The financial crisis has significantly impacted the private sector's appetite for public-private partnerships (PPPs), forcing governments worldwide to discuss new initiatives to stimulate PPP activity. One such initiative is the supported debt model (SDM), which assumes private sector funding during construction but refinances part of the debt with public debt after construction. Modeling PPPs under the SDM requires incorporating and analyzing the additional government debt tranche and its impact on credit ratings and key financial ratios. While the SDM aims to lower project costs, banks have differing views on the structure and many are waiting to see how pricing stabilizes before participating in SDM deals.
Exponential expansion in the use of Requests for Proposals (RFPs) has placed a powerful tool in the hands of general counsel — one that they use with uneven skill. Here are the pitfalls to avoid and the keys to making RFPs clear, fair and effective.
The document discusses key components of law firm transformation - processes, technology, and people. It summarizes a panel discussion on these topics. Regarding processes, it discusses how outsourcing low-value repetitive work like non-disclosure agreements can reduce costs while focusing lawyers on higher value work. For technology, it describes how a law firm uses systems to improve processes, costing, and quality control. Finally, it notes that while technology can improve efficiency, organizational culture and reward structures that prioritize billable hours can inhibit change. Success requires putting the best people on transformation and focusing on benefits to clients.
The document discusses key components of law firm transformation - processes, technology, and people. It summarizes a panel discussion on these topics. Regarding processes, it discusses how outsourcing low-value repetitive work like non-disclosure agreements can reduce costs while focusing lawyers on higher-value work. For technology, it describes how a law firm uses systems to improve processes, costing, and quality control. Finally, it notes that while technology can improve efficiency, organizational culture and reward structures that prioritize billable hours can inhibit change unless focused on client benefits.
Blog post from Mary M. Collins of MFMA commenting on Wendi Lazar's "Lessons from Conan" article published in the Financial Manager Magazine. This post appears at http://www.rbr.com/features/ideas-working-now/23858.html
Risk management for law firms chapter 2 ark 2009 by meg blockDavid Cunningham
This document discusses governance models for managing conflicts of interest and new business intake at law firms. It begins by outlining the risks of the traditional "hub-and-spoke" model and argues a new centralized model is needed. The document then describes two models - the distributed hub-and-spoke model where clerical staff handle conflicts clearance, and the centralized pyramid model with a specialized research team. It argues the pyramid model places the interests of the firm over individual lawyers and allows for more thorough factual analysis of conflicts.
The financial crisis has significantly impacted the private sector's appetite for public-private partnerships (PPPs), forcing governments worldwide to discuss new initiatives to stimulate PPP activity. One such initiative is the supported debt model (SDM), which assumes private sector funding during construction but refinances part of the debt with public debt after construction. Modeling PPPs under the SDM requires incorporating and analyzing the additional government debt tranche and its impact on credit ratings and key financial ratios. While the SDM aims to lower project costs, banks have differing views on the structure and many are waiting to see how pricing stabilizes before participating in SDM deals.
Exponential expansion in the use of Requests for Proposals (RFPs) has placed a powerful tool in the hands of general counsel — one that they use with uneven skill. Here are the pitfalls to avoid and the keys to making RFPs clear, fair and effective.
The document discusses key components of law firm transformation - processes, technology, and people. It summarizes a panel discussion on these topics. Regarding processes, it discusses how outsourcing low-value repetitive work like non-disclosure agreements can reduce costs while focusing lawyers on higher value work. For technology, it describes how a law firm uses systems to improve processes, costing, and quality control. Finally, it notes that while technology can improve efficiency, organizational culture and reward structures that prioritize billable hours can inhibit change. Success requires putting the best people on transformation and focusing on benefits to clients.
The document discusses key components of law firm transformation - processes, technology, and people. It summarizes a panel discussion on these topics. Regarding processes, it discusses how outsourcing low-value repetitive work like non-disclosure agreements can reduce costs while focusing lawyers on higher-value work. For technology, it describes how a law firm uses systems to improve processes, costing, and quality control. Finally, it notes that while technology can improve efficiency, organizational culture and reward structures that prioritize billable hours can inhibit change unless focused on client benefits.
Blog post from Mary M. Collins of MFMA commenting on Wendi Lazar's "Lessons from Conan" article published in the Financial Manager Magazine. This post appears at http://www.rbr.com/features/ideas-working-now/23858.html
Risk management for law firms chapter 2 ark 2009 by meg blockDavid Cunningham
This document discusses governance models for managing conflicts of interest and new business intake at law firms. It begins by outlining the risks of the traditional "hub-and-spoke" model and argues a new centralized model is needed. The document then describes two models - the distributed hub-and-spoke model where clerical staff handle conflicts clearance, and the centralized pyramid model with a specialized research team. It argues the pyramid model places the interests of the firm over individual lawyers and allows for more thorough factual analysis of conflicts.
A Road Map to Major Changes Coming to Multi-Employer Pension Plans: What Part...Polsinelli PC
To address the severe underfunding of multi-employer pension plans and the teetering finances of the Pension Benefit Guaranty Corporation ("PBGC"), the Multi-Employer Pension Reform Act of 2014 ("MPRA") was enacted last December in the most significant legislation affecting these plans since 1980. Among other changes, the MPRA gives troubled funds the ability to reduce the pension benefits of participants, including benefits for some retirees already in pay-status. It also gives additional flexibility to the PBGC to help underfunded plans by providing its financial assistance and facilitating fund mergers and partitions. There are also special rules under MPRA that may impact an employer's withdrawal liability.
This webinar, presented by Employee Benefits and Executive Compensation chair Andrew Douglass and Labor and Employment vice-chair Brad Kafka, discussed how the MPRA changes affect multi-employer pension plans, and specific actions that employers should consider in light of MPRA changes taking effect this year.
Fiduciary liability insurance covers plan sponsors and fiduciaries for liability arising from managing employee benefit plans, such as 401(k) plans. While premiums have historically been low, several factors are increasing risks for plan sponsors of defined contribution plans and lawsuits alleging excessive fees are being brought against smaller plans. As legal strategies evolve, plan sponsors should review their fiduciary liability coverage and ensure prudent management of retirement plans.
