Cashflow
Check 21, the nickname for a law that, as of October 28, 2004, impacts every bank in the country. As of this date, every bank will be required to accept "substitute checks." A substitute check is the legal equivalent of an original check and will include all the information contained on the original. This new process is being "sold" as a consumer benefit in that, because of the speedier clearance process, fraudulent checks will be discovered more quickly. The real benefit is for the banks, however, in that the "float" of money will be reduced significantly if not eliminated altogether.
If you have ever relied on float in your payments schedule, be careful.
Your "checks" will be presented for payment far more quickly. You've heard of "instant messenger?" This will be similar to "instant cash."
Of course, if you're the recipient, there will also be a shorter wait period for the clearance of funds. That's the positive!
Q & A
Question
I've been asked by a mid-sized firm client to conduct a "legal audit" to make sure all is OK on their legal issues. Any ideas on what should go into a "legal audit"?
Answer
The Dean of Preventive Law who created the concept of a "legal audit" was Lou Brown. He created checklists, galore. His books are out of print at the moment ... I would suggest you go to the largest law library near you and look under the works of Lou Brown.
And look at the ABA's LPM Section's work entitled "Easy Self-Audits for the Busy Law Office, written by Nancy Byerly Jones, one of the best law practice management consultants in the country, based in North Carolina.
Though not an audit checklist, you may want to consult one or more of my
works on running a law practice in order to get additional ideas. Check out our Books page.
And finally, if I can help you further, call or write me.
Coach Poll: edpoll@lawbiz.com (800) 837-5880
