Technology and Data Risks Related to Conflicts Clearance
October 02, 2015
Effective conflicts clearance is critical to law firm risk management. The cost of missing a conflict of interest can be significant ' from loss of business to serious reputational damage. That is why enhancing conflict of interest management consistently rates as a top concern in law firm surveys.
Law Firm 3.0: Information Changing Law Firm Models
October 02, 2015
The standard law firm model that has been in effect for the better part of the last 20 years is becoming less viable, and the way law firms are run is undergoing a subtle, yet significant change, driven largely by information.
Creating a Competitive Situation
October 02, 2015
When it comes to the business processes that legal organizations should be improving immediately for long-term success, back-office support and the recovery of those costs tops the list. With the pressure on rates and cost recovery not abating, it is critical that firms develop a strategic plan to decrease and control their support costs and recover them in a fair and transparent manner.
Billing Scrutiny Creates Tension Between Firm and Client
October 02, 2015
Legal bill scrutiny in its many forms ' internally by legal departments, by nonlawyer staff elsewhere in the company, by third-party auditors, or via e-billing software ' has the potential to affect how and when law firms get paid, but the practical effect is up for debate.
The Interplay of Bankruptcy, Copyrights and Security Interests in Film Properties
October 02, 2015
The U.S. Bankruptcy Code is written so perversely in favor of a bankrupt party that a bankruptcy can upset all reasonable expectations of anyone doing business with that party. In the film industry, rights can be lost, payment obligations cancelled and other contractual obligations left in limbo for years.
FATCA's Due Diligence Expansion
September 02, 2015
In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) in order to target U.S. taxpayers using offshore accounts to hide monies overseas. Although Congress' purpose and intent in passing FATCA was met, it has been achieved at a cost of imposing heavy burdens on those already compliant.
District Court Affirms Cramdown Interest Rate Calculation in <i>Momentive </i>
September 02, 2015
On May 5, 2015, United States District Judge Vincent L. Bricetti affirmed the confirmation order issued by United States Bankruptcy Judge Robert D. Drain in the MPM Silicones LLC ( Momentive ) Chapter 11 cases. We discussed the facts and analyzed Judge Drain's ruling with respect to the applicable cramdown interest rate to be applied to secured claims under section 1129(b)(2)(A)(i) of the Bankruptcy Code in a prior article ( see "Cramdown Interest Rates in Chapter 11," Equipment Leasing Newsletter , March 2015, http: //bit.ly/1Jr81HU). On appeal, the senior lien appellants argued that the plan of reorganization confirmed by Judge Drain violated section 1129(b) by using a "formula approach" to calculate the cramdown interest rate, and, in the alternative, by calculating the cramdown interest rate under the formula approach incorrectly.
Are You Following ALTA Best Practices?
September 02, 2015
The American Land Title Association (ALTA) recently announced it has expanded the availability of its Best Practices Framework resources to non-members. Title agencies can use the framework to demonstrate compliance to lenders, who need to meet regulatory requirements regarding oversight of their third-party service providers. Law firms that have a title agency and those that are considering adding one in the future should be aware of ALTA Best Practices.
Creating a Competitive Situation
September 02, 2015
When it comes to the business processes that legal organizations should be improving immediately for long term success, back office support and the recovery of those costs tops the list. With the pressure on rates and cost recovery not abating, it is critical that firms develop a strategic plan to decrease and control their support costs and recover them in a fair and transparent manner. This will help firms maintain competitive rates as well as operate more efficiently and profitably.