Ownership and control in multinational joint venturesanushreeg0
This document summarizes a paper that examines how capital restrictions can affect the ownership structure and control of international joint ventures between multinational enterprises and local firms. The paper reviews previous research on factors that influence joint venture ownership structures. It then discusses how capital restrictions imposed by host countries can limit foreign ownership and influence how ventures are structured to allocate control between partners. The paper aims to analyze how different levels of capital restrictions impact investment levels and the optimal design of joint venture contracts under asymmetric information conditions.
Contracts are the foundation of modern business and reflect an organization's commitments and governance. Effective contract management includes clear and unambiguous terms, transparent approval processes, executive accountability, and risk assessment. It ensures performance of obligations and achievement of strategic goals. Organizations should establish defined processes for contract review, implementation, reporting, and knowledge management to support effective contract management.
How have technology advances reduced risk for financial services firms? Lisa Dolly, COO of Pershing LLC, a unit of BNY Mellon, explains. This is part of an EIU research series, sponsored by Broadridge. Read more: http://bit.ly/OpP14
Treasury Strategies Testimony to U.S. House of Representatives on the Volcker...Tony Carfang
The document discusses concerns about the potential negative impacts of the Volcker Rule on non-financial businesses. It summarizes that the Volcker Rule may: reduce banks' ability to provide important services like underwriting bonds that businesses rely on to raise capital; increase costs for businesses and reduce their access to credit; and cause some financial risks to shift from banks to other parts of the economy rather than being eliminated. It argues the lack of clarity and complexity of the Volcker Rule could have significant unintended consequences for both businesses and the broader economy.
The document discusses the importance of contract management for governance, risk management, and compliance (GRC). It notes that the CGF Research Institute will soon be releasing a report on this topic. It also discusses the three major compliance domains that contracts relate to: regulatory compliance with legislation, procedural/operational compliance within an organization, and contractual compliance between an organization and other entities. Effective contract management is necessary to ensure compliance across these different domains.
JVs and Teams Teaming and JVs Chicago 2015David Rose
This document discusses small business size standards and affiliation rules under the Small Business Act. It provides details on definitions of small businesses, calculations for average annual receipts and number of employees, considerations for affiliates and joint ventures, and exceptions to affiliation rules for certain joint venture arrangements. It also summarizes proposed new regulations related to mentor-protégé programs that would create opportunities for small businesses outside of the 8(a) program.
1) Prior to the economic crises, consumer conventions in financial services were more distinct by territory, but the crises consolidated consumer convention across geographies.
2) The new post-crisis sentiment suggests consumers want simplification, fairness, and honesty from financial institutions and have lost faith in the industry.
3) This presents an opportunity for Kim Eng to communicate using new "currencies" like time, information, and sustainability to regain consumer trust.
Joint ventures and strategic alliances allow companies to grow in scale and capabilities with less risk than mergers or acquisitions. They involve partnerships that maintain autonomy for each organization while aligning long-term goals for mutual benefit. Key differences are that joint ventures create a separate legal entity to carry out specific projects for a set time, while strategic alliances do not form a new entity and generally have a more indefinite relationship.
1) The 2008 financial crisis exposed widespread failures in corporate governance, risk management, and compliance at many large financial institutions. Inadequate oversight and risky practices like off-balance sheet financing contributed to the crisis.
2) Regulators have since increased scrutiny of governance, risk, and compliance (GRC) practices in the financial industry. Compliance is now a major focus for CEOs and boards, who seek to integrate GRC and leverage compliance investments for broader business benefits.
3) Technology is playing a larger role in GRC, with tools that give managers and boards more real-time risk data and indicators. Financial institutions are working to establish comprehensive enterprise-wide GRC frameworks using technologies like cloud computing and
A PRACTICAL GUIDE TO ORGANIZATIONAL CONFLICT OF INTEREST FAR SUBPART 9.5 dbolton007
This document provides an overview of organizational conflicts of interest (OCI) as defined by the Federal Acquisition Regulation (FAR). It discusses the three main types of OCI: access to non-public information, biased ground rules, and impaired objectivity. The document summarizes GAO case law related to impaired objectivity OCIs and outlines practical steps contracting officers and contractors can take to identify and mitigate potential OCIs, including developing mitigation plans.
Non-competition and Non-solicitation ProvisionsKevin Learned
In this seminar we analyzed non-competition and non-solicitation provisions in the contexts of M&A transactions, employee/consultant relationships and subcontracting agreements. We addressed issues that arise in the drafting and negotiation of these provisions, as well as issues related to enforcement and litigation, with a particular emphasis on issues impacting federal service contractors who operate in the DC/MD/VA region.
In marketing contracts between powerful firms and weak firms, it can be mutually beneficial for the powerful firm to “tie its own hands” at the initial contract by putting in place safeguards to protect the weak firm in the ongoing relationship.
Banks want to see 13-week cash flow forecasts, current financial statements including balance sheets, income statements and cash flow statements, and a turnaround plan with defined milestones and metrics. They want clarity on the issues, full disclosure of financials, and solutions or plans from management rather than just problems. Banks are looking for signs the borrower has "skin in the game" through things like owner capital infusions. Providing these tools and transparency can help banks understand the situation and be more supportive for troubled borrowers.
The document discusses plans to create a documentary film following the journey of the Haiti national team to the Homeless World Cup finals in Paris. The Homeless World Cup uses soccer to help homeless individuals around the world. The film aims to highlight the personal stories and impacts of the tournament in order to bring greater awareness to the Homeless World Cup and its ability to positively change lives. It will focus on the Haitian team's experiences and follow-up with players after the event.
