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Strategically Manage Occupancy Costs to Increase Law Firm Profitability
Aside from payroll, real estate costs are a large law firm's most significant expense. Even under the best circumstances, such expenditures ' sometimes called occupancy costs ' consume 8% to 10% of the typical large firm's annual revenue. These costs are not confined to rent; many firms finance millions of dollars worth of expenses associated with the construction of their space.
The real estate market in most cities is described as weak, soft or just plain bad. Such adjectives describe a market in which rents are low and concessions are high. Though this is no doubt a bad situation for landlords, times are very good for tenants who have an opportunity to enhance profitability, remove unfavorable lease language and improve the quality and efficiency of their offices. This environment will not last forever – markets ebb and flow; at the beginning of the decade, most markets were quite tight and large blocks of space were especially difficult to come by. Regardless of market conditions, law firms that expect to maintain or even reduce their occupancy costs will need to adopt creative strategies. By paying special attention to financing, efficiency and flexibility, a firm can develop a real estate strategy that supports rapid changes in its business plan, while positioning itself to compete effectively.
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Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.