Until recently, most law firms operated with a cadre of legacy operating systems, financial platforms and reporting technologies from different manufacturers that have no mechanism for connecting with each other, let alone automatically extracting and updating data points between systems. The disparate nature of these technologies has exacerbated the struggle to leverage data and display results in a reporting mechanism that helps direct the firm’s decision-making.
When a creditor obtains a judgment against a debtor, the debtor’s assets are sometimes held in membership interests in an LLC, which presents challenges for the creditor seeking recovery. The Uniform LLC Law provided for a charging order in such instances. Although the precise terms of each state’s LLC laws vary, some version of the charging order procedure is available in all states.