An effective tool in a New York business owner’s toolkit is the pre-negotiation letter. Here, we explore the pros/cons of signing a pre-negotiation letter.

Pros and Cons of Signing a Pre-Negotiation Letter

Untangling this Option for New York Business Owners

In the dynamic landscape of New York business, the complexity of deal-making and dispute resolution often requires preemptive strategic moves. An effective tool in a New York business owner’s toolkit is the pre-negotiation letter. 

What does this involve? It allows parties to decide to outline their positions and intentions through this formal correspondence—before diving into a full-fledged negotiation or dispute resolution. As a New York business owner, should this be something you consider? In this article, we explore the advantages and potential pitfalls of signing a pre-negotiation letter.

Benefits of Signing a Pre-Negotiation Letter

There are a number of benefits of entering into a pre-negotiation letter agreement. It’s important for New York business owners to understand not all of these advantages may apply to them. The best course of action is to consult with an experienced New York law firm, as attorneys can assess a business’s particular scenario and goals.

One of the most evident benefits is the structured framework a pre-negotiation letter offers. Instead of stepping into a negotiation room with abstract ideas or apprehensions, both parties have a clear idea of what to expect. This structure is especially beneficial for intricate deals or disputes where details can be overwhelming. With an initial roadmap, the negotiation process can be considerably more streamlined and purposeful.

In the business world, verbal agreements or informal exchanges can lead to misunderstandings and complications. Having a written record of initial positions can be a lifesaver in such scenarios. If disagreements arise later or if parties need to revisit previous points of contention, this document serves as an impartial and unchanged record.

Time is a valuable commodity in business; some might say the most valuable one. Extended negotiations not only consume time but also resources and energy. By clarifying positions at the outset, a pre-negotiation letter agreement can lead to quicker consensus, benefiting all involved parties.

Forewarned is forearmed. Knowing the stance of the opposing party beforehand can be instrumental in crafting compelling arguments, anticipating counter-responses, and refining one's strategy. Instead of reactive negotiations, parties can proactively address concerns, leading to more constructive discussions.

Risks of Signing a Pre-Negotiation Letter

Like just about anything in life and business, there are two sides to every story. In this section, we break down some of the detriments of entering into a pre-negotiation letter agreement.

Negotiations often require adaptability. While a pre-negotiation letter sets the stage, it can sometimes be a double-edged sword. Once a stance is documented, deviating from it or employing a different strategy might be seen as inauthentic or insincere, hampering the trust-building process. So, determining the importance of flexibility in your negotiations is a critical element you should assess with your attorney

Every strategy has vulnerabilities. By revealing your position early, you might inadvertently show your hand, giving the other party insights into potential weak points that they can exploit during negotiations. This is where an experienced New York attorney who is skilled at navigating pre-negotiation letters can help you determine if a pre-negotiation letter protects you from exposing your vulnerabilities, or where doing so actually helps your case.

The legal dimension of pre-negotiation letters cannot be ignored. A hastily or improperly drafted letter can lead to unintended commitments. In the absence of clear disclaimers or protective clauses, what was intended as a preliminary discussion tool might evolve into a binding agreement, leading to unforeseen liabilities. Again, a knowledgeable attorney can guide business owners through the risks and how to avoid them.

Protection can come at a price. Ensuring that the pre-negotiation letter is thorough, accurate, legally sound, and works to your advantage,  can require significant investment in terms of time and potentially legal consultation. Especially for smaller New York businesses or less significant deals, this cost might outweigh the benefits, unless you’re working with a firm that can handle the task quickly and efficiently.

Weighing the Pros and Cons of a Pre-Negotiation Letter Agreement

Like any strategic tool, the value of a pre-negotiation letter lies in its judicious use. For New York business owners, understanding the nuances, benefits, and potential drawbacks is crucial. It’s not about avoiding or embracing this approach universally but rather discerning when it can be a game-changer and when it might be a misstep.