This document discusses using blogs in the classroom. It begins by asking essential questions about what blogs are, their purpose, how they appeal to millennial learners, and what components and characteristics make a good blog. It then answers each question, explaining that blogs allow for online collaboration, reflection on learning, and extending course content. Blogs appeal to millennial learners through their multimedia and online nature. Components include headers, posts, comments, and ways to share the blog. Making a blog better involves frequent posts, links to supplement content, comments, following etiquette, and focusing on the topic. In the end, blogs can activate higher-order thinking and create an online community for sharing and learning.
AMA Twitter for Marketers Orlando-6-9-11Bernie Borges
Your Twitter strategy should be a component of your overall social communication plan to expand your brand across the web and produce measurable results." The document discusses developing a Twitter strategy that engages followers through relevant content and conversation while connecting with other users to expand reach. It provides guidance on setting up profiles and accounts, developing content strategies, using hashtags and lists, finding influencers, and integrating Twitter into overall marketing. The goal is to use Twitter to engage an audience, drive traffic, and measure results.
The US House of Representatives voted to provide $560 million in funding for the development of the GE Rolls-Royce F136 engine for the F-35 Joint Strike Fighter as an alternative to a sole-source engine. The F136 engine supports over 2,500 jobs and is on budget and on schedule. Rolls-Royce applauded the vote that maintains competition on the program and avoids a $100 billion engine monopoly for the largest fighter program.
This document lists various motocross products for sale in 2010 including air pants, air jerseys, and helmets from brands like GP Air and SE2 in colors like pink, black, and white with prices ranging from $42 to $525.
A Road Map to Major Changes Coming to Multi-Employer Pension Plans: What Part...Polsinelli PC
To address the severe underfunding of multi-employer pension plans and the teetering finances of the Pension Benefit Guaranty Corporation ("PBGC"), the Multi-Employer Pension Reform Act of 2014 ("MPRA") was enacted last December in the most significant legislation affecting these plans since 1980. Among other changes, the MPRA gives troubled funds the ability to reduce the pension benefits of participants, including benefits for some retirees already in pay-status. It also gives additional flexibility to the PBGC to help underfunded plans by providing its financial assistance and facilitating fund mergers and partitions. There are also special rules under MPRA that may impact an employer's withdrawal liability.
This webinar, presented by Employee Benefits and Executive Compensation chair Andrew Douglass and Labor and Employment vice-chair Brad Kafka, discussed how the MPRA changes affect multi-employer pension plans, and specific actions that employers should consider in light of MPRA changes taking effect this year.
Fiduciary liability insurance covers plan sponsors and fiduciaries for liability arising from managing employee benefit plans, such as 401(k) plans. While premiums have historically been low, several factors are increasing risks for plan sponsors of defined contribution plans and lawsuits alleging excessive fees are being brought against smaller plans. As legal strategies evolve, plan sponsors should review their fiduciary liability coverage and ensure prudent management of retirement plans.
Ownership and control in multinational joint venturesanushreeg0
This document summarizes a paper that examines how capital restrictions can affect the ownership structure and control of international joint ventures between multinational enterprises and local firms. The paper reviews previous research on factors that influence joint venture ownership structures. It then discusses how capital restrictions imposed by host countries can limit foreign ownership and influence how ventures are structured to allocate control between partners. The paper aims to analyze how different levels of capital restrictions impact investment levels and the optimal design of joint venture contracts under asymmetric information conditions.
Contracts are the foundation of modern business and reflect an organization's commitments and governance. Effective contract management includes clear and unambiguous terms, transparent approval processes, executive accountability, and risk assessment. It ensures performance of obligations and achievement of strategic goals. Organizations should establish defined processes for contract review, implementation, reporting, and knowledge management to support effective contract management.
How have technology advances reduced risk for financial services firms? Lisa Dolly, COO of Pershing LLC, a unit of BNY Mellon, explains. This is part of an EIU research series, sponsored by Broadridge. Read more: http://bit.ly/OpP14
Treasury Strategies Testimony to U.S. House of Representatives on the Volcker...Tony Carfang
The document discusses concerns about the potential negative impacts of the Volcker Rule on non-financial businesses. It summarizes that the Volcker Rule may: reduce banks' ability to provide important services like underwriting bonds that businesses rely on to raise capital; increase costs for businesses and reduce their access to credit; and cause some financial risks to shift from banks to other parts of the economy rather than being eliminated. It argues the lack of clarity and complexity of the Volcker Rule could have significant unintended consequences for both businesses and the broader economy.
The document discusses the importance of contract management for governance, risk management, and compliance (GRC). It notes that the CGF Research Institute will soon be releasing a report on this topic. It also discusses the three major compliance domains that contracts relate to: regulatory compliance with legislation, procedural/operational compliance within an organization, and contractual compliance between an organization and other entities. Effective contract management is necessary to ensure compliance across these different domains.
JVs and Teams Teaming and JVs Chicago 2015David Rose
This document discusses small business size standards and affiliation rules under the Small Business Act. It provides details on definitions of small businesses, calculations for average annual receipts and number of employees, considerations for affiliates and joint ventures, and exceptions to affiliation rules for certain joint venture arrangements. It also summarizes proposed new regulations related to mentor-protégé programs that would create opportunities for small businesses outside of the 8(a) program.
1) Prior to the economic crises, consumer conventions in financial services were more distinct by territory, but the crises consolidated consumer convention across geographies.
2) The new post-crisis sentiment suggests consumers want simplification, fairness, and honesty from financial institutions and have lost faith in the industry.
3) This presents an opportunity for Kim Eng to communicate using new "currencies" like time, information, and sustainability to regain consumer trust.
Joint ventures and strategic alliances allow companies to grow in scale and capabilities with less risk than mergers or acquisitions. They involve partnerships that maintain autonomy for each organization while aligning long-term goals for mutual benefit. Key differences are that joint ventures create a separate legal entity to carry out specific projects for a set time, while strategic alliances do not form a new entity and generally have a more indefinite relationship.
1) The 2008 financial crisis exposed widespread failures in corporate governance, risk management, and compliance at many large financial institutions. Inadequate oversight and risky practices like off-balance sheet financing contributed to the crisis.
