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LAW FIRM and PARTNER HEADLINES for March 3, 2016
Am. Apparel GC, Capital Contributions, Dewey Charges Dropped, Buffett’s Leadership
Partner Capital Contributions Increasing and Payback Taking Longer or Not at All
Law firms generally have two sources of working capital and investment cash flow to ensure future accounts receivable:
bank debt and partner capital contributions.
When client demand is high and the economy is optimistic, law firms generally borrow more from banks. But since …”the wake of the great recession  and the consequent downturn in demand, firms recast their balance sheets to reduce their financial leverage and to look more toward their partners for capital,” said Michael McKenney, managing director of Citi Private Bank’s Law Firm Group.
CORPORATE LEGAL DEPT HEADLINES
“I won’t tell you that I get enough sleep. It’s not been an easy year,” says Grayson, who joined American Apparel from Loeb & Loeb in Los Angeles and was previously a partner at Jones Day. “But, my goodness, all of our brands have grown in ways that we never could have anticipated and it’s just been really fun.”
Despite the late hours and seemingly endless litigation this past year, Grayson says she is having the time of her life. “This is my house. This is my family,” says Grayson. “I live here at the factory pretty much. I want to protect, defend these people.”
DEWEY & LEBOEUF RECENT HEADLINES
Justice Stolz dismisses Grand Larceny charges of the remaining two Dewey Defendants
“In interviews after the trial, a number of jurors said prosecutors had made the case too complex by bringing too many charges and letting the proceedings stretch through the summer.”
Justice Stolz, in a ruling from the bench, said he was dismissing the 15 grand larceny charges because no reasonable jury would be able to convict Mr. Sanders or Mr. DiCarmine on them.
Mr. Vance’s prosecutorial team needed to re-examine the case because “the judge has dismissed the heart of the people’s case.” Per the NY Time
“We started with 106 counts, we’re now down to three,” said Andrew Frisch, an attorney for Mr. Sanders. “We’re headed in the right direction.”
4 Rules Working With Buffett — if you want to survive as a CEO working with Warren Buffett, here are four rules highlighted in this FORTUNE interview
of 3 Berkshire Hathaway CEOs:
- Don’t mess with the brand – above all else protect your reputation
- Here’s the pool, swim! – expect to run your own show, but Warren’s available
- Don’t worry about tomorrow – it’s about the next quarter….century!
- Don’t make me angry – refer back to #1
Four good rules for children to follow as well (do you have family values – never too late?)! Take 2 minutes to read through the details and view the interview.
By Verne Harnish of Gazelles
THINGS PEOPLE SAY
“the heads of many companies are not skilled in capital allocation, and … it is not surprising because most bosses rise to the top because they have excelled in an area such as marketing, production, engineering, administration or, sometimes, institutional politics.” (…for law firms I would insert “rainmaking”)
ECONOMICS & MARKETS/ JUST FOR KICKS
There are many insights to glean even in the legal industry from Mr. Buffett.
He provides candid insights into the legal industry.
RESOURCES & TOOLS
“Not all readers are leaders, but all leaders are readers.” -Harry S. Truman
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