How To Improve Firm Profitability
June 29, 2005
Many lawyers measure their firm's profitability the way a company does ' as a percentage of sales. However, the correct way to measure the profitability of a law firm, whether it is a partnership or a professional corporation, is the net income per equity partner (NI/EP) (or shareholder).
A Primer on Protecting Investments In Motion-Picture Productions
June 29, 2005
If not for the infusion of private capital, many independent films ' generally films produced outside the traditional studio system ' would probably never have been made. That's because banks are unlikely to loan money for such an uncertain and risky venture ' the success of which is greatly dependent on the fickle nature of audiences. But most independent film investors are either unaware of, or pay little attention to, the realities of the theatrical film market. Given the limited potential for widespread independent film success and other inherent investment risks, an entertainment attorney must be diligent and proactive to fully protect a client's film investment.
Cross-Border Disputes and the Potential for Resolution via Mediation
June 29, 2005
The world is rapidly becoming a smaller place in which to do business. And as international borders and boundaries become less of a barrier to business, participants in equipment leasing and finance find their world getting smaller, as well. "Globalization" is now an accepted and well-understood concept in most industries and markets, and it is no longer limited to large multinational corporations or institutions. With suppliers, vendors, and customers in many countries on several continents, all linked through the omnipresent Web and Internet, even small, independent businesses may successfully operate across borders.
Substance over Form in the Bankruptcy Courts
June 29, 2005
Under the Bankruptcy Code, whether a lease is a true lease or a disguised security agreement also has serious consequences. If a lease is a true lease, and the debtor in possession has need of the equipment or other leased property, the lessor is entitled to receive all the payments due under the contract. If a lease is not a true lease but is a disguised security agreement, the lender is only entitled to the lesser of what is owed and the property's value, which could be significantly less than the totality of the lease payments. The balance will be treated as a general unsecured claim. Further, the creditor will only be entitled to the value of the collateral if it perfected its lien. If it did not perfect, its entire claim will be treated as a general secured claim (which is why informational filings of UCC-1 forms are recommended in lease transactions). Even if it did perfect, payment could be delayed until a plan is confirmed and even then stretched out over the length of the plan as opposed to the terms required by the original contract. For these reasons, usually the debtor will argue that the lease is a disguised security agreement, and the creditor will argue that the lease is a true lease.
A Client Perspective On Law Firm Marketing and Sales
June 28, 2005
As the competition for premier legal work continues to stiffen, firms are increasingly forced to change the way they position, promote and sell themselves. Firm leaders and marketing professionals face a daily battle of convincing their professionals that the tactics of 15, 10, even 5 years ago may no longer be relevant. <br>Often, the most persuasive ammunition a marketing agent can possess is the opinion of a client ' someone who is a professional buyer of legal services.
Best Practices of Cross Marketing and Selling New Services To Clients
June 28, 2005
Cross selling is an elusive goal for law firms. The idea is simple: To interest clients that are using one practice area in using a second or third area. But the devil is in the details, and most cross-selling plans fail as soon as they meet one of several common objections. <br>As a result, to paraphrase Mark Twain, everyone talks about cross selling, but nobody is doing anything about it.
Media & Communications Corner: <b>Who Are They Going to Call? Someone They Know</b>
June 28, 2005
When "sales" was still just a five-letter word in law firms, lawyers found some comfort in the basics of marketing. They could get the name of the firm "out there" without actually having to do much themselves. <br>In the last 5 years, though, firms have increasingly looked at activities such as media relations, seminars, brochures and Web development as low return activities. Business development, in contrast, seemingly offers a much higher return on investment by focusing the money on the prospects most likely to buy. As a logical extension, a number of firms have shifted their marketing budget largely to business development activities. And, even from the point of view of a strict marketer, this is not all bad.
Note from the Editor
June 28, 2005
Before I talk about this month's issue I wanted to take this opportunity to remind everyone that there will be a special July/August issue of Marketing…
Book Review: Free Publicity
June 28, 2005
<i>Free Publicity</i> is a concise but substantial look into the mechanisms and motivations of the modern media. The book is full of short and succinct examples of how ordinary people and businesses have been successful using the press to promote their own agendas. As the title suggests, if you know how to work the system, you too can spread your message around the world without spending a cent.
Opportunity In Crisis
June 28, 2005
We often perceive a negative outcome in a legal case or a discredited witness in a trial to be a crisis, and we react principally to the danger attached to that concept. Our response at these times can make the crucial difference between success and failure. With every crisis, we must make a concerted effort to discover the opportunities inherent.