2) Regulators have since increased scrutiny of governance, risk, and compliance (GRC) practices in the financial industry. Compliance is now a major focus for CEOs and boards, who seek to integrate GRC and leverage compliance investments for broader business benefits.
3) Technology is playing a larger role in GRC, with tools that give managers and boards more real-time risk data and indicators. Financial institutions are working to establish comprehensive enterprise-wide GRC frameworks using technologies like cloud computing and
A PRACTICAL GUIDE TO ORGANIZATIONAL CONFLICT OF INTEREST FAR SUBPART 9.5 dbolton007
This document provides an overview of organizational conflicts of interest (OCI) as defined by the Federal Acquisition Regulation (FAR). It discusses the three main types of OCI: access to non-public information, biased ground rules, and impaired objectivity. The document summarizes GAO case law related to impaired objectivity OCIs and outlines practical steps contracting officers and contractors can take to identify and mitigate potential OCIs, including developing mitigation plans.
Non-competition and Non-solicitation ProvisionsKevin Learned
In this seminar we analyzed non-competition and non-solicitation provisions in the contexts of M&A transactions, employee/consultant relationships and subcontracting agreements. We addressed issues that arise in the drafting and negotiation of these provisions, as well as issues related to enforcement and litigation, with a particular emphasis on issues impacting federal service contractors who operate in the DC/MD/VA region.
In marketing contracts between powerful firms and weak firms, it can be mutually beneficial for the powerful firm to “tie its own hands” at the initial contract by putting in place safeguards to protect the weak firm in the ongoing relationship.
Banks want to see 13-week cash flow forecasts, current financial statements including balance sheets, income statements and cash flow statements, and a turnaround plan with defined milestones and metrics. They want clarity on the issues, full disclosure of financials, and solutions or plans from management rather than just problems. Banks are looking for signs the borrower has "skin in the game" through things like owner capital infusions. Providing these tools and transparency can help banks understand the situation and be more supportive for troubled borrowers.
The document discusses plans to create a documentary film following the journey of the Haiti national team to the Homeless World Cup finals in Paris. The Homeless World Cup uses soccer to help homeless individuals around the world. The film aims to highlight the personal stories and impacts of the tournament in order to bring greater awareness to the Homeless World Cup and its ability to positively change lives. It will focus on the Haitian team's experiences and follow-up with players after the event.
This document discusses using blogs in the classroom. It begins by asking essential questions about what blogs are, their purpose, how they appeal to millennial learners, and what components and characteristics make a good blog. It then answers each question, explaining that blogs allow for online collaboration, reflection on learning, and extending course content. Blogs appeal to millennial learners through their multimedia and online nature. Components include headers, posts, comments, and ways to share the blog. Making a blog better involves frequent posts, links to supplement content, comments, following etiquette, and focusing on the topic. In the end, blogs can activate higher-order thinking and create an online community for sharing and learning.
AMA Twitter for Marketers Orlando-6-9-11Bernie Borges
Your Twitter strategy should be a component of your overall social communication plan to expand your brand across the web and produce measurable results." The document discusses developing a Twitter strategy that engages followers through relevant content and conversation while connecting with other users to expand reach. It provides guidance on setting up profiles and accounts, developing content strategies, using hashtags and lists, finding influencers, and integrating Twitter into overall marketing. The goal is to use Twitter to engage an audience, drive traffic, and measure results.
The US House of Representatives voted to provide $560 million in funding for the development of the GE Rolls-Royce F136 engine for the F-35 Joint Strike Fighter as an alternative to a sole-source engine. The F136 engine supports over 2,500 jobs and is on budget and on schedule. Rolls-Royce applauded the vote that maintains competition on the program and avoids a $100 billion engine monopoly for the largest fighter program.
This document lists various motocross products for sale in 2010 including air pants, air jerseys, and helmets from brands like GP Air and SE2 in colors like pink, black, and white with prices ranging from $42 to $525.
La contabilidad se ha practicado desde tiempos antiguos, cuando los egipcios y romanos llevaban registros para el intercambio comercial. La contabilidad de partida doble se originó en las ciudades comerciales italianas en el siglo XIV. El monje Luca Pacioli difundió el concepto de partida doble en 1494. La Revolución Industrial creó la necesidad de adoptar técnicas contables para reflejar la mecanización de los procesos de producción masiva.
This presentation introduced my Advanced Moodle professional development session. The presentation also includes content from my Introduction to Moodle presentation.
El nuevo cuadro de velocidades y sanciones aprobado en el Congreso establece multas de hasta 600€ y la suspensión de la licencia de conducir por 2 meses para las infracciones más graves. Además, se modifican los puntos que se restan por diferentes infracciones como conducir con inhibidores de radar, que pasa de restar 2 a 6 puntos.
Una pulga le pregunta a otra si caminan o esperan al perro. La maestra le pregunta a Jaimito su nombre, él no sabe, y le pide que para el día siguiente traiga su nombre. Cuando la maestra le vuelve a preguntar, él responde que se llama Jaimito.
El documento presenta la división regional de la República Dominicana según su superficie, densidad poblacional y distribución urbana-rural. El país se divide en 10 regiones agrupadas en 3 macroregiones (Norte, Suroeste y Sureste). La región más poblada es Ozama con casi 3 millones de habitantes, mientras que la menos poblada es Enriquillo con cerca de 343,000 habitantes. En general, la densidad poblacional nacional es de 176 habitantes por km2 y el 68.2% de la población vive en
This document discusses connecting technology with the Learning-focused Schools philosophy to engage and motivate students. It suggests using technology to interest students, deliver differentiated instruction, and scaffold learning. It also explores how to integrate technology into the seven steps of Learning-focused Schools lesson plans, such as using multimedia, mind mapping, publishing tools, and more to appeal to millennial learners and teach 21st century skills. Finally, it addresses connecting technology to state standards and measuring 21st century skills.
En 3 oraciones o menos:
El documento describe la relación íntima entre el autor y su pareja, destacando la belleza y conexión que comparten. Expresa la felicidad que sienten al estar juntos, la intimidad que comparten y el amor profundo que se tienen el uno al otro. Concluye afirmando que ella es solo de él y él es solo de ella.
