Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Law Firm Survival: Tough Economic Times Call for Sound Management
Given the economy, discussions among law firm partners have gone from “How do we maximize revenues and profits?” to “How do we survive?” seemingly in just a few short months. Partners, or even groups of partners, may depart from firms with fast-declining revenues; some firms may consider selling or merging; and others may simply dissolve. Some will even file for bankruptcy. While more than one industry report points to tough times ahead, there are steps firms can take ' many in the areas of accounting and financial planning ' to best ensure that they emerge from the current economic slump just as strong as when they entered it.
As businesses and a great many individuals feel the pain of the recent turmoil in the financial markets, the fortunes of law firms have been mixed. Business is picking up at firms with active bankruptcy practices, and angry investors are hiring class-action firms to fight over whatever assets the crisis leaves. Many law firms are retooling because of steep drops in areas such as mergers and acquisitions, litigation, and commercial real estate. Corporate legal departments report reduced spending on outside law firms. Spending is up just 3% in 2008, as compared with 6-7% last year, according to a Hildebrandt International survey in the second half of 2008.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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.
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.
Bit Parts
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.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.