Selling a Law Practice: Prospects and Pitfalls
November 01, 2003
Large firms have long had well-defined methods for transferring ownership interests in a practice via "mergers," "retirements," "breakups," etc. Attorneys in larger firms have also always had mechanisms in place that provided them and their heirs with funding for the value of their individual interests in the firm. By contrast, the outright "sale" of a law practice from one attorney to another was prohibited for decades. In 1991, however, the ABA dropped its opposition. California had already permitted such sales since 1989, and more states have now followed suit; so the mechanisms for selling a practice have been developing, albeit slowly. These changes are economically vital for small-firm and sole practitioners. Many of these attorneys tend to conclude their law practice without any transfer of ownership, by just closing their office doors one day and never returning. By doing so, an attorney forgoes "cashing in" on a valuable asset that has taken many years to build. That no longer has to happen. Like their counterparts in large firms, sole and small-firm practitioners ' and their heirs ' can now reap the rewards of years of effort. This levels the economic playing field for retirement and estate planning.
Strategies to Enhance Cash Flow
November 01, 2003
Managing partners, financial partners, members of executive committees and administrators must devote more of their time today than in the past, to planning and managing their firms' finances and those functions that improve the cash flow. This article describes six aspects of law firm management and economics that the author has recommended to managing partners, financial partners, members of management committees and law firm administrators to assist them improve their firm's cash flow. These factors include: 1) cash flow; 2) a business plan; 3) budgets for revenues, expenses and client advances; 4) partner compensation; 5) a recommended new business and billing committee; and 6) partners' capital and borrowing.
Court-Imposed Waiver of the Joint-Defense Privilege
November 01, 2003
Most defense attorneys enter into joint-defense agreements with the understanding that even if one of the signatories decides to withdraw from the agreement and cooperate with the government, the confidentiality provisions survive. Two recent decisions ' by the Eleventh Circuit and the Northern District of California ' have called provisions like these into question: <i>United States v. Almeida</i>, 341 F.3d 1318 (11th Cir. 2003); and <i>United States v. Stepney</i>, 246 F. Supp.2d 1069 (N.D. Cal. 2003). Any defense attorney who is considering entering into such an agreement should think twice &emdash; especially if some party may choose, down the road, to cooperate with the government.
Federal Civil Justice Reform in the 108th Congress: An Analysis of the Criteria for Legislative Action
October 07, 2003
Tort reform has been heavily discussed and debated over the last twenty years. Any reform will have an impact on product liability litigation. If one looks over the past two decades, three criteria suggest what initiatives might be successful for federal civil justice reform in 2003. First, there has to be a real problem; second, a clear need for federal action; and third, a fair bill that is in the interests of the public and not a mere bailout for wrongdoers.
The Seven Deadly Sins of e-Mail
October 01, 2003
We've all heard horror stories about e-mails that have become trial exhibits - blown up on giant placards or projected on a large screen in front of a jury. The earnest words your client typed in private suddenly take on unforeseen importance when, months or years later, a dispute develops and a trial is held. Like a major league pitcher who releases a hanging curveball to the reigning home-run champ, your client would probably like to "take back" an e-mail that bashes a client, admits incompetence or pitches pent-up emotions in a cathartic rage. <BR>We need not, however, simply succumb to the temptation of e-mail. e-Mail mistakes can be avoided. Clients just need to be educated on how to prevent e-mail mistakes. Although common sense can't be taught, several specific types of e-mailing behavior should be avoided. E-mailers commit what we'll call here the Seven Deadly Sins of e-Mail. While it's unlikely we'll all steer completely clear of these sins, all e-mailers should make every effort to avoid committing the Seven Deadly Sins.
A Look Back at <i>New Kids on the Block</i> : Ninth Circuit Expands the Nominative Fair Use Doctrine
October 01, 2003
Trademark fair use under the common law and '33(b)(4) of the Lanham Act has long permitted a defendant to use terms descriptively to refer to the defendant's own product or service; in contrast, the doctrine of nominative fair use permits a defendant to use a plaintiff's mark to describe the plaintiff's product or service. Unlike the common law and statutory fair use defense, the nominative fair use doctrine is a judicially created defense of relatively recent vintage. Prior to the development of the nominative fair use defense, courts occasionally declined to enjoin the copying of nondescriptive marks used to refer to the plaintiff's products or services, however, a true doctrinal basis for that result was not expressly articulated until New Kids on the <i>Block v. News America Publishing, Inc.</i>, 971 F.2d 302 (9th Cir. 1992).
Media Tips for Bankruptcy Lawyers
October 01, 2003
Is it safe to put your reputation in the hands of a reporter you do not know and have no reason to trust? Yes, but only if you follow the rules. Whether you are on the debtor or creditor side, following the rules will have you quoted often in the media, because reporters will know you are a good source for their bankruptcy-related stories.
Web Watch: A Supreme Collection of High Court Resources
September 01, 2003
One controversy not on the Supreme Court's agenda when it begins its new term the first Monday in October is the legality of downloading MP3s. Too bad. Had it been, you could have downloaded the oral arguments in this popular audio file-sharing format
Responding to SARS
August 27, 2003
But for the war in Iraq, the outbreak of SARS would undoubtedly have been the lead news story for the first half of 2003. Thousands of people have been infected to date, and there have been a number of fatalities from this new illness. It is apparently highly contagious (under at least some circumstances) and potentially deadly.
