There are a number of resources that may be useful in the process of exploring the given venture.
Stark T. L. (2013). At the heart of the matter: Reading contracts and dealing with risk. The Tennessee Journal of Business Law, 309.
Dealing with risk and reading contracts play an important role in the process of opening a law and title company in Hohenwald, Tennessee. It is necessary to evaluate the amount of risk present in this venture. Reading contracts is also a part of opening process, especially for a law company. There are 4 main ways of reading contracts: read all about it; the walk-through; comp lit; sink or swim (Stark, 2013). All these methods may be used in everyday practice.
Williams, P. J., Tobin, K. A., Franklin, E., & Rhee, R. J. (2013). Tackling “arithmophobia”: Teaching how to read, understand, and analyze financial statements. The Tennessee Journal of Business Law, 341.
Analyzing financial statements is an essential part of any law company. The law expert should introduce the company’s clients to business financial planning, key concepts of managing their money, and financial record keeping in such a way that customers can feel more convenient working with financial statements and the given company (Williams, Tobin, Franklin & Rhee, 2013). The company’s employees should be well-trained in statistics and financial mathematics.
Tennessee Lawful Employment Act. (n.d.). Questions and answers.
Any venture of this type closely relates to different employment aspects. In particular, federal law requires all employers to verify the employment and identity eligibility of all their employees (Tennessee Lawful Employment Act, n.d.). It should be taken into account during the personnel employment campaign of the company under consideration.
Tennessee Statistical Abstract. (2003). Law enforcement.
This statistical report is of particular importance for a law firm. It allows comparing different crime rates, number of criminal offences, etc. However, data users should be attentive in making comparisons of law enforcement statistics due to the fact that published crime statistics represent fewer crimes than the number actually committed, and only those crimes reported to police (Law Enforcement, 2003). Moreover, reporting procedures may vary over time or from place to place.
Tennessee Statistical Abstract. (2003). Public assistance and social insurance.
These statistical data are presented as a percentage of personal income, in total, and as per capita measures. Total transfer payments may be reported as a component of personal income (Public Assistance and Social Insurance, 2003). Insurance is a typical issue for law firms. Transfer payments may be defined as income payments which are not compensation for current work effort. The issues with these payments may also be analyzed by the company.
Tennessee Statistical Abstract. (2003). Employment and earnings.
There are many significant indexes for a law company. They measure all changes in a company’s costs for employee compensation during some period. Moreover, the U.S. “labor force” includes members of the armed forces, persons 16 years or older, and classified as unemployed or employed (Employment & Earnings, 2003). This information may be used in the process of law consulting.
Rikleen, L. S. (2012). Law firms need to take care of their talent. Harvard Business Review.
It is important to understand how a law company may be “run like a business”. It means that it is necessary to invest intensively in leadership development and talent management (Rikleen, 2012). It plays a significant role in the strategic management of the company.
Rikleen, L. S. (2013). Solving the law firm gender gap problem. Harvard Business Review.
It is necessary to develop the recommendations that can be introduced into any existing compensation system in order to minimize the existing barriers that stand in the way of equal pay for male and female partners (Rikleen, 2013). It may be useful for the company under consideration as it will employ both male and female workers.
Ertel, D., & Gordon, M. (2012). Points of law: Unbundling corporate legal services to unlock value. Harvard Business Review.
Corporate legal departments and large law firms usually have enjoyed a mutual relationship that is founded on both regulation and trust. Clients typically may rely on companies to discern the risks associated with misjudging them and legal boundaries (Ertel & Gordon, 2012). Thus, corporate legal departments may influence the environment of the given law company and should be closely analyzed.
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