I have created a photo album to collect memories from my travels over the past year. The album contains photos from my trips to various locations around the world including Paris, Tokyo, and Rio de Janeiro. These photos help me reminisce about the beautiful places I visited and people I met along the way.
A person finds matches in their kitchen after their power goes out at night. When lighting a match, they hear a strange noise and the match starts a fire that divides into three large flames providing three paths. They must now decide which path to follow in the strange fire.
Transforming Legal Profession To Legal Services (Legal Industry Analysis)Timothy LaBadie
This document analyzes trends transforming the legal profession into a legal services industry. It finds that the legal industry is fundamentally changing due to changes in client demand, technology, and globalization.
In terms of demand, corporate clients are insisting on cheaper legal services while demanding higher value. They are increasingly using alternative fee agreements and moving work in-house. Clients also refuse to pay high rates for junior associates.
Globalization, in the form of legal process outsourcers, is taking routine legal work from law firms. Technology allows individual clients to be served by online providers and allows lawyers new ways to market themselves online. Cloud-based practices are also transforming law practice.
The old law firm model of
Business Process Re Engineering In Law Firms 2010Alastair Ross
This document provides an introduction to business process re-engineering for law firms. It discusses the increasing pressures on law firms from factors such as the economic downturn, client demands for value and cost reduction, and potential new competitors enabled by deregulation. The document contends that process thinking can help law firms significantly improve their competitiveness by identifying inefficiencies and adding value. It provides an overview of what business processes are and how they typically operate across functions within firms. The document argues that process re-engineering represents an opportunity for law firms to transform their operations and emerge stronger from the downturn.
1) CPAs and other financial professionals are now considered fiduciaries under new regulations, requiring them to put their clients' interests first.
2) Record keeping is crucial to demonstrate that all work was conducted within compliance guidelines, including documenting all client meetings and the process for insurance transactions.
3) A lawsuit awarded $14.2 million to a plaintiff after two reputable firms provided dramatically different calculations for life insurance premiums to maintain the same benefits, illustrating the risks of relying on common industry practices. Proper application of prudent investor principles could have avoided litigation.
The document discusses changes in the UK legal services market brought about by the Legal Services Act 2007. This includes the emergence of new legal firms like Riverview Law that offer different pricing structures and services. It also references Richard Susskind's book "The End of Lawyers?" which predicted innovation in the industry. The newsletter highlights a debate between procurement and legal professionals around who is best suited to source external legal services. While procurement aims to reduce costs, legal teams prioritize other factors. Overall, both groups need to work together to optimize spending on legal services.
2016-05-31 Practico Legal Business ReportJames Barrett
The document discusses litigation costs and methods for controlling costs. It notes that while time-based billing remains dominant, budgeting is becoming increasingly important. A new method called J-codes provides a standardized way to categorize legal work and costs that many believe will provide more transparency and help control costs. The report is based on a survey that found openness to alternative billing methods but continued use of time-based billing due to its transparency. J-codes in particular received interest from those aware of them for improving budget monitoring and reducing disputes.
Innovation In Banking: Hidden Opportunities in the Forces Propelling ChangeInfosys Finacle
With Darwin’s theory playing out in the last couple
of years, surviving financial institutions are
confronted with multiple challenges. On the
external front, banks are trying to: reclaim the trust
of increasingly strident, demanding consumers;
tackle competition from established and emerging
rivals and; comply with tougher mandates.
Internally, their biggest challenges include
adjusting to restructuring, consolidation and
improving operating efficiency. To top it all, the
quest for a competitive edge requires them to
imbibe best practices from peers and other
industries, and keep pace with new technologies.
The document discusses the challenges that asset managers face with know-your-customer (KYC) and anti-money laundering (AML) regulations. It notes that compliance costs have increased, onboarding times have lengthened, and it is difficult to keep large amounts of client data up-to-date. A centralized solution that collects, verifies, and monitors client data could significantly reduce costs for both clients and asset managers by streamlining the onboarding process. The article advocates for standardizing KYC/AML policies across the industry and adopting a centralized model to improve efficiencies and the customer experience.
The document summarizes recent developments in proportionality assessments for legal costs in UK courts. It discusses two recent cases where the Senior Costs Judge and Master applied the new proportionality test and reduced costs awards that had been deemed reasonably incurred based on line-by-line assessments. The new test requires standing back after a detailed assessment and considering if the overall costs are disproportionate given the nature of the case. This represents a change that increases the risk faced by litigants and lawyers in terms of recovering costs. The effect may be to increase the use of costs budgeting early in claims.
The document summarizes the key discussions and best practices for managing cross-border M&A deals that were shared at the 2015 Lex Mundi Summit. General counsel face many challenges in cross-border M&A including navigating complex regulations, cultural and regulatory asymmetries between jurisdictions, and ensuring successful post-merger integration. The Summit participants identified four important disciplines for general counsel: 1) effective relationship management with regulators and internal stakeholders; 2) clear communication and influence across the organization; 3) prudent process and project management; and 4) relentless focus on post-merger implementation. While much legal advice focuses on closing the deal, participants agreed that the hardest work begins after closing in integrating the two companies and ensuring promised
2015 Summit Briefing Excerpt 01.11.2016Eric R. Staal
This report summarizes the key discussions and best practices shared at the 2015 Lex Mundi Summit focused on how general counsel can manage demand, deliver quality, and articulate value in cross-border M&A deals. The Summit highlighted four critical disciplines for general counsel: 1) effective relationship management with regulators and internal stakeholders; 2) strong communication and influence across the organization; 3) careful process and project management; and 4) a relentless focus on post-merger integration from the start of the transaction. Relationship building, clear communication, managing expectations, and ensuring promised synergies are realized were emphasized as essential to navigating the increasing demands and complexities that general counsel face in cross-border M&A.
1. The insurance industry has principles of transparency but relationships between insurers and restoration contractors are often inconsistent and unclear.
