Transitioning & Flexibility: What's In It For Senior Partners?
Many of the stories about senior partners pressured to retire so the next generation can take over are not pretty. Ironically, they clearly contradict the long-held notion of what a partnership should be at a time when less formal 'partnerships' are a management buzzword for getting things done in business. ('We partner with '' [our clients, other organizations, etc.]) And long time partners' needs and futures beyond financial arrangements are neglected.<br>For the younger generations in the workplace to get what they want, there must be something in it for the more senior people too. Here are my thoughts and recommendations.
News Briefs
Highlights of the latest franchising news from around the country.
Law Firm Mergers: What's the End Game?
There have been over 170 law firm mergers in the U.S. in the last 3 years. Although the pace has slowed a little since a peak of 82 in 2002, there is no end in sight.
Domino's Prevails Against Franchisee in U.S. Supreme Court
The U.S. Supreme Court recently ruled in favor of Domino's Pizza in a case brought under §1981 of the Civil Rights Act of 1866 by the sole shareholder of a corporation who alleged that Domino's breach of several contracts with the corporation was based upon racial animus toward him. <i>Domino's Pizza, Inc. v. McDonald</i>, 126 S.Ct. 1246 (2006).
U.S. Supreme Court Settles Whether Illegality Claims Go to Arbitrator
Until the recent decision in <i>Buckeye Check Cashing, Inc. v. Cardegna</i>, 126 S.Ct. 1204 (Feb. 21, 2006), there was some uncertainty as to how claims of illegality would fare against attempts to enforce arbitration agreements. The decision did not turn on whether the contract was void or voidable, as did earlier lower court decisions, but simply on whether the illegality claim was directed to the underlying contract or the arbitration clause itself. Relying on <i>Prima Paint Corp. v. Flood & Conklin Mfg. Co.</i>, 388 U.S. 395 (1967), the Court treated the illegality claim in the same manner as a claim of fraud in the inducement and held that 'unless the challenge is to the arbitration clause itself, the issue of the contract's validity is considered by the arbitrator in the first instance.' 126 S.Ct. at 1206.
Music Industry Faces Tough Negotiations In Digital Music-Licensing Frontier
Howard Stern and Oprah Winfrey might have lent some serious star power to subscription-based satellite-radio networks XM and Sirius, but that doesn't mean the fledgling medium is ready for prime time. This year, XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc. have to renegotiate their royalty agreements with record labels. Not only is the music industry intent on raising the licensing fees, it wants to stop the introduction of new satellite radio receivers that work more like an iPod than a radio.
Dismantling the 'Great Wall' of Risk: The Key to Turning Lease Financing into a Mainstream Financial Product in China
A growing number of lessors exhibiting cautious optimism are slowly, but successfully, knocking down the 'great wall' that separates them from turning lease financing into a mainstream financial product in China. Investing in the Chinese leasing market can be a sound decision for lessors whose customers are asking for leases there; who can effectively manage the risks; and who are equipped to deal with major differences between the United States and China, which include language, culture, and the number and nature of business regulations.
Risk Management: What Your Firm May be Missing
In today's increasingly complex and regulated business environment, hundreds of different risks threaten law firms. While some of them can lead to malpractice claims that could destroy a firm's reputation and finances, others can be physically or operationally devastating.<br>Before a firm can begin to manage risk, it is important to define risk. In my many conversations with managing partners, executive directors or law firm CFOs, they all generally seem to think of risk in terms of insurance (malpractice, workers comp, business interruption, etc). While I agree this is one area of risk, the overall definition of risk is much broader. Risk is the potential for any issue to negatively affect an entity's ability to meet its objectives.
Another Kind Of Room With A View
Ramping up for document-review is a challenging prospect, requiring a firm to react quickly and aggressively, depending on the requirements of the case. And the rising demand for attorneys to review vast stores of documents generated by click-of-a-button, lightning-fast contemporary e-commerce is also giving rise to law firms engaging in more electronically grounded commerce themselves as they advise and assist clients in meeting requirements of routine document review, storage and disposal as part of regular business, and the specifics of electronic discovery. <br>Vendors are offering off-site document-review rooms (DRRs) more frequently for customers who see the value these resources provide, and the DRR market is expanding.
