reinvesting in a law firm
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Reinvesting in a law firm

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So we have a legal market that has both greater competition and greater opportunities. Anything in particular to consider for lawyers with regard to financial planning? Today law is both profession and business. Some even say it has become a commodity, at least with regard to certain tasks. As a consequence it is important to do all the basics of business planning like a sandwich shop would do. By the way, 15 states of the U. Technology is now embedded in the delivery of legal services. Most legal innovation is driven by the client side.

Let me describe it as follows: lawyers are like hammers and every business issue is a nail for them. Today, however, it is the clients who decide which issue is becoming a legal issue and they determine this from a business perspective. If running a law firm seems such a good business, why should not third parties be able and allowed to participate as investors from a financial point of view disregarding regulations?

If regulations allowed it I would consider it a very good investment. I think it is a great investment. Also law firms could be a decent investment option, provided a different delivery structure is implemented. They need to move away from a pyramidal structure with its leverage model since clients are not any longer willing to sustain it. Looking at the profit per partner in law firms these numbers are deceptive — law firms still continue to be very profitable in terms of profit per partner, however, this is at the expense of laying-off experienced and costly lawyers who do not generate new business, regardless of their service value to clients which is often considerable.

This is a short-term strategy and not sustainable for the future. If I were asking you to invest USD 10, in the legal space, where would you put this money to and why? What would criteria would you assess before investing in the legal space at all? I would probably invest in a diversified legal services company that has proprietary and partnership technology.

I would look at criteria applied when buying a stock in publicly traded market, i. I would look at the earnings, senior management, the differentiation from competitors and any other business criteria. Even as a U. What should law firms take home from this discussion? One of the challenges law firms are facing is the conflict of economic interest within the law firm.

Most of the equity partners are in their fifties and older and they like the present economic system. They do not have a financial incentive to change it. Younger lawyers who still have some 30 years of practise life ahead have a different view on this and what their firm should look like.

If I were talking to a law firm with lawyers of the same age with an identity of economic interest I would tell them to be more client centric and not to focus on short-term maximization of profit, and rather take a longer term view to be more efficient and to better service clients. Lawyers will have to accept that they do not deliver bespoke legal services, excepting a handful of firms. Any good news for the profession?

The prevalent view is that the legal profession is under attack, it has seen its best days and that there are not many opportunities left for younger lawyers. In my view this is not true. There are still a lot of opportunities in the law but to capture it will require more than just the traditional doctrinal skill set which historically has ensured that lawyers had a comfortable life.

Law schools need to appreciate this as well. This is also critical to understand for those who are contemplating a career in law. Australia saw its first law-firm public offering in And it already happens in Washington, DC, where non-lawyers are partners in many law firms that focus on lobbying work.

Simultaneously, the partnership capital structure does US law firms a disservice when it focuses their attention on the short term, as it does far more acutely than at other privately held businesses. This incentivizes them to earn as much as they can during their working years and leaves firms without anyone to think about their long-term value as businesses. No other industry operates this way, including other professional services. Consultants and advisors of all sorts provide high-end business services using conventional capital structures with conventional equity and with no inherent ethical problems, I might add.

The good news: there are several indications that the old law-firm ownership model is breaking down. Most of the big firms have turned to professional managers, installing CEOs or other MBA-trained officers to help them run more efficiently. Many also employ financial professionals, often to help lawyers analyze cases so they can more precisely price their services and manage their risk.

And law firms are starting to get more sophisticated in their use of financial instruments. Burford Capital, which I co-founded in , provides litigation financing to clients and law firms. Litigation finance started off as a way for firms to manage the cost and risk of discrete cases. Today, however, it is becoming a form of corporate finance. Companies and firms are financing entire portfolios of litigation, using the capital to fund operations and other business costs.

Financing a portfolio of income-generating assets is different from raising cash by selling equity in the firm. And if that happens, it will allow firms to take a longer view that will result in better client service and better lawyering. He served as counsel to the economic policy team on the Obama-Biden Presidential Transition Team and as a senior advisor in the Treasury Department at the start of the Obama Administration. Keep reading. US Markets Loading H M S In the news.

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Volatilitatea pe piata forex peace But the bottom line for investors is the same: what is the risk versus the reward. Law schools need to appreciate this as well. Law firm funding offers the potential for high yields and shorter, more defined time to liquidity than traditional investment options. They should look to doctors and the medical profession and they will see that medical delivery not the practice of medicine has been coopted by business people. Reasons to Invest in Law Firm Funding: Options, Confidence, and Timing Law firms have their reasons for turning to law firm funding rather than traditional forms of financing, and investors encounter many of the same considerations when deciding to invest in alternative investment options.
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Escalpelamento forex exchange Performance Performance. Any good news for the profession? Analytics Analytics. Financing a portfolio of income-generating assets is different from raising cash by selling equity in the firm. Younger lawyers who still have some 30 years of practise life ahead have a different view on this and what their firm should look like.
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Forex lines The Fall is a good time to start planning for In recent years, a growing number of investors have found that alternative investment options like law firm funding provide the flexibility they seek. Analytics Analytics. Today, however, it is the clients who decide which issue is becoming a legal issue and they determine this from a business perspective. However, lawyers are facing today a competition they have never seen before.
Reinvesting in a law firm Stay up to date with what you want to know. Share icon An curved arrow pointing right. Can you offer your clients real-time interactions? Bull Market The Fall is a good time to start planning for Nowadays time is changing in various views.