If you’re facing any legal issue, whether commercial litigation, bankruptcy, or real estate bankruptcy, our expert attorneys can help. Contact us today to arrange for a consultation.

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Jacob Frydman said in the lawsuit filed Friday in New York County Supreme Court that Herrick blew a key deadline against his former business partner, leading to a lackluster jury verdict in what should have been a billion-dollar-plus case.

NY real estate developer wants $1.1 bln from law firm over blown deadline

May 8 (Reuters) - A real estate developer has filed a $1.1 billion legal malpractice lawsuit against New York law firm Herrick Feinstein, alleging that the firm bungled his case and that one of its attorneys lied to two federal judges to cover up his mistake.

Herrick and its partner Arthur Jakoby, who was also named as a defendant, said in a statement that the claims "completely lack merit" and that the firm "has a substantial unpaid legal fee claim against Mr. Frydman."

Leo Jacobs, whose law firm is representing Frydman in the lawsuit, said if "there are any sums due, please provide an invoice and I am sure it will be taken care of promptly."

Frydman had alleged in a 2014 lawsuit that his former business partner Eli Verschleiser conspired with others to hijack the email servers of his company, United Realty Partners, and unlawfully accessed his email account. Frydman also alleged Verschleiser engaged in an anonymous, online smear campaign against him.

Frydman claimed he suffered nearly $380 million in compensatory damages. But lawyers at Herrick told a damages expert and others that their deadlines to submit reports in the case were in January 2017 when they were actually due in December 2016, the lawsuit said.

After the deadline passed, Jakoby fabricated an agreement that falsely made it seem as if Verschleiser's lawyers agreed to an extension, and then submitted deceptive filings to U.S. Magistrate Judge James Cott and U.S. District Judge John Koeltl about the matter, Frydman alleges.

"In sum, Herrick and Jakoby blew a clear and unambiguous court-ordered deadline, and then lied to not one, but two federal judges to cover up their malpractice," the lawsuit said.

Koeltl excluded the damages report in a March 2017 ruling, finding Frydman and his lawyers had no excuse for missing the "unambiguous deadline for expert disclosure." A federal jury eventually sided with Frydman in his lawsuit against Verschleiser and others, awarding him more than $2.1 million.

"But for Herrick’s and Jakoby’s malpractice, plaintiffs would have recovered punitive damages of $1.139 billion or more," the lawsuit said.

Verschleiser, who is not a party to the legal malpractice suit, is seeking to overturn the jury's decision. His attorneys did not immediately respond to a request for comment.

The case is Jacob Frydman, et al., v. Herrick, Feinstein LLP, et al., New York County Supreme Court, Index No. 150679/2023

For Jacob Frydman, Prime United Holdings LLC and United Realty Advisors LP: Ilevu Yakubov (Leo Jacobs), Lewis Fischbein and Adam Sherman of Jacobs PC, and Casey Coyle of Babst, Calland, Clements, and Zomnir PC

For Herrick, Feinstein and Arthur Jakoby: Anthony Sylvester of Sherman Atlas Sylvester & Stamelman

Should New York business owners file bankruptcy? Or not? One option to consider is the automatic stay. Here, we explore pros and cons of an automatic stay.

Automatic Stay in Bankruptcy: Good or Bad for New York Business Owners?

Crucial Considerations Surrounding General Bankruptcy and Real Estate Bankruptcy

Understanding the complexities of bankruptcy can be challenging—particularly given the precarious state of mind business owners find themselves in during turbulent financial times. Should a business owner file bankruptcy? Should they not? And for what reasons—both for and against filing?

One of the primary features of the bankruptcy process that stands out to many New York business owners and among New York bankruptcy attorneys is the "automatic stay." This provision can either be a lifesaver for some or a point of contention for others, especially within the realm of New York real estate. 

So, is the automatic stay good or bad for New York business owners? Here, we explore both sides of the coin.

