Rediscovering Chapter 9
April 25, 2008
Even though Chapter 9 of the Bankruptcy Code has been in effect for over 30 years, fewer than 100 cases have been filed during that time. Municipal bankruptcy cases ' or, more accurately, proceedings involving the adjustment of a municipality's debts ' are a rarity, compared with reorganization cases under Chapter 11.
Educating Marketing Professionals on Key Financial Metrics and Measurements
March 28, 2008
Today, marketing and business development professionals need to understand law firm finance and economics. Likewise, law firm chief financial officers need a better understanding and appreciation of marketing strategies. The success of your firm will depend on how well these two disciplines work together.
Wining and Dining Foreign Officials: What's OK and What's a Crime
March 27, 2008
In December 2007, Lucent Technologies Inc. secured a non-prosecution agreement from the Department of Justice and settled an enforcement action with the SEC for conduct related to travel and entertainment expenses incurred on behalf of Chinese government officials and for the manner in which these expenses were booked. The Lucent settlement adds to a number of existing guideposts regarding permissible interactions with foreign officials under the Foreign Corrupt Practices Act. This article examines the Lucent settlement, prior FCPA enforcement activity related to travel and lodging, and offers some practical advice for compliance counsel.
With Succession Planning, Inertia Is Not an Option
March 27, 2008
Turning over the reins of a law firm is an art form. A well-staged plan that allows for a seamless transition from current leaders to the next generation — in both client relationships and management responsibilities — is crucial to the health and longevity of your partnership.
Downsizing: Being the Messenger May Actually Be Good for Your Career
March 27, 2008
Whether or not to adjust the number of employees or partners downward can be a critical decision for 2008. In the event it does happen, marketing executives will, undoubtedly, be asked to help craft appropriate messages to both the market and within their own firms in advance of rumor mills, blogs, and especially, the competitors offering their own take on the changes. However daunting the task, working through such scenarios can go a long way toward preserving your firm's reputation and bolstering your own career opportunities within your current firm or with a prospective employer.
Communication Is Key to e-Discovery Success
March 25, 2008
The recent lawsuits filed by Sullivan & Cromwell and Electronic Evidence Discovery, Inc. against one another brought to the forefront some of the frustrations that law firms and the vendors to which they outsource are currently experiencing. So how do you get legal professionals at law firms, e-discovery and staffing vendors to function harmoniously in order to minimize problems?
Franchisors: Exercise Your Contractual Rights
February 29, 2008
With the explosion of e-commerce and the easy availability of often free information on the Internet, franchisors have the ability like never before to expand their businesses into global markets. While the rapid growth into international markets has increased revenues and brand awareness, it also has added a layer of complexity and risk in monitoring franchisee compliance with the terms of the franchise agreement.
Settling the Tab for Entertainment Expenses
February 28, 2008
The conventional wisdom is that only 50% of the cost of routine meal and entertainment expenses is deductible. However, law and other professional service firms that spend a significant sum on these items should be aware of instances where they are fully deductible. Financial advisers can help find them.
