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The economic landscape is always changing and will continue to evolve in 2023. We are already seeing the legal industry take preventative measures to stay ahead of a potentially hazardous economic and financial outlook including delayed new hire start dates, hiring freezes and even layoffs. Still, innovation and optimization within law firms can't just stop, and their chief information officers will be tasked with making technology procurement decisions both to support current organizational goals and to ensure their firm is prepared for the future.
As a legal CIO, one of your key responsibilities is to establish that your organization has the right technology in place to support its operations and achieve its business goals. This can be challenging, as there are many factors to consider when choosing new technology for your organization. One bad decision can have a material impact on not only the bottom line, but on the ability of your firm to compete in an ever-changing legal market.
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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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