An automatic stay is an injunction that immediately stops most creditors from pursuing collections against a debtor upon the filing of a bankruptcy petition. This means that while under the protection of the automatic stay, creditors cannot make calls, send letters, file lawsuits, garnish wages, or take any other collection action against the debtor. 

The primary purpose of the automatic stay is to give the debtor a reprieve from collections and allow them a chance to reorganize or discharge their debts in peace. Having the room to breathe provides a more stable mental state, so debtors can keenly focus on finding a solution.

What Is the Automatic Stay in Chapter 7 Bankruptcy?

While the automatic stay applies to all forms of bankruptcy, it plays a particularly notable role in Chapter 7 bankruptcy. In short, in this form of bankruptcy the debtor's non-exempt assets are liquidated to repay creditors. The automatic stay ensures that these assets aren't prematurely seized and that the bankruptcy trustee has an opportunity to distribute them fairly amongst the creditors. The following reveals a more detailed look at automatic stay in respect to Chapter 7 bankruptcy.

Unlike other forms of bankruptcy where the debtor may work out a plan to repay debts over time (like in Chapter 13), Chapter 7 is predominantly a liquidation process. Here, the debtor's non-exempt assets—meaning those assets not protected by an exemption and thus liable to be sold off—are liquidated to repay outstanding debts. These might include luxury items, certain real estate properties, or investments. However, many of a debtor's essential assets, such as primary residences, basic household goods, and tools of one's trade, may be exempt depending on the state's laws.

The automatic stay acts as a protective shield during this process. Once a debtor files for Chapter 7 bankruptcy, the automatic stay kicks in, immediately preventing creditors from taking direct action to collect what they are owed. This includes not only harassment via calls or letters but also halts actions like repossessions, evictions, or wage garnishments.

The primary role of the automatic stay in the context of Chapter 7 is to ensure that a debtor's assets aren't hastily or unfairly seized by aggressive creditors. Instead, it entrusts the orderly process of asset distribution to a bankruptcy trustee. This trustee, appointed by the court, is responsible for collecting the debtor's non-exempt assets, selling them, and then distributing the proceeds to creditors according to the priority set by bankruptcy law.

Without the automatic stay, there's a potential for a chaotic race among creditors to grab a piece of the debtor's assets. This could result in unfair distributions, with some creditors getting more than they are entitled to while others are left with nothing. The automatic stay ensures that there is an orderly, legal process to distribute assets equitably, giving every creditor their rightful share based on their priority and the nature of their claim.

Automatic Stay and Real Estate Bankruptcy in New York

For New York business owners involved in real estate, the automatic stay can play a crucial role. When a business owner files for bankruptcy, any ongoing foreclosure proceedings on properties they own are immediately halted. This can be particularly beneficial if the business owner is seeking to catch up on mortgage payments or negotiate a loan modification. The time afforded by the automatic stay can provide a much-needed window for recovery or to strategize a plan for moving forward.

However, there is a flip side. If you're a creditor or someone awaiting proceeds from the sale of a property, the automatic stay can delay your access to funds or the progression of a deal. This can be challenging for businesses operating on thin margins or those who rely on the timely receipt of funds. Additionally, if a property is perceived as being a declining asset or if it's uninsured, creditors may petition the court for relief from the automatic stay to proceed with foreclosure.

Making the Right Decision on an Automatic Stay—Straight from the Expertise of a New York Real Estate Attorney

Given the intricacies of the automatic stay and its implications in the New York real estate market, it's imperative to consult with a knowledgeable New York real estate attorney. Such experts, like those at Jacobs PC,  can provide clarity on how the automatic stay might impact a business, whether you're a debtor seeking protection or a creditor pursuing what's owed to you. 

