Ranking Law Firms by Economic Performance: Divergent Views
May 01, 2004
In the decades since <i>Fortune</i> magazine's landmark ranking of the nation's wealthiest corporations (during the Great Depression, of all times), the passion for ranking in our business and general cultures has grown to what can well be described as an obsession. Almost 20 years ago, law firms were finally drawn into economic ranking ' or rather, reportedly, were dragged into it kicking and screaming ' by the AmLaw listings, published by American Lawyer Media, the parent corporation of this newsletter. <br><i>A&FP</i> readers should be able to guide their firms in how to contribute and use ranking data fairly and wisely. To that end, the following article excerpts and <i>A&FP</i> author commentaries assess the challenges of law firm ranking.
Why U.S. Franchisors Should Care About the Winds of Change in Ontario
May 01, 2004
For U.S.-based franchisors seeking international expansion, Canada is often the first choice for a host of obvious reasons: proximity; common language (almost); similar purchasing patterns; reaction to Canadian-tourist expression of interest; cross-border spill-over advertising; relatively low incremental cost to service a nearby 51st market area with a population roughly the size of California; etc.
Understanding the Importance of Preserving Historical Financial Data
April 29, 2004
The hours have been billed, the client invoiced and the payment recorded, what happens next in your firm? Does your financial management software preserve a detailed financial history? For many firms, once an invoice has been collected in full, the process of utilizing the associated data stops ' a hard copy of the invoice is filed and the numbers lie dormant in the financial system. This scenario is problematic because it does not allow for long-term flexibility in accessing and manipulating the data for best practices and/or analysis purposes. The truth is, many financial systems ' even those designed in the last few years ' don't maintain enough historic detail to solve tomorrow's problems.
True Lease or Secured Financing?
April 26, 2004
In the Chapter 11 context, it is common for interested parties to challenge the characterization of a Chapter 11 debtor's obligations under an agreement styled as a lease. A Bankruptcy Court's determination as to whether a transaction is a "true" lease or a secured financing can have far-reaching consequences on the administration of a debtor's Chapter 11 case and the respective rights of each party to the agreement. As the recent decision by the Third Circuit Court of Appeals in <i>Duke Energy Royal, LLC v. Pillowtex Corp. (In re Pillowtex, Inc.)</i>, 349 F.3d 711 (3d Cir. 2003) illustrates, when faced with the question of whether a transaction constitutes a "true" lease or a secured financing, bankruptcy courts will look beyond the form to the substance of the parties' agreement.
Pro Bono is Profitable: A CFO'S View
April 12, 2004
What is your law firm's definition of "pro bono?" Seems like a simple enough question, but ask any two lawyers or law firms what "pro bono" means to them, and you are likely to get two or even several different answers.
Legal Business and Employment Outlook: Recruiter Views
April 12, 2004
The following remarks are excerpted from "The Outlook for 2004: A Recruiter Roundtable." Lawyers, firms and corporate legal departments can all find reasons for optimism in over a dozen interrelated trends identified by this thoughtful panel.
Attractive Prospects for Suburban Law Firms
April 12, 2004
Two panelists in the Recruiter Views article note current economic trends that favor midsize firms. In this article, the managing director of a suburban midsize firm describes how to position such a firm for profitability.
The Ethics of Double Billing
April 12, 2004
In this new article for <i>A&FP</i>, Professor Ross takes a fresh look at one of several vexing billing problems he explored in his 1996 book, "The Honest Hour: The Ethics of Time-Based Billing By Attorneys."
First Sarbanes-Oxley Whistleblower Decision
April 01, 2004
In the first ruling applying the whistleblower protections of the Sarbanes-Oxley Act of 2002, 18 U.S.C. ' 1514A, an Administrative Law Judge (ALJ) ordered a bank holding company to rehire its former Chief Financial Officer (CFO), after finding that the company fired the CFO in retaliation for reporting alleged accounting misconduct to the company's Chief Executive Officer (CEO), outside auditors, and others.