2. Major issues include unclear pricing, ineffective processes, inexperienced adjusters, and personal relationships driving business over quality and capabilities.
3. Both parties need to better understand each other's needs and requirements to build a more transparent and consistent relationship focused on policyholders.
Thomson Reuters Legal Department In-Source & Efficiency ReportPaul Authachinda
The survey report summarizes the findings of a survey of 303 legal department attorneys on their best practices for improving efficiency. It finds that legal departments are increasingly looking to improve efficiency through growing internal headcount and resources rather than just focusing on reducing outside counsel costs. Many departments are expanding their in-house teams with new attorney and staff hires to handle more legal work internally in areas like contracts, IP, M&A and litigation. They are also using new onboarding, technology and knowledge management tools to further boost internal capabilities and productivity. While outside counsel remain important for complex matters, legal departments are striving to take on more work themselves through increased investment in internal resources.
Chris Coxon - Evidence informed policy making - 26 June 2017OECD Governance
Presentation by Cris Coxon, Head of Civil and Administrative Justice Research, Ministry of Justice, United Kingdom, at the event on Governing better through evidence-informed policy making, 26-27 June 2017. The event was organised by the OECD Directorate for Public Governance in cooperation with the European Commission’s Joint Research Centre (JRC), the Campbell Collaboration and the International Network for Government Science Advice (INGSA). For further information please see http://www.oecd.org/gov/evidence-informed-policy-making.htm
The document discusses the debate around taxing carried interest at ordinary income tax rates versus capital gains tax rates. Currently, carried interest is taxed as capital gains. Proponents of change argue this is unfair, as fund managers provide services, and their income should be taxed like other service providers at higher ordinary rates. However, opponents note that fund managers also take on investment risk like other investors. The document outlines the various perspectives in the debate and considers alternative proposals but does not take a definitive position.
The document discusses the challenges that financial institutions face in complying with amended Regulation E, which requires opt-in for overdraft fees on ATM and debit card transactions. It outlines strategies that institutions are taking, such as discontinuing overdraft services, maximizing opt-ins, increasing debit card usage, implementing new pricing, and reducing deposit account costs. Specific tactics discussed include segmenting customers, multi-channel opt-in campaigns, debit card activation promotions, and process optimization.
E-billing technology: maintaining a cutting edgeLSG
E-billing technology and supporting bill review services are enhancing legal departments by allowing for electronic invoice submission, review, and payment processing. The Legal Electronic Data Exchange Standard (LEDES) created international billing standards to provide consistent legal data. LSG provides e-billing and bill review services that help clients track spending against budgets, ensure compliance with agreements, and generate detailed reports on law firm performance and costs. Moving to e-billing removes paper from the process and allows clients to better manage legal costs and vendor relationships.
In the last few years, the financial markets have undergone dramatic change. While some of this is down to natural evolution, much of the change can be directly attributed to new rules introduced in the wake of the 2007 crisis. Regulators, legislators and central bank governors have been determined to avert another bubble bursting or an unexpected event that could threaten markets. Lawmakers have targeted key financial practices for reform, radically altering the expectations and behavior of industry participants. The combination of the Dodd-Frank Act, European Markets Infrastructure Regulation (EMIR), MiFID ll and Basel lll signify the biggest regulatory change in decades. These reforms have resulted in major change to how financial products are traded, settled, collateralized and reported, resulting in deep and ongoing structural changes to the markets.
There is no doubt that these new rules are directly impacting buy-side firms — be they asset managers, hedge funds, insurance companies or pension funds. But while the changes have certainly brought challenges, they have also brought opportunities. Firms that can proactively evaluate structural and operational dislocations in the marketplace and tailor business models to leverage the opportunities while addressing the challenges will be in the best position to stand apart from their competitors. Revised business models call for revisions to supporting processes and systems. Buy-side firms should look to re-architect their processes and technology infrastructure, with a goal to strengthen risk control and oversight, enhance transparency and improve efficiency of front-to-back office control functions.
The credit crisis, and the regulatory response it spawned have fundamentally reshaped financial markets for buy-side firms. But while the changes have brought about challenges, they have also ushered in opportunities. The key to success will be the speed with which firms are able to understand the changing marketplace and adapt their business models to align with the changes.
Who are today's consumers of Legal Expenses Insurance?Demi Edmunds
Jacqueline Harvey talks about who today's consumers of legal expenses insurance are, in short - An increasing range of those using dispute resolution services.
Similar to Tying Outside Legal Costs To Value Pw 0209 (20)
Parabolic antenna alignment system with Real-Time Angle Position FeedbackStevenPatrick17
Introduction
Parabolic antennas are a crucial component in many communication systems, including satellite communications, radio telescopes, and television broadcasting. Ensuring these antennas are properly aligned is vital for optimal performance and signal strength. A parabolic antenna alignment system, equipped with real-time angle position feedback and fault tracking, is designed to address this need. This document delves into the components, design, and implementation of such a system, highlighting its significance and applications.
Importance of Parabolic Antenna Alignment
The alignment of a parabolic antenna directly affects its performance. Even minor misalignments can lead to significant signal loss, which can degrade the quality of the received signal or cause communication failures. Proper alignment ensures that the antenna's focal point is accurately directed toward the signal source, maximizing the antenna's gain and efficiency. This precision is especially crucial in applications like satellite communications, where the antenna must track geostationary satellites with high accuracy.
Components of a Parabolic Antenna Alignment System
A parabolic antenna alignment system typically includes the following components:
Parabolic Dish: The primary reflector that collects and focuses incoming signals.
Feedhorn and Low Noise Block (LNB): Positioned at the dish's focal point to receive signals.
Stepper or Servo Motors: Adjust the azimuth (horizontal) and elevation (vertical) angles of the antenna.
Microcontroller (e.g., Arduino, Raspberry Pi): Processes sensor data and controls the motors.
Potentiometers: Provide feedback on the antenna's current angle positions.
Fault Detection Sensors: Monitor for potential faults such as cable discontinuities or LNB failures.