It’s always been our position to ensure business owners can come to us for guidance on how to navigate turbulent waters, ensuring rights are protected and the best possible outcomes are achieved. Jacobs PC Founder Leo Jacobs has in-depth knowledge of the pros and cons of an automatic stay, and he is not hesitant to do the very best thing for Jacobs PC clients—whether or not an automatic stay is warranted. 

Closing Thoughts on the Automatic Stay in Bankruptcy

The question of whether the automatic stay in bankruptcy is good or bad for New York business owners doesn't have a one-size-fits-all answer. For debtors, it can be a critical tool that provides breathing space, especially in the high-stakes world of New York real estate. However, for creditors or other parties involved in real estate transactions, the automatic stay can introduce delays and complications.

Ultimately, the efficacy of the automatic stay, especially in the context of New York businesses and real estate, relies heavily on individual circumstances. Business owners, whether they are potential debtors or creditors, should familiarize themselves with the implications of the automatic stay. 

Consulting with a New York real estate attorney can provide valuable insights tailored to a business's unique situation. Understanding the potential advantages and drawbacks of the automatic stay can prepare New York business owners for the challenges and opportunities it presents. 

If you’re facing a bankruptcy issue, we have innovative and expedient solutions. Contact us today to speak with one of our expert bankruptcy attorneys.

While both commercial litigation and civil litigation involve disputes through the New York legal system, they differ in significant ways.

What’s the difference, and why does it matter?

When it comes to legal disputes, there are various litigation processes that individuals and businesses can pursue. The most common confusion arises when the differences between commercial and civil litigation is not well understood. While both involve disputes through the legal system, they differ in significant ways.

Commercial litigation involves legal disputes between businesses or corporations relating to commercial transactions, contracts, and other business-related matters. These disputes may include breach of contract, unfair competition, intellectual property disputes, partnership disputes, and other similar disagreements. Commercial litigation cases can be complex and often involve significant financial and business interests.

For example, if two companies enter into a contract and one of them fails to fulfill their obligations, this could lead to a commercial litigation case. Similarly, if a New York company believes that another company is using their intellectual property without permission, they may file a lawsuit to protect their rights.

Commercial litigation cases can be time-consuming and expensive, often involving extensive discovery and expert witnesses. They may also involve multiple parties, such as when a class action lawsuit is filed against a company.

In contrast, civil litigation encompasses a broader range of legal disputes outside the business realm. Civil litigation cases involve disputes between individuals, including issues related to personal injury, property disputes, consumer complaints, and more. They may also include class actions and wrongful death cases. Civil litigation cases can arise out of a variety of circumstances, including accidents, medical malpractice, defamation, and more.

Civil litigation cases can be emotionally charged, as they often involve personal issues such as injury or property damage. They may also involve significant financial compensation, such as in the case of a medical malpractice lawsuit.

One example of a civil litigation case is a personal injury lawsuit. If someone is injured in an accident that was caused by someone else's negligence, they may file a lawsuit to seek compensation for their medical expenses, lost wages, and pain and suffering.

Another example of civil litigation is a property dispute. If two New York neighbors are in disagreement over the location of a fence or the use of a shared driveway, they may file a lawsuit to resolve the issue.

Overall, while commercial and civil litigation may differ in their focus, both types of cases are important in ensuring that individuals and businesses are held accountable for their actions. Whether you are involved in a commercial or civil litigation case, it is important to seek the advice of a qualified attorney to help guide you through the legal process.

Key Differences Between Commercial and Civil Litigation

The main difference between commercial and civil litigation is the types of disputes involved. As mentioned, commercial litigation focuses on disputes between businesses, while civil litigation deals with disagreements between individuals. Commercial litigation cases often involve complex legal and financial matters, while civil litigation cases may involve emotional or personal issues such as injury or loss of property.

The legal procedures and processes involved in commercial and civil litigation cases also differ. Commercial litigation cases tend to be more complex and usually have more parties involved. As such, the legal procedures for discovery and trial are often more complicated. Civil litigation cases, on the other hand, typically follow a standard set of procedures and are typically resolved more quickly than commercial litigation cases.

