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Profitability Analysis: The First Steps
How profitable is your firm? This is typically an easy question to answer. Total up all firm revenues and then subtract all firm costs. The net result is the profits of the firm. Stated another way, it is what the partners of the firm have earned for the period under measure. When you then divide the profits by the number of partners, the average profit per partner has been determined. The basics of law firm partnership accounting 101.
The picture is not as clear, however, when the strategic decision is made to analyze a specific portion of the firm's practice. If your firm has a number of legal departments, how does one determine the profitability (or economic contribution) of each? Delving further into a specific department, how do you measure the profitability of a practice area? At my firm, we have 150 lawyers who have been assigned to six departments. In some of these departments, there are up to seven practice areas.
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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.
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.
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.
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.