Control Software: Runs on the microcontroller, handling real-time processing and decision-making.
Real-Time Angle Position Feedback
Real-time feedback on the antenna's angle position is essential for maintaining precise alignment. This feedback is typically provided by potentiometers or rotary encoders, which continuously monitor the azimuth and elevation angles. The microcontroller reads this data and adjusts the motors accordingly to keep the antenna aligned with the signal source.
Fault Tracking in Antenna Alignment Systems
Fault tracking is vital for the reliability and performance of the antenna system. Common faults include cable discontinuities, LNB malfunctions, and motor failures. Sensors integrated into the system can detect these faults and either notify the user or initiate corrective actions automatically.
Design and Implementation
1. Parabolic Dish and Feedhorn
The parabolic dish is designed to reflect incoming signals to a focal point where the feedhorn and LNB are located. The dish's size and shape depend on the specific application and frequency range.
2. Motors and Position Control
Stepper motors or servo motors are used to control the azimuth and elevation of
LinkedIn for Your Job Search June 17, 2024Bruce Bennett
This webinar helps you understand and navigate your way through LinkedIn. Topics covered include learning the many elements of your profile, populating your work experience history, and understanding why a profile is more than just a resume. You will be able to identify the different features available on LinkedIn and where to focus your attention. We will teach how to create a job search agent on LinkedIn and explore job applications on LinkedIn.
1. Tying
Outside
Legal Costs
Will the Current Economic
Crisis Spark a Rush to
Value Based Fees?
to Value A
s a result of the changing face of the le-
gal profession and particularly the im-
pact of the worldwide economic crisis,
General Counsel, Chief Legal Officers
and other in-house contractors of out-
side legal services are being compelled
to take on a new and unexpected role:
market maker and change agent.
Rather than being passive consumers of legal services as
shaped and billed by outside counsel, CLOs find themselves
in a new position with unexpected leverage: at the forefront of
a major sea-change that positions them to call the shots, con-
figure the product, define the lawyer-client relationship, and
control pricing as never before. The practical question is how
readily they embrace this power and how effectively they learn
to use it.
Traditionally conservative and accustomed to traditional
billing and service delivery models, CLOs are feeling the pres-
sure to adapt to a new set of “best practices,” pressure that is
increasing exponentially in responses to chaotic, apparently
uncontrollable global financial events. They see the more in-
novative and far-sighted among them engineer fundamentally
different relationships with their vendors and wonder how
much and how fast they will have to retool their
modus operandi.
“One GC Whether in the United States, the EU or the
UK, CLOs have long obsessed about their “out-
succinctly side legal spend.” And well they should. Accord-
stated, “If a ing to Altman Weil’s 2008 survey of U.S. CLOs,
even before the current economic meltdown,
lawyer can’t their highest priority over the next 3-5 years
offer me was to control legal costs. Similarly, in a recent
survey of major international firms by Ever-
alternative sheds, Law Firm of the 21st Century, corporate
fees, I’ll find counsel identified containing costs, dealing
an ‘alternative with escalating rates and achieving value for the
money as their top challenges. Because outside
lawyer’.” legal costs have long constituted the lion’s share
30 31
2. of expenditures for almost every corporate legal department, incentives they create for bill-padding and overlawyering, and for outside firms to manage
new approaches for pricing and billing legal services seem in- the damage wreaked on the relationship between inside and costs, staff effectively and
evitable. outside counsel. The most common gripes are hardly new: operate efficiently. Because
In a major paradigm shift from the days when law firms wrote Hourly rates put the interests of the attorney in conf lict greatest gains in these areas
the rules in the lawyer-client relationship, CLO’s know that as with the interests of the client by emphasizing quantity over require collaborative dis-
today’s hotly competitive client they now can insist on: quality. cussion and “getting-to-yes”
Predictability of outside legal costs (requiring firms to bud- The number of hours it takes to complete a task does not negotiation, value based fees
get accurately and hold to budget); necessarily correlate to the value of that task to the client, par- actually encourage a more
Efficient and productive lawyering (meaning strict attention ticularly if work is being provided by inexperienced younger candid, mutually-beneficial
to staffing and a relentless results-orientation); and lawyers. and lasting relationship with
Bills that reflect actual value conferred -- as they, the client, Hourly rates reward lawyers who take the most time to com- the client.
perceive that value. plete tasks (particularly routine and repetitive tasks) rather than Clients and outside coun-
rewarding efficiency, creativity, or the use of technology to stream- sel can explore a variety of
Predictably, the high-stakes players and industry innovators line service delivery and collaboration with in-house counsel. value-based or other alter-
tend to lead the way. Recently, the big legal dogs from such native fees, depending on the
major corporations as Sun Microsystems, Del Monte Foods, What the CLo IS doIng about nature and volume of work.
Coors Brewing, Edison International, Wal-Mart, Cisco Sys- aLternatIve feeS These can include retainer
tems and Exelon Corporation met to compare notes about the With or without the collaboration of outside law firms, a rap- arrangements, success fees,
performance of their outside counsel. The result was a white idly-increasing number of clients are forcing fundamental flat fees, fixed fees, contin-
paper emphasizing the need for firms to improve value added changes in the mode of legal service delivery. The most com- gency fees (partial or full)
and better align service delivery with the goals and objectives mon include: keyed a variety of variables,
of legal departments -- just as General Coun- Procuring work through Requests for Pro- or task-based fees.