The Role of Attorneys in Each Type of Litigation

Another significant difference between commercial and civil litigation is the role of attorneys in each type of litigation. In commercial litigation, it is common for businesses to hire specialized New York attorneys and law firms with experience in business law. In civil litigation, attorneys often specialize in specific areas of law but may not necessarily be experienced in business law.

The potential outcomes and remedies available in commercial and civil litigation cases also differ. In commercial litigation cases, the main goal is often to obtain financial compensation or other remedies that benefit the business. Civil litigation cases often result in monetary awards or other remedies that benefit the individual plaintiff or plaintiffs, such as compensatory damages or injunctions.

Examples of Commercial and Civil Litigation Cases

One prominent example of commercial litigation was the dispute between Apple and Samsung over patent infringement. Another example is the Exxon Valdez oil spill case, which involved commercial litigation between the oil company and the government regarding environmental damage caused by the spill.

Civil litigation cases can arise from a wide variety of circumstances. Examples include car accident cases, medical malpractice lawsuits, and slip and fall cases. One famous example of civil litigation is the case of O.J. Simpson, who was found liable in a civil lawsuit for the wrongful death of his ex-wife and her friend.

Factors to Consider When Hiring a Litigation Attorney

If you are involved in a legal dispute, finding the right attorney is essential. When choosing a litigation attorney, there are several factors to consider. You may want to look for an attorney with experience in the particular type of litigation you are facing. It is also important to find an attorney who is responsive to your needs and communicates with you effectively throughout the process.

The Importance of Specialization in Litigation

Specialization in litigation is also essential. While some attorneys may handle a broad range of cases, it is often beneficial to seek out an attorney who specializes in the type of litigation you are facing. Specialized attorneys typically have a deep knowledge of the issues involved and may be better equipped to handle your case successfully.

If you are involved in a legal dispute, it can be difficult to know where to start. One critical step in navigating the litigation process is to prepare thoroughly. This may involve gathering evidence, compiling documentation, and preparing a strategy with your attorney.

In some cases, alternative dispute resolution options such as mediation or arbitration may be a more effective approach than litigation. These options can sometimes be faster, less expensive, and more private than the traditional litigation process. Your attorney can help you explore these options and determine whether they are suitable for your case.

Role of Mediation and Arbitration in Commercial and Civil Litigation

Mediation and arbitration are common alternative dispute resolution methods used in both commercial and civil litigation. In mediation, a neutral third party helps to facilitate communication between the parties and find a mutually agreeable solution to the dispute. In arbitration, a third-party arbitrator hears evidence and arguments from both sides and makes a binding decision on the outcome of the dispute. Both mediation and arbitration can be effective ways to resolve legal disputes outside of the courtroom.

Closing Thoughts on Commercial Litigation vs. Civil Litigation

While commercial and civil litigation both involve resolving disputes through legal means, they differ in significant ways. By understanding the key differences, individuals and businesses can better navigate the litigation process and find the right legal representation to achieve a successful outcome.

Facing a commercial litigation scenario? Our seasoned attorneys are here to help.

While the pandemic disrupted traditional New York real estate practices, it brought new opportunities and challenges that are forever altering the industry.

How the Pandemic Has Forever Changed New York Real Estate

Navigating the New Normal: Bankruptcy, law, and the evolving landscape of real estate

The COVID-19 pandemic, which swept across the globe in early 2020, has significantly impacted various sectors of the global economy. New York real estate, once considered an indomitable fortress, has been rattled, leading to profound changes that may last for years or even decades. While the pandemic disrupted traditional real estate practices, it also brought new opportunities and challenges that are forever altering the industry.