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Often the general basket for "Permitted Disposals" will also be excluded from the repayment requirement. Recent developments — asset sale covenants under incurrence covenants The influence of high yield bond-style covenants has meant that mandatory prepayment provisions have evolved to meet the need for borrowers to have more flexibility in using disposal proceeds and the desire for lenders to have more stable long-term investments that would not be excessively prepaid prior to maturity.

Qualifications and further considerations The cumulative effect of further qualifications, consisting of exceptions and carve-outs, de-minimis thresholds and prepayment waterfalls has meant that the traditional LMA-style loan premise, that there should a prepayment of all lenders pro rata with net proceeds, does not often apply. The calculation of thresholds: often the individual de-minimis threshold, other exceptions and the aggregate exception described above will work together, such that any disposal proceeds below the initial de-minimis or falling within one of the other exception baskets will not contribute to the cumulative calculation of the aggregate exception.

Sometimes, only disposal proceeds above the aggregate exception are then required to be applied in repayment. Cov-lite flexibility: the thresholds, baskets and caps discussed here are commonly now required to be forward looking and grow in line with the business. Using Restricted Payment capacity: there is typically an exemption from the definition of "Asset Disposition" for Restricted Payments, Permitted Investments, or, with respect to the use of proceeds, for Asset Dispositions the use of proceeds of which are to be used to pay a Restricted Payment.

The latter point is to cut out a middle step, as if it would be permissible to distribute out a particular asset as a Restricted Payment, it is not commercially different to have the asset owner sell the asset and distribute up the proceeds. Waived amounts must then either be offered to other lenders who have not declined prepayment pro rata to their respective commitments or the group may have the discretion as to whether they are applied in prepayment or retained and made available for any purpose otherwise permitted.

Prepayment ratchets: total or senior secured leveraged-based ratchets, which determine what percentage of disposal proceeds in excess of the de minimis thresholds are available for repayment, down to zero if the relevant ratio test is met.

Types of debt being repaid: modern cov-lite loans and high yield bonds typically now permit the incurrence of a large amount of debt with differing priorities. Such debt will commonly require some often equivalent, if it is pari passu senior debt mandatory prepayment requirements. Where debt is required to be prepaid from disposal proceeds or sometimes at the group's discretion, repayment of such other pari passu senior debt will be permitted on no more than a pro rata basis, or less than a pro rata basis subject to compliance with a leverage test.

Certain recent examples have allowed prepayment of junior or in exceptional cases super senior debt to be prepaid. Other uses: although not common, disposal proceeds may be capable of being used for alternative purposes other than debt repayment, such as the payment of a dividend. In these cases, such payments will typically require compliance with a low perhaps equivalent to investment grade total leverage ratio.

Send Print Report. Related Posts German real estate corporates enter the leveraged debt and high yield bond scene Ten years on: The surprising resilience of European leveraged finance: Market outlook for the year ahead Ten years on: The surprising resilience of European leveraged finance: LBOs and CLOs boost the market Ten years on: The surprising resilience of European leveraged finance: The market pauses for breath in Ten years on: The surprising resilience of European leveraged finance: The post-crisis rise of leveraged finance.

James Greene. Richard Lloyd. Hafsa Raza. Sophie Rezki. Gilles Teerlinck. Published In: Contract Terms. Covenant Lite Deals. De Minimus Doctrine. High Yield Bonds. Leveraged Finance. Leveraged Loans. Reinvestment Funds. Sale of Assets. General Business. International Trade. Most everybody goes on vacation, fewer business transactions occur. Reentry into your normal workflow can be difficult.

Reengaging projects unfinished by the end of this past Spring sounds like a slog. Sometimes, it helps to have a little push, to add some extra motivation to the mix. On that score, we offer five ways to get your juices flowing, to get you back into the swing of practice — at least through the Columbus Day long weekend.

However, the primary question remains: Did you get paid? Or, did your clients also take a vacation from paying you? If the response to your inquiries is positive, you may end up becoming flush with cash — and, that will serve as a nice springboard for closing the books on , and starting to think about what your law firm will look like in The Fall is a good time to start planning for What are you doing now to promote your law firm?

Has any part of your marketing platform grown stale? Do you need to adjust floundering campaigns? What important marketing trends do you expect will come to the fore in , and how can you start thinking about taking advantage of them now? This Fall, revise your marketing plan.

One of the major ways that technology continues to effect the client-lawyer relationship respects communication. Email is still the driver for the majority of business interactions; but, there are new, more effective collaborative solutions arising all the time. Can you offer your clients real-time interactions? Do you offer communications options, rather than forcing your clients into funnels?

