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Why Tenants Get Stuck in Bad Leases and How to Avoid It
By the time most businesses decide they need additional space to accommodate their growing operations, it is too late. While there is something gratifying about organic growth emblemized by folding tables in a conference room and triple occupant cubicles, the commercial leasing process is inherently stacked against tenants. This disadvantage is only compounded when the tenants are unprepared.
With the proliferation of institutional landlords in nearly every major U.S. market and across every asset class (not to mention an improving economy), commercial tenants encounter brokers anxious to make a deal and landlords under pressure from investors to stabilize rents. Even when the parties agree upon a “fair market rent,” today's institutional landlord comes armed with a 70+ page lease that will govern every aspect of the tenant's occupancy for next five, 10 or even 20 years. The result, not surprisingly, is that tenants end up signing leases that offer little to no flexibility as their businesses expand and contract, setting the stage for economic and operational stress that could have been avoided with upfront planning and prudent lease negotiations.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.