The Surge of Bankruptcy and Real Estate Bankruptcy

At the outset of the pandemic, the unprecedented lockdowns in New York City led to a rise in business closures, contributing to an upsurge in bankruptcies. Small retailers and large corporations alike found it challenging to stay afloat. Consequently, bankruptcy in the real estate sector also surged as tenants struggled to make rent payments and New York property owners defaulted on mortgage loans.

The uptick in real estate bankruptcy cases has led to greater scrutiny under business law. Legal professionals specializing in real estate law specific to New York have had to acquaint themselves with ever-changing government regulations related to COVID-19. The boom in bankruptcy cases also led to a reassessment of business risk models, with New York developers and landlords now more cautious in evaluating tenant credentials and lease agreements.

One of the most profound shifts in real estate has been the migration from densely populated cities (New York City’s boroughs) to suburban and rural areas. With remote work becoming a norm rather than an exception, the need to live near workplaces diminished. 

As a result, real estate prices in suburban areas have witnessed significant growth, while metropolitan real estate is experiencing depreciation for the first time in years. This rural exodus has led to new zoning and permitting issues, putting local governance and New York real estate law at the forefront of residential planning.

Commercial real estate in New York has been one of the hardest-hit sectors. With the decline of brick-and-mortar stores and the adoption of remote work, the demand for commercial spaces plummeted. Offices sat empty, malls became ghost towns, and hotels witnessed record-low occupancy. New York property owners had to grapple with the uncertainty of changing tenant needs and the looming threat of bankruptcy.

In response to these challenges, some commercial property owners have started repurposing their buildings. For example, empty malls are being converted into residential apartments or distribution centers. Changes like these require an intricate understanding and navigation of business law and real estate law to address zoning, leasing, and contractual obligations.

The pandemic has also accelerated digital transformation in New York real estate. Virtual tours have become commonplace, and blockchain technology is being used to make property transactions more secure and transparent. These technological advancements have mandated a revision in real estate law to ensure that these transactions meet legal requirements and ethical standards.

Investors are also reconsidering their portfolios. The risks exposed by the pandemic and the surge in bankruptcy have led to an interest in more diversified real estate investments. Alternative options such as data centers, healthcare facilities, and cold storage warehouses have gained attention. In addition, Real Estate Investment Trusts (REITs) focusing on these categories have seen a rise in demand.

The pandemic has ushered in amendments and new guidelines in New York real estate law to adapt to the changing landscape. These changes encompass rent relief policies, eviction moratoriums, and altered bankruptcy regulations to provide a safety net for both tenants and property owners.

Government regulations around property management, rent collection, and public health have also tightened, requiring real estate professionals to stay updated continually. Legal experts in business law and real estate law are increasingly specializing in pandemic-induced cases, adding another layer of complexity to an already intricate field.

While the impact of COVID-19 has been devastating in many aspects, it has also served as a catalyst for change, pushing the New York real estate industry to evolve rapidly. Stakeholders, including property owners, investors, and legal professionals, have had to adapt to new realities shaped by the pandemic.

In the post-COVID-19 era, the emphasis will likely be on sustainable development, with a focus on creating resilient business models that can withstand such unexpected shocks in the future. The overlay of business law, especially regarding bankruptcy and real estate law, will continue to evolve to address the complexities that will no doubt arise in this new landscape.

As we move into an increasingly digital and decentralized world, it is clear that the pandemic has changed the New York real estate industry in ways that are both challenging and transformative. And while the dust has yet to settle, one thing is for certain: the old norms are gone, and a new paradigm has taken their place.

If you’re facing challenges sparked by the COVID-19 pandemic, our expert attorneys can help.

In certain situations, it is crucial to consult with a commercial litigation attorney—particularly one who has experience in the state of New York.

Process of Choosing a New York Commercial Litigation Attorney

Don’t go into battle with the wrong attorney on your side

Dealing with a legal dispute can be a stressful and complicated experience, especially for businesses. While some issues can be resolved without legal assistance, in certain situations, it is crucial to consult with a commercial litigation attorney—particularly one who has experience in the state of New York. If you are in need of legal representation, it is important to carefully choose a commercial litigation attorney who can provide you with the guidance, support and expertise that your case requires.

