defense industry determined that it was in their best interests to band together and develop the Defense Industry Initiatives as a method to police themselves during a time when their industry was fraught with fraud and corruption. As an aftermath, ethics and compliance programs have been developed and implemented by the majority of U.S. companies. To further entice companies to establish an effective and proactive program designed to detect and, to the extent possible, prevent violations of law The Federal Sentencing Guidelines for Organizations, passed in November 1991, rewards these companies with relief when sentenced for violations of law.
CRM Conversion: A View From The Inside
April 01, 2003
Experts today say that "good CRM programs aren't for every firm," according to Jayne Navarre, Chief Marketing Officer for Indianapolis-based, Bingham McHale LLP. "If there's a culture in the firm that's really averse to sharing data, or the way the firm goes about getting new business is very individual-oriented, then you need to decide if the firm is actually ready for it." Navarre, who's doing the footwork to convert a second firm to CRM, should know.
Innovative Discount System Created With DirectInvoice
April 01, 2003
Our legal department at Atlantic Bank of New York was looking for an electronic invoicing system to make our outside counsel billing process more manageable. What we found was new technology and software that enabled us not only to improve the overall efficiency of our system but also to implement an invoice discounting policy that saves us money and gets our outside counsel paid quickly. The discounting policy lets us reduce payments to outside counsel by a set percentage if we pay their bills within 20 days and reduces the fees further in the event of late invoice submission.
Coping with Poor Corporate Hygiene in the Early Stage
April 01, 2003
Part 2 of 2. Last month, Dan Mahoney and Jim Thorton discussed the costs of "poor corporate hygiene" in early stage companies to include the overzealous use of options (and how it affects the cap table), as well as the pitfalls of short-sighted legal structuring. The lack of attention to these issues can often render an early stage company unfundable in the next round. This month, Dan and Jim discuss the potential benefits, but more importantly the likely costs, of short-sighted corporate partnering, bad licensing and how ineffective boards can negatively impact early stage companies.