sels need to be aligned with the goals of their posals (RFPs) or Tenders that specify the
own senior executive teams. (See ACC’s CLO “Some firms type of acceptable/preferred fee arrange- barrIerS to Change
Think Tank Executive Report, April 2008). ment. In 2008, for example, Goodyear Tire Many law firms resist any
CLOs are demanding changes in billing claim they simply & Rubber Company issued an RFP for its na- systemic change that im-
practices, and becoming less shy about insist- aren’t able to tional product liability litigation and speci- poses more obligations on
ing on innovative billing. Law Firms Tighten- fied that it would only entertain all-inclusive them or threatens existing
ing Belts -- By Request, (Washington Post, undertake billing fixed fee proposals. profitability levels. Some
10/20/08), stated, “Robert Ruyak, chairman changes because Imposing their own billing hour limits and claim they simply aren’t able
to undertake a billing para-
and managing partner of Howrey, LLP, said
he began feeling the heat from corporate cli-
they are locked rewarding their outside firms for crafting al-
ternative fee structures. For example, in May digm shift because they are
ents last year. With tighter budgets, legal de- into their existing 2008, Fidelity Investments notified its out- locked into their existing ad-
partments at Proctor & Gamble, Qualcomm,
GE Healthcare and others prodded Howrey
administrative side counsel that it was imposing a mandato-
ry discount program, effective July 1, 2008.
ministrative and operative
systems. Others report that
to provide significant savings in the form of systems. This is A firm could be exempted from the manda- they are unable to propose
alternative fee arrangements.”
While circumstances are forcing a more
the inconvenience tory discount if it entered into an approved
alternative fee arrangement with Fidelity.
alternative fee approaches
because they do not know what it costs them to provide the Even cardiologists performing open heart surgery are now
assertive stance by top in-house lawyers, a factor.” Conducting “convergence” initiatives that requested services. Billing that is based simply on rate-times- offering flat fees. For example, Geisinger Health System, which
number of CLOs tell us that they do not enjoy reduce the total number of legal providers hours provides no information from which a firm can analyze runs three hospitals in central Pennsylvania, charges a flat fee
being the only party driving change. They have warm praise and establish a Preferred Provider list. Fees are then negoti- the cost components of generating particular services, much on coronary-artery bypass surgery and all of the pre- and post-
for firms that come to them with creative solutions, offering ated and driven by the corporate counsel’s values and priori- less the efficiency of lawyers providing those services. Histori- operative care that goes with it. Surely, the myriad possibilities
to collaborate in novel approaches to providing and measuring ties, not the firms’ customary billing rates. cally, because efficient lawyers were likely to bill fewer hours, – health, life-style, genetics – over which the physician has no
value. One respondent told Altman Weil in the 2008 CLO sur- Using offshore resources for significant cost savings in liti- firms had no incentive to improve efficiency or minimize over- control – make such surgery novel each time. Yet, using metrics
vey, “these are the firms that distinguish themselves and earn gation matters. Recently a major international corporation lawyering. over a period of time have allowed this health system to project
our business.” Other CLOs see the current climate as contrib- obtained pricing from its outside firm to conduct a document The “inconvenience argument” generally falls on deaf client the average cost of such surgery.
uting to more effective and more trusting relationships with review for a products liability case. The review would have cost ears, inasmuch as their management demands that they pro-
preferred outside providers. As Mark Chandler, General Coun- $2,000,000 to conduct onshore but cost only cost $350,000 vide efficient, value-driven legal services within their corpora- Who drIveS, Who reSpondS?
sel & Secretary of Cisco Systems, Inc., put it, “once a model for with lawyers in India. Initially, the corporation considered tions and believe that law firms should be able to do the same. One can hope that CLOs and law firms alike take inspiration
delivering legal services is built around efficiency rather than having its outside counsel conduct the review. The firm would In the last four years, many large corporate legal departments from the sort of innovative, collaborative and mutually-ben-
time and hours billed, then law departments and outside legal have used its associates billing at a blended rate of about $250/ have developed sophisticated metrics for determining the cost eficial relationships that make best-practices case studies. If
service providers can truly partner with each other.” hour. In contrast, India-based lawyers cost about $30/hour of services for matters and for component parts of services. outside law firms can’t or won’t step up to the negotiating table,
Cisco put its money where Chandler’s mouth is when it de- (also a blended rate). “Why,” they ask, “do we know how much, on average, it costs however, ultimately it will be the CLO who has to assume the
cided that four areas in its approximate $125 million annual to generate a motion for summary judgment in our matters, but burden and discomfort of reshaping the provision and pricing
legal spend (commercial litigation, mergers & acquisitions, What are vaLue-baSed or our firms have no idea what it costs? This is, after all, the firm’s of legal service. As one GC succinctly stated, “If a lawyer can’t
securities and patent prosecution) would be awarded to firms aLternatIve feeS? core business.” offer me alternative fees, I’ll find an ‘alternative lawyer’.”
only on a fixed fee basis. One firm, Morgan Lewis & Bockius, Even if a proposed billing approach represents some departure At present, many CLOs can claim that their foot-dragging
that now handles Cisco’s commercial litigation nationwide on from a firm’s customary hourly rates, CLOs typically do not re- Why Can other profeSSIonaLS provIde stems from being forced to map new territory, evaluate new
an annual flat fee, has found the relationship with Cisco to be gard any method that uses an hourly billing rate as the basis for predICtabLe CoStS but LaWyer Cannot? risks, change old habits and assume accountability for wielding
so satisfactory that it has entered into such fee arrangements fee calculations, such as discounted rates or blended rates, as a CLOs report considerable impatience when told, “it depends” their increasing economic leverage. As more and more success
with other clients. As a result, Morgan reports that 40% of firm true alternative fee approach. when they ask how much a certain matter will cost. They have stories and exemplars of best practices emerge, however, there
revenues are billed through alternative fee arrangements. Presently the big push is for value-based fees, which are not been through the challenge of implementing better metrics for is no question that, in order to stay competitive and manage
tied to the number of hours billed by the legal professional. In- their own costs and services, and they know professional ser- costs, the foot-draggers will soon be compelled to chase the
What’S Wrong WIth the bILLabLe hour? stead, the fees are based on the type of work performed and an vices that have as many, if not more, variables that can affect first adopters down the road of change.
For years, in-house counsel have complained about the inef- agreed-upon value to the client. Value-based approaches aban- cost are able to provide fees and define the variables that might
fectiveness of hourly fees and procedures to track them, the don the old hours-times-rate approach and create incentives cause deviations. By Pam Woldow
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