Importance of Choosing the Right Commercial Litigation Attorney

When it comes to commercial litigation, the stakes are high. Whether you are facing a breach of contract, intellectual property dispute, or other legal issue, it's essential to have a skilled and experienced lawyer on your side. The right lawyer can help you protect your business interests, ensure a fair resolution, and navigate complex legal issues with confidence.

One of the most critical roles of a commercial litigation Attorney is to protect your business interests. This can include everything from contracts and intellectual property to trade secrets and proprietary information. Your lawyer can work with you to draft and review legal documents, develop strategies, and provide representation in negotiations, arbitration, and litigation.

For example, if you are facing a breach of contract, your attorney can help you understand your rights and obligations under the contract and develop a strategy for enforcing those rights. They can also help you negotiate a settlement or represent you in court if necessary.

Another essential role of a commercial litigation attorney is to help you achieve a fair and just resolution to your dispute. This can involve representing you in court, mediation, or settlement negotiations and helping you navigate complex legal procedures and rules of evidence.

For example, if you are involved in a lawsuit, your attorney can help you understand the legal process and prepare for court appearances. They can also help you negotiate a settlement that is fair and equitable, taking into account your business interests and legal rights.

Legal disputes can involve complex issues and areas of law, such as contract law, corporate law, employment law, intellectual property law, and more. A skilled commercial litigation attorney can assist you in navigating these complex legal issues, providing you with the guidance and legal knowledge that you need.

For example, if you are facing an intellectual property dispute, your lawyer can help you understand the relevant laws and regulations and develop a strategy for protecting your intellectual property rights. They can also represent you in court or in negotiations with the other party.

Overall, choosing the right commercial litigation lawyer is essential for protecting your business interests, achieving a fair resolution to your dispute, and navigating complex legal issues with confidence. So if you are facing a legal issue, don't hesitate to seek out the advice and representation of a skilled and experienced commercial litigation lawyer.

Before you start your search for a commercial litigation lawyer, it is important to identify your legal needs and goals. This will help you narrow down the pool of potential lawyers and choose the one that is the best fit for your case.

You need to assess the scope and complexity of your legal issue. Consider the legal theories involved, as well as the evidence and witnesses that may be required. This will help you identify the type of legal expertise and experience needed to handle your case.

Think about what you want to achieve with your case, whether it is to win a trial, reach a settlement, or obtain damages. This will help you identify a lawyer with the right experience and skills to achieve your goals.

Evaluating Your Budget and Time Constraints

Consider your budget and time constraints when choosing a commercial litigation lawyer. Different lawyers have different fee structures and may have different billing methods, such as hourly or contingency fees. Moreover, you will need to work with a lawyer who can dedicate the necessary time and effort to your case, without causing undue delays.

Researching Potential Commercial Litigation Lawyers

Once you have identified your legal needs and goals, it is time to research and evaluate potential commercial litigation lawyers. Here are some ways to find potential lawyers:

Ask for recommendations and referrals from business associates or trusted professionals, such as accountants, bankers, or consultants. They may know of lawyers who have the right expertise and experience to handle your case.

Use online resources and directories to find potential lawyers. Websites such as Martindale.com or Avvo.com allow you to search for lawyers by practice area, location, and ratings.

Evaluating Law Firm Websites and Profiles

Visit the websites and online profiles of potential lawyers to learn more about their experience, expertise, and practice areas. This can help you assess whether a lawyer is a good match for your legal needs and goals.

Evaluating a Lawyer's Experience and Expertise

Once you have a list of potential commercial litigation lawyers, it's time to evaluate their experience and expertise. Here are some factors to consider.

Reviewing Their Track Record and Success Rate

Ask the lawyer about their track record and success rate in handling cases similar to yours. This can help you assess their level of experience and skill, and their ability to achieve your desired outcome.