The Fall is the perfect time to review your processes, before you commit to adapting them for

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Criminal Law. Criminal Offences. Assault Charges. Break and Enter. Centrelink Fraud. Commonwealth Offences. Crime Commission. Dangerous Dog Cases. Drug Offences. Firearms Offences. Fraud Charges. Malicious Damage. We will discuss below the cumulative effect of these exceptions and how they have developed more recently, but traditionally these have included: Individual de minimis thresholds: a buffer amount of proceeds from single disposals or related disposals before the prepayment obligation is activated.

Only the excess proceeds above the threshold are then applied towards prepayment. Aggregate exception: in addition to the de minimis threshold, an overall basket where the requirement to prepay is only triggered once the threshold is reached for the relevant period for the financial year or over life of the loan.

Right to reinvest: a borrower can avoid its prepayment obligations if it reinvests disposal proceeds towards the business, capital expenditure or the purchase of replacement assets which may include investments in joint ventures or acquisitions which are otherwise permitted. This holiday period however requires the borrower to do so within a certain period of time - usually within 12 months of receipt of the disposal proceeds, with an additional 6 months grace if the application of such proceeds has been formally committed to in that period - if not, the prepayment of excess proceeds will be required.

Other exceptions: will often be heavily negotiated and for that reason will vary from deal to deal. Typically, these are intended to capture specific exceptions which would not otherwise fall under traditional ordinary course exceptions, deal-specific exceptions e. Often the general basket for "Permitted Disposals" will also be excluded from the repayment requirement. Recent developments — asset sale covenants under incurrence covenants The influence of high yield bond-style covenants has meant that mandatory prepayment provisions have evolved to meet the need for borrowers to have more flexibility in using disposal proceeds and the desire for lenders to have more stable long-term investments that would not be excessively prepaid prior to maturity.

Qualifications and further considerations The cumulative effect of further qualifications, consisting of exceptions and carve-outs, de-minimis thresholds and prepayment waterfalls has meant that the traditional LMA-style loan premise, that there should a prepayment of all lenders pro rata with net proceeds, does not often apply. The calculation of thresholds: often the individual de-minimis threshold, other exceptions and the aggregate exception described above will work together, such that any disposal proceeds below the initial de-minimis or falling within one of the other exception baskets will not contribute to the cumulative calculation of the aggregate exception.

Sometimes, only disposal proceeds above the aggregate exception are then required to be applied in repayment. Cov-lite flexibility: the thresholds, baskets and caps discussed here are commonly now required to be forward looking and grow in line with the business.

Using Restricted Payment capacity: there is typically an exemption from the definition of "Asset Disposition" for Restricted Payments, Permitted Investments, or, with respect to the use of proceeds, for Asset Dispositions the use of proceeds of which are to be used to pay a Restricted Payment. The latter point is to cut out a middle step, as if it would be permissible to distribute out a particular asset as a Restricted Payment, it is not commercially different to have the asset owner sell the asset and distribute up the proceeds.

Waived amounts must then either be offered to other lenders who have not declined prepayment pro rata to their respective commitments or the group may have the discretion as to whether they are applied in prepayment or retained and made available for any purpose otherwise permitted. Prepayment ratchets: total or senior secured leveraged-based ratchets, which determine what percentage of disposal proceeds in excess of the de minimis thresholds are available for repayment, down to zero if the relevant ratio test is met.

Types of debt being repaid: modern cov-lite loans and high yield bonds typically now permit the incurrence of a large amount of debt with differing priorities. Such debt will commonly require some often equivalent, if it is pari passu senior debt mandatory prepayment requirements.

Where debt is required to be prepaid from disposal proceeds or sometimes at the group's discretion, repayment of such other pari passu senior debt will be permitted on no more than a pro rata basis, or less than a pro rata basis subject to compliance with a leverage test. Certain recent examples have allowed prepayment of junior or in exceptional cases super senior debt to be prepaid.

Other uses: although not common, disposal proceeds may be capable of being used for alternative purposes other than debt repayment, such as the payment of a dividend. In these cases, such payments will typically require compliance with a low perhaps equivalent to investment grade total leverage ratio.

Send Print Report. Related Posts German real estate corporates enter the leveraged debt and high yield bond scene Ten years on: The surprising resilience of European leveraged finance: Market outlook for the year ahead Ten years on: The surprising resilience of European leveraged finance: LBOs and CLOs boost the market Ten years on: The surprising resilience of European leveraged finance: The market pauses for breath in Ten years on: The surprising resilience of European leveraged finance: The post-crisis rise of leveraged finance.

James Greene. Richard Lloyd. Hafsa Raza. Sophie Rezki. Gilles Teerlinck. Published In: Contract Terms. Covenant Lite Deals. De Minimus Doctrine.

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I Quit My Job as a Corporate M\u0026A Lawyer

Law firms' excess profits from spending cuts in and high demand this year are creating opportunities to improve the business model. Reinvesting in your practice does not mean that you should begin by overwhelming yourself. Think about building mental health breaks into your schedule. Get up. Legal Zoom is another example – it raised over million USD in the U.S. where regulations forbid investments in law firms. I think it is a great investment.