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In a retail setting, especially in situations where the landlord is receiving a percentage of the gross sales earned by the tenant, landlords will attempt to establish minimum (and maximum) hours of operation for the tenant. Also, the landlords quite often reserve the right to modify these hours of operation upon providing notice to the tenant. This requirement that the tenant be obligated to be open for business for certain specified hours may have far-reaching effects on the net income of the tenant derived from its business operation.
Accounting rule adjustments rarely elicit even a yawn from the legal community. But changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers.
With the rising care of health costs, many law firms are finding it economically difficult to provide their employees with health insurance. One of the ways law firms are mitigating this issue is by offering health insurance plans with greater employee out-of-pocket expenses. Congress offers several types of tax-favored accounts that a law firm can provide to its employees that can be used to pay for these additional medical expenses. Each type of account comes with advantages and disadvantages, which are explored in this article.
Despite over a decade of widespread discussion of innovation within the corporate environment, innovation within law firms remains a relatively unfamiliar topic. The meaning of the word 'innovation' (often defined as 'the act of introducing something new') remains foreign within the context of law firm services, processes, and operations. Very few law firms recognize the opportunities associated with innovation or the market and competitive pressures that will ultimately drive successful firms toward this important business concept. In many ways, innovation represents an untapped opportunity for law firms ' the next great frontier for firms looking to expand their businesses and improve their competitive positions.
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Last month, we reviewed what a partner scorecard is and why keeping score is important. This month we review how to tailor a scorecard to your individual firm's goals.
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Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.
On July 1, after a three-month bench trial, a state court judge in Minnesota ruled that in failing to provide rest breaks, Wal-Mart broke state labor laws more than 2 million times. Judge Robert King Jr. awarded $6.5 million in compensatory damages to the class, which consists of about 56,000 Wal-Mart employees in Minnesota.
With the advent of fee dispute arbitration, many litigants are quickly becoming more informed about their lawyers' responsibilities. This has led to significant court actions with regard to discharging attorneys 'for cause,' where the attorneys forfeit their fees. In the context of inadequate financial discovery, at least one court has already allowed a client to discharge an attorney for cause, despite the court's view that the attorney did not commit actionable malpractice.