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According to industry research experts, every hour spent on business development can yield up to $34,000 in additional fee revenue per year. So why aren't attorneys doing more of it? And why is it so hard to train them to do it effectively?
One reason is that many attorneys are hesitant to focus on business development because they think they will have to become “salespeople.” They likely have some image in their heads of the pushy used car salesman strong-arming some innocent little grandmother, rattling off bells and whistles, overcoming objections and trying desperately to “close” that sale. Their distaste for this type of selling is completely understandable.
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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.
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