<b>A Haven For Straight Talk: </b>The Myth Of The Firm
June 01, 2004
From what I've observed, most firms would be better off if they scrapped their marketing plans, projects, budgets and staffs completely. Save the money and spend it on summer associate swag, the holiday party, better seats at sporting events ' whatever. Why? Because marketing relies on something that many firms seem content to do without ' purpose.
Eureka! I Struck Data!
June 01, 2004
Thar's gold in them thar hills." Like the miner panning for gold, you can increase revenues and profits by finding nuggets of data, which has been captured in your software programs. This critical information can provide a blueprint for creating a plan for future business development that will increase your revenues and your profits. Yet, few law firms take advantage of their existing data by analyzing it and then using it strategically. <br>Data, such as the client referral source industry or marketing activity that generated the client, the client industry and client matter linked to the clients' revenues can be the foundation for future marketing efforts.
<b>Media & Communications Corner: Media Relations In The Midst Of A Merger</b>
June 01, 2004
The decision to merge your law firm with another is complex. Not only must you consider the myriad financial and business details and weigh how the firms will mix culturally, you must also carefully plan out how you will announce the decision to your support staff, clients, vendors and consultants. Each of these groups is important and each needs special attention. <br>Of course, you must notify the public as well, and the best way to reach this massive group is via the legal, business and local media. It makes sense to work with public relations professionals while you go through the merger process.
Signs That Your Service Has Matured
June 01, 2004
In recent years, many firms have reluctantly bitten various bullets and abandoned practice areas that can no longer support their fee structures. Long before the firms' decided to get out of those businesses, though, many lawyers practicing in those areas suffered steady diminution of their earning power, professional satisfaction and internal prestige. This unnecessary human cost could have been avoided, or at least minimized, if only firms recognized sooner that the services were maturing. If they had, they would have had much more time to prepare their lawyers and ease the inevitable transition to newer, more valuable services. So, what early signs warn alert firms that a service is aging?
It's Back To Playing By The Rules: Sec. 412(i) Retirement Plans
June 01, 2004
A common expression in the tax arena is the "red flag" ' the concern that a tax deduction is so large, or the tax benefits of a transaction are so favorable to the taxpayer, that it is comparable to waving a red flag at the IRS, inviting scrutiny and possible adverse consequences. Over the past few years, certain retirement plans created under the provisions of Section 412(i) of the Internal Revenue Code have been designed using methods that are questionable, at best, in terms of compliance with the tax code and regulations. This problem became so pervasive that it was widely anticipated the IRS would respond to the red flags, and put an end to the abuses. Last month, it happened. IRS guidance and proposed regulations were enacted to try to get everyone to play by the rules. Not that the rules are bad; a 412(i) plan could still be right for you.
Is It a True Lease or a Loan?
June 01, 2004
The first part of this article, published in last month's issue, addressed the importance of the distinction between true leases and loans and began a detailed analysis of the rules that courts use for state law and bankruptcy purposes to determine the category in which a given transaction belongs. <br>As outlined in part one of this article, courts utilize the Two-Part Test provided in §1-201(37) of the Uniform Commercial Code, and any transaction that satisfies that Two-Part Test creates a security interest as a matter of law. The first prong of the test is satisfied if the lessee does not have the option of terminating the lease early or if any such early termination option requires the lessee to pay the lessor a significant sum. The second prong, which addresses the issues that are most often litigated, is discussed below.
On-Site Sales: What Lessor's Counsel Should Know
June 01, 2004
When equipment lessors evaluate the risks of underwriting lease transactions for manufacturing equipment, one of the primary considerations in the credit decision is the resale value of the equipment in the event of default. In preparing for this risk, a key component of an underwriter's evaluation must be how to access and market the equipment in the event of a default. Therefore, it is critical to look at every transaction from the perspective of how much money a piece of equipment will bring in a sale, if there is an established market for the particular equipment, and also, how and where the equipment can best be marketed and sold if a liquidation is necessary. An often-overlooked and significant factor in this analysis is whether the lessor will have unfettered access to remove the equipment to sell, refurbish, and/or prepare for liquidation at the location where it has been used.
Best Practices and the Leasing Industry
June 01, 2004
Best practices" seem to be on the tips of everyone's tongues these days. At the recent ELA Executive Roundtable Conference, the concept of applying best practices to leasing companies was a key focus of discussion. This trend is a clear endorsement of continually benchmarking performance and learning from others what works and what doesn't.
AHLA Seeks Clarification on Malpractice Insurance
May 28, 2004
<b>Part One of a two-part article</b>. Proper malpractice coverage is essential to any physician's practice. When that coverage is not readily available or premiums skyrocket, that essential can seem like a luxury. Physicians facing other economic pressures in their practice not infrequently opt to reduce their insurance limits, increase their deductible, drop their coverage altogether, retire or leave the area, or discontinue what they view as high-risk portions of their practice (eg, serving on ER call rosters or accepting Medicaid or indigent patients). As a result, physicians' personal assets (and careers) are more at risk, hospitals face more liability exposure as the "deep pocket," and patients face significantly reduced access to care.
