Real Estate Investment Trusts: A Growing Trend
May 11, 2004
REITs were invented in the US by legislation enacted in 1960 to enable small investors to make equity investments in large-scale commercial real estate in the same way they invested in large corporations in other industries. This chapter examines the requirements than an entity must satisfy to qualify as a REIT, the development of REITS, and the advantages of REITs.
No More 'Free Pass' for Foreign Citizens
May 07, 2004
When a US company settles a criminal antitrust case by pleading guilty, the Justice Department (DOJ) now usually requires that at least one executive receive a prison sentence. But what about foreign companies? In the past, DOJ often prosecuted foreign companies, but not foreign executives. Prosecution of foreign executives raised questions of diplomacy, since the United States until recently was the only nation that made antitrust violations a crime. Then there was the practical problem of how to arrest a foreign citizen overseas. Besides, the Bureau of Prisons (BOP) policy was to deport non-violent, non-US citizens instead of housing them at US taxpayers' expense, and the Immigration and Naturalization Service (INS) barred foreign felons from the country.
Is It a True Lease or a Loan?
May 01, 2004
<i>Part One of a Two-Part Series.</i>Anyone who has been in the leasing business for much time at all understands that a transaction that the parties describe as a "lease" can be either a "true lease" where the lessor owns the leased equipment or a "loan" which results in the lessee being the owner and the lessor having merely a security interest. The latter is commonly referred to as "disguised security interests" or "leases intended as security" or "financing leases." Many people also have a general understanding of the distinction between the two, and most of those reading this article have heard one person or another proclaim the bright-line rule that a lease with a dollar purchase option is a loan and a lease with a fair market value purchase option is a true lease.
Circuit Court Ruling on Nonmonetary Defaults Sets Up Conflict Over Bankruptcy Code
May 01, 2004
A recent circuit court decision regarding the interpretation of section 365 of the Bankruptcy Code has set up a conflict between two circuits. On March 15, 2004, the Court of Appeals for the First Circuit issued an opinion regarding whether bankruptcy debtors are required to cure nonmonetary defaults prior to assuming unexpired leases under section 365 of the Bankruptcy Code, 11 U.S.C. §365. <i>In re Bankvest Capital Corp. (Eagle Insurance Co. v. Bankvest Capital Corp.)</i>, 360 F.3d 291 (1st Cir. 2004). The First Circuit found — expressly contrary to a holding of the Ninth Circuit Court of Appeals — that debtors are not required to cure such defaults, resulting in a split in the circuits over a very widely used section of the code.
Strategic Planning: Look Before You Leap
May 01, 2004
The market is asking a great deal of law firms these days. The economy is still unpredictable, clients are demanding additional value at the same costs, and client loyalty is not what it used to be. As a result, many firms are struggling with instituting internal management controls that emphasize profitability and synergy in addition to practice excellence. <br>Frankly, the move by law firms to become more strategically oriented is reactionary. If you ask most lawyers, they did not expect management and planning to be a part of their daily duties when they entered law school. While some have embraced their new role, very few have done it before. An even smaller fraction is formally educated in the discipline of building strong businesses.
Small Firm Marketing: How to 'Think Big'
May 01, 2004
The competition is heating up and smaller firms are in the hunt for ways to appear larger and have capabilities generally reserved for larger firms. The good news is that perception can become reality. Here are a few ways to "think big."
Thinking Outside The Booth
May 01, 2004
When creating a marketing plan, the topic of exhibiting at trade shows invariably comes up. If your firm determines that a trade show will be a beneficial part of the marketing mix, it must be seamlessly integrated into the firm's marketing and sales plan rather than it being treated as an isolated event. This is not to say that the big show cannot be the crowning event of the year or as a kick-off for new promotions. <b>Make the trade show part of a Master Plan. </b>
The Top 10 Reasons Most Attorneys Don't Do Marketing
May 01, 2004
... Any high school business student knows that marketing is an important and mandatory part of any business. This comes as a shock to attorneys who often conceive of themselves as belonging to some sort of 19th century guild. ...
<i>Media & Communications Corner</i> <b>Creating an Effective Philanthropy Communications Campaign</b>
May 01, 2004
Whether your firm provides pro bono work for the indigent, sponsors a race for charity, or provides grant money to a worthy cause, you should consider publicizing your charitable works. News coverage of your firm's good works will elevate its standing in the public's mind and creates more loyal clients. <p>Of course, there is a fine line between doing good for good's sake, and the perception of flagrant self-promotion. For this reason, a philanthropy communications plan must be developed with sensitivity and great care.
Ranking Law Firms by Economic Performance: Divergent Views
May 01, 2004
In the decades since <i>Fortune</i> magazine's landmark ranking of the nation's wealthiest corporations (during the Great Depression, of all times), the passion for ranking in our business and general cultures has grown to what can well be described as an obsession. Almost 20 years ago, law firms were finally drawn into economic ranking ' or rather, reportedly, were dragged into it kicking and screaming ' by the AmLaw listings, published by American Lawyer Media, the parent corporation of this newsletter. <br><i>A&FP</i> readers should be able to guide their firms in how to contribute and use ranking data fairly and wisely. To that end, the following article excerpts and <i>A&FP</i> author commentaries assess the challenges of law firm ranking.
