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It's Hoteling, Not Moteling
The Need to Optimize Real Estate
Law firms are utilizing less than half of their real estate. Kastle Systems reports that as of March 2023, the overall office occupancy rate is 48%, with the occupancy rate for law firms varying around that, ranging between 26% to 50% of their space for most firms. See, Colliers 2023 Law Firm Office Markets North America Report. With the average law firm spending 10.5% of gross annual revenue on real estate (see, Cushman & Wakefield 2023 Bright Insights), this overhead expense is significant — and not utilizing half or more of it is of enormous concern.
Here's a quick, reductive calculation — given the average full-service Class A asking rent across 21 markets is $40.17 per square foot (See, Colliers 2023 Law Firm Office Markets North America Report) and that law firms occupy approximately 120 million square feet of real estate in total, we're talking about a very large number: $24trillion dollars in unused real estate per year. It really should come as no surprise that 65% of law firms are expected to reduce their space needs, both when renewing in place or relocating. Ibid.
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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.
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.
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.
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.
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.