Assessing Their Industry Knowledge and Experience

Consider the lawyer's industry knowledge and experience. If your legal dispute involves a specific industry or area of law, you will need to choose a lawyer who has experience in that field.

Considering Their Courtroom and Negotiation Skills

Think about the lawyer's courtroom and negotiation skills. A good commercial litigation lawyer should have strong advocacy skills, be able to present a compelling case to a judge or jury, and be effective negotiators.

Closing Thoughts on Choosing a Commercial Litigation Attorney

Choosing a commercial litigation Attorney can be a daunting process, but it is crucial to entrust your legal needs to a skilled and experienced professional. By identifying your legal needs and goals, researching potential lawyers, and evaluating their experience and expertise, you can find a lawyer who can provide you with the guidance, support and representation that your case requires.

Contact us today to speak with one of our expert commercial litigation attorneys.

Among the critical concerns for NY business owners considering bankruptcy, "Does business bankruptcy affect personal assets?" The simple answer is: It depends.

Does Business Bankruptcy Affect Personal Assets?

What New York business owners need to know about the bankruptcy process.

For many, the term “bankruptcy” induces a sense of fear and anxiety. It often carries the image of financial ruin, even though it is typically designed to provide a fresh start. 

Among the critical concerns for business owners considering bankruptcy is the question, "Does business bankruptcy affect personal assets?" The simple answer is: It depends on the business structure and the type of bankruptcy filed.

In the world of business, bankruptcy is seen as a strategy for managing insurmountable debt, not the end of the financial road. Let’s delve into the details of how different business structures and bankruptcy types could influence personal assets.

Understanding Bankruptcy’s Legal Ramifications for Different Business Structures

When considering the issue of personal assets, you need to understand the business's legal structure. Two primary structures exist: sole proprietorships (and partnerships) and corporations (including LLCs). Each structure interacts differently with personal assets in the event of bankruptcy.

1) Sole Proprietorships and Partnerships: In these structures, there's no legal distinction between the business owner(s) and the business entity. In a bankruptcy case, the business and personal assets are considered one and the same. If a sole proprietorship or partnership files for bankruptcy, creditors can, unfortunately, go after personal assets to repay the business's debts.

2) Corporations and LLCs: In contrast, corporations and LLCs are legally separate entities from their owners. This structure provides a "corporate veil" of liability protection. In a typical situation, if a corporation or an LLC files for bankruptcy, the personal assets of shareholders or members are generally safe from business creditors.

However, it's crucial to note that the veil of protection isn't absolute. If the owners do not adequately maintain the company's separateness, such as by commingling personal and business funds or failing to hold regular company meetings, creditors could "pierce the corporate veil," holding owners personally liable for the business's debts.

It’s also important to look at the types of bankruptcy: Chapter 7, Chapter 11, and Chapter 13. Chapter 7 and Chapter 11 are more commonly used for businesses.

Chapter 7 Bankruptcy, also known as "liquidation bankruptcy," involves selling off assets to repay creditors. For sole proprietors, this could mean personal assets, whereas in corporations and LLCs, personal assets are typically protected, unless the corporate veil is pierced.

Chapter 11 Bankruptcy is often called "reorganization bankruptcy." Here, businesses propose a plan to repay creditors over time while continuing operations. Again, personal assets of sole proprietors are at risk, while those of corporate shareholders generally aren't, barring veil-piercing circumstances.

Chapter 13 Bankruptcy is usually filed by individuals, but sole proprietors may use it to protect personal assets while reorganizing business debts.

Consult with an Expert Before You Proceed

In conclusion, the question, "Does business bankruptcy affect personal assets?" can't be answered with a simple yes or no. It largely depends on the business's legal structure and the type of bankruptcy filed. For sole proprietorships and partnerships, there's a significant risk to personal assets. For corporations and LLCs, there's a layer