Growing

The Growing Trend of Law Firm Consolidations

Anyone who’s been paying attention to the legal landscape in recent years has likely already noticed the increasing number of law firms that are merging with other law offices in an effort to remain profitable while avoiding aggressive lay offs.  A. Harrison Barnes, attorney and LawCrossing.com founder says the proof is in the numbers.  In 2007, there were 54 law firm mergers in the U.S.  The following year, the total rose to 55 and by February 2009, there were 20 such mergers, which averaged out to more than two a week, with a new record being expected by year’s end.  So what’s it all about?

 

The LawCrossing.com founder offered a few explanations.  “The recession, a strong need to up the ante in billing rates and more large American firms facing lay offs of their associates are just a few of the reasons these mergers make sense on every level”.  Interestingly, since 2008, it’s the South that has seen more mergers and acquisitions than any other region.  In fact, in 2008, of the 55 law firms that were involved in these transactions, 22 of them were in the South and more specifically, the Southeast.  States such as Florida, South and North Carolina and Georgia are seeing a lot of these consolidations take place.

 

Another reason these practices are so attractive, says A. Harrison Barnes, is due to the “strength in numbers” concept.  Two firms might be succeeding, but when they come together, they often find they flourish.  Bringing two firms, each with its own clientele, has proven beneficial on many levels.  Clients are seeing these affirmations that their representation is on solid ground and making the right choices; that can only lend to more confidence in their legal firms.  Plus, it opens up the door for a new team of dynamic lawyers to come together as a team, each with his own specialty.  This makes it attractive for those big clients who have a wide spectrum of needs; it instills confidence.

 

While this might not mean new hires in the immediate future, it does position those firms into a much stronger perspective when the time comes that they do need to add associates.  “There’s no denying that the economy is on the mend; it’s just a much slower dance than anyone predicted and as a result, all sectors have had to revise their short term outlook and goals”, said Barnes.  “Once these firms are able to bring on new talent, it will be from a much stronger place that includes added benefits for both the firm and the associate”.

 

Many law offices are also considering what they can offer once merged.  Higher fees for specialized legal services are very attractive.  Clients like knowing that one firm can effectively handle all of his legal needs.  With more than 165,000 law firms in the United States, every advantage has the potential of being a powerful move that can make or break a firm.

Elizabeth Martinez – Ph.D. – Organizational Psychology. Provides you with a deep level of insight into your career direction and career development.

Growing Business With CNC Machining Centers and Their Financing

The CNC machining center is an almost indispensable piece of equipment when one talks about the machining industry. The reason for its great importance is that in machining, there are three major functions that you need to do: make the blueprints, draw the engineering bit and then finally cutting the material. The machining center gives you the tools to carry out all these functions. Read on to find out more on their uses and how you can get one with the correct CNC machining center financing.

• The machining center uses two motions – relative motion (between tool and machine) and primary motion (the cutting motion or cutting speed). Actually, there is also a third kind of motion which is the secondary motion, sometimes known as the “feed”.

• To replicate the engineering drawing identically on the object, these three motions are very important. If anything goes wrong in any of these three processes, your product could turn out inaccurately.

• The machining systems usually use techniques like tuning, milling, drilling and grinding. For all these functions, the CNC machining center is your best bet. CNC, or the Computer Numeric Control, machine allows you a very sophisticated level of control, as compared to the previous NC, or Numeric Control, machines.

• A drilling press is a good example of a CNC machine’s functionality. You have the basic purpose of drilling holes, but which has to be reached through a series of smaller processes. These include steps like chuck loosening, installation of the drill, getting to the actual job of drilling the hole and many a nitty-gritty. Manual work forces you to go through these steps one by one. This on a large scale will mean multiplying the processes and the time they take manifold.

• Now, in the above example, if you replace the manual labor with a CNC machine then all you need to is put in numerical instructions and your work is done in seconds, and with complete accuracy.

• But there is a certain degree of programming your CNC machine which requires a little time and effort. You need to put in a list of instructions for your machine to work accurately and this has to be thought out well.

• CNC machines are especially useful when it comes to heavy industries like those of metal. Drilling, grinding and cutting of metals can be done easily and quickly with a CNC machine

• But a major problem is obtaining the machines as they are very expensive. Here you can opt for CNC machining centers financing.

• Your business needs these machines to grow and prosper, so you shouldn’t overlook getting them for yourself. If money is a problem then there is always financing.

Not only will these CNC machines help your work be of better quality, they will help you save time and money. If your business is too small to afford the equipment by itself, try looking for CNC machining centers financing to help you out. You will start raising your profits almost instantly, without a doubt.

Chris Fletcher’s page features more about new and used CNC Machining Centers Financing and other finance topics. Visit him at: http://www.crestcapital.com/Catalog – – free instant quote & web calculator!

Find More Small Business Financing Articles

Financing Your Growing Small Business

If your business has a good record, there are several sources of funds out there for you. But in the start-up phase of your small business, let’s say your print online shop, your personal funds and borrowings will almost be your major capital. Almost all the equipment like the printer, papers, packaging and even your graphic artists doing your custom printing service, the funds are more likely to come from family and close friends. Ordinarily, there is no substitute for putting your financial assets on the line in starting your own business. Aside from your personal capital and those borrowed from your family and friends, here are other outside sources you may want to consider:

Trade Credits. Trade credit is an excellent way to finance inventory. If you use discounts wisely, it can be very economical. New equipment may be financed on an installment basis or by leasing from the supplier.  This way, you can have new equipment for your operations that you can pay on terms that is convenient to you. You can also budget your company’s existing funds for other important operating costs.

Banks. Establishing and maintaining good relationships with your bank will assure ready access to short term funds and even term loans of up to five years. These will usually have to be secured by existing business assets. Your need for bank loans should be anticipated well in advance. You should assess bank services and select the bank you have to deal with before opening your doors for business.  

SBA (Small Business Association). For instance, your custom printing service becomes in demand in the market and you already have plenty of customers patronizing your service, it is a sign of growth. The more your business grows, the more employees and equipment is needed; which then would require more funds. Continued growth of your business will require you to consider long-term financing. Loans from SBA, SBIC’s and SBDC’s are available. Equity financing may become necessary with growth to prevent burdening the cash flow of the business with fixed repayment expenses. SBIC’s and BDC’s, and venture capital firms can supply this form of funding. But they’ll certainly want a well-balanced management team guiding a rapidly growing business and selling unique products or services.

The cost of obtaining capital must be weighed against the benefits. Loans must be repaid- interest and capital- out of business earnings. But make sure they will not affect your ownership interest in the business, unless things go wrong. Not that they will impair your flexibility in making decisions that affect your business operations. Balanced financing and priority-first policy must be strictly observed to avoid financial problems in the long run.

One of the most difficult strategic decisions you’ll have to be concerned with is the long term financing. This usually boils down to whether or not you want your company to grow. If you do, you’ll probably have to sacrifice some of your ownership and control in the business. And your entrepreneurial flexibility may be diminished. You’ll have to reexamine the reasons you went into business anyway. It may be possible to stay small and remain profitable. If your firm grows too large to suit you, it may be better to sell out and start another business. This will very likely be your course if your dominant need is for achievement through entrepreneurship. Bear in mind that surviving business growth will require you to develop skills beyond those of what it takes to be an entrepreneur.

For comments and inquiries about the article visit Print Online and Custom Printing

Karen Grahams has keen interest in Internet Marketing, which began roughly four years ago. Writing has always been her passion. She is continually striving to enhance her interest by developing internet strategies.