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Practically Applying Business Intelligence
With more than 38,000 open matters at any given time, summarizing and analyzing practice, client and attorney information was nearly impossible to do efficiently using manual process and flat reporting. We did our best to create reports (eg, work in process (WIP), realization (amount collected as compared against amount worked/billed) and performance) using available technologies, including our time and billing system (Elite), Excel, Access and custom reports. However, we were eager to find a way to conduct more sophisticated analysis. We knew the questions that we wanted answered, but had been unable to get at the information in a usable format. For example, we could get general reports about aging accounts receivable (A/R), but we weren't able to assess real performance as it related to each client's historic payment pattern. If our firm averages a 75-day turn around on receivables and Client A has invoices 60 days old and Client B's are 90-days out, is that good or bad? We needed more detail than we could get from our transaction-based systems in order to answer these types of questions.
We decided it was time to implement reporting-based business intelligence (BI) software. Essentially, BI software sorts through vast amounts of firm data (from disparate sources such as time and billing, general ledger, payroll, etc.), automating the number crunching and analysis to provide us with actionable information and a more focused approach to following up on that information. Over a 1-year period, we reviewed software and services from four vendors, including our accounting system vendor and third party providers.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.