How David Beats Goliath Blog

Do Lawsuits Increase the Costs of Health Care?

December 16th, 2014

 

Watch Mr. Swanson’s interview with Attorney Eric Fong of Fong Law in Port Orchard, Washington, about tort reform, plaintiff lawsuits and the cost of health care.

To contact Mr. Fong, call 1-866-504-2203, email Eric@EricFongLaw.com or visit his website at www.EricFongLaw.com.

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Karl Truman – Part 1 of 2 – Advocate for the Citizens of Kentucky & Indiana

December 10th, 2014

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Christian Scranton – Part 4 of 4 – Referrals

December 2nd, 2014

Be sure to watch Part 4 of Mr. Swanson’s interview with Christian Scranton as he discusses the importance of attorney referrals to Scranton Law Firm.

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What Are the GM Recalls All About?

November 25th, 2014

Click on the video to watch Mr. Swanson’s interview with Lance Cooper of The Cooper Firm in Marietta, Georgia, as he talks about the recent GM recalls and why they are important to all consumers.

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Do you know what liens are filed on your law firm?

November 21st, 2014

Watch UCC filingsYou may be surprised at what is in on record with your secretary of state. We have a client in California that recently came up for its annual renewal of our agreement. As part of the renewal we did our standard check to make sure nobody else had filed UCCs on the firm’s accounts receivable. That routine check turned up a $2 million lien against the law firm! It was filed by a disgruntled former client of the firm.

This individual had logged on to the California Secretary of State’s website and created a fictitious UCC filing against the law firm for $2 million. The firm didn’t know it was there until we checked and let them know about it. I’m not sure they would have known until they had to go find some other financing and it could have potentially blown a deal for them. Because the firm had never granted a security interest to the filer of the UCC, the UCC was worthless, but it still raised a red flag during the renewal process and could have delayed any new transactions that the law firm had been seeking.

So it’s important to monitor liens filed on you and your law firm. It only takes a few moments to check UCC filings using LexisNexis® or Westlaw®. This is another good annual exercise. Even if you see the UCCs filed that you expect, such as from your current lenders, look closely at the description of collateral in the filings. It is very common for a borrower to think their line of credit is secured by their real estate but for the lender to actually file on the firm’s accounts receivable or even all the assets of the firm. Again, this can cause costly delays when applying for or renewing loans or leases and it costs nothing to monitor.

You can learn more about this and other law firm finance topics in my book, How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms.


 

The above material is excerpted from How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms and is subject to copyright protection © by Michael J. Swanson, all rights reserved.

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