Mismeasuring the Profitability of Associates and Practice Groups
Last month A&FP examined the dangers of considering profitability metrics in isolation ("Matter Profitability: When Metrics Mislead" by Steve Campbell). Board member Ed Wesemann now provides a similarly fresh look at the pitfalls of using "business-like" industrial cost accounting to make managerial judgments in a law firm. Ed's most recent book ' Creating Dominance: Strategies for Law Firms ' was featured in our June 2005 edition.
Costs and Credits: Contrasting Views
A&FP reviewers rated Ed Wesemann's feature article from "much to agree with" to "excellent" to "super," but three Board members had differing views on specific points. The following exchange between Ed, John Alber and Jim Davidson is followed by a comment received later from Ed Poll. Yet another perspective on the question of associate profitability is being formulated by another discussant as an upcoming article.
NY Firms Pledge Lawyers to 50 Pro Bono Hours Annually
Thirty of the 55 large Manhattan law firms asked by the New York City Bar Association to endorse its aspirational "Statement of Pro Bono Principles" have pledged their lawyers will perform 50 or more hours per year.
Something Old, Nothing New, Everything Borrowed, Shades of Blue
Before you run off to copyright your Web site, as advocated in Michael McCoy's accompanying article, you may want to check that it's original! Consider these observations of Ms. Tursi, abridged from her commentary in <i>A&FP</i>'s sibling newsletter <i>Marketing the Law Firm</i>.
New Data on Billable Hour Variants and Alternatives
Does a firm's enthusiasm for hourly rate variants correlate with a similarly higher than average interest in true alternative billing? How about the reverse? Judge for yourself from the following tables, derived from reported results of the recent <i>National Law Journal</i> survey of billing practices at 300 firms.
Asset Protection: Adequately Copyrighting Your Web Site
An often-overlooked component of a company's intellectual property portfolio is the company Web site. This is especially true in the fast-paced world of technology firms, whose primary emphasis is usually core technology in the form of patents or trade secrets. The Web site, as a matter of course, is the most innocuous of assets, but it's an asset nonetheless.
Form vs. Function: When Is a Lease a 'True Lease'? The Seventh Circuit Applies Substance over Form in United Airlines v. HSBC Bank
Financing deals have become increasingly complicated as parties attempt to raise capital and take advantage of accounting and tax incentives. These transactions often face scrutiny when one party files for bankruptcy. During a Chapter 11 reorganization, a debtor must use all tools at its disposal to best restructure its obligations. In contrast, a creditor must work to ensure it receives the best possible return. The term "lease" is not defined in the Bankruptcy Code. Due to this lack of a clear definition, creditors and debtors will often attempt to recharacterize agreements between the parties. In this context, a secured creditor or debtor may argue that a "lease" is actually a disguised secured financing. In the converse, a party could also argue a secured financing is actually a "true lease." This is due to the Bankruptcy Code's different treatment of secured debt and leases. Depending on the factual scenario, this differing treatment could significantly change the parties' obligations.
Negotiating Alignment, Not Agreement: A Guide to Effective Tenant Negotiations
What do negotiators fear most? Failure, being manipulated and being second-guessed. Why do negotiators fail and why are they manipulated or second-guessed? Often, it's lack of adequate preparation and disregard for the issues, purposes and concerns of the other side. A lack of internal alignment can lead to confusion and that dreaded second-guessing. A well-prepared negotiator can be manipulation proof, avoid the second-guessing and achieve valuable results.
The Best of MLF 2005: Looking Back at the 'Benchmark' Year
Well, it's been an exciting year here at <i>Marketing the Law Firm</i>. As with past practice, this month's issue will be a look back at the year that was. In this issue we will present February (the January issue recaps part of 2004) through July.
What In The World Is Going On With Lawyer Retirement Planning?
In Part One, the author provided an overview of what lawyers (and their firms) were doing about retirement planning, including a discussion on firms that do not use unfunded obligations ' The First Camp. Part Two examines firms that use unfunded retirement obligations, and the current trends in partner retirement planning.
