Small Firm Marketing: How to 'Think Big'
The competition is heating up and smaller firms are in the hunt for ways to appear larger and have capabilities generally reserved for larger firms. The good news is that perception can become reality. Here are a few ways to "think big."
Advanced Professional Education for Law Firm Managers
A Chinese proverb states: "Learning is a treasure that will follow its owner everywhere." This proverb clearly applies to law firm administrators, due to the ever-increasing complexity of law practice management and the competitive pressures facing today's firms. Experienced and well-educated professional managers are being sought out in increasing numbers by firms of all sizes to assume responsibility for the administrative management of the enterprise. The field of legal administration has therefore continued to grow and evolve, as evidenced by the 9500-member Association of Legal Administrators. <br>Fortunately, there are a number of higher learning opportunities for legal professionals, and this article explores three of them.
Ranking Law Firms by Economic Performance: Divergent Views
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
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
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?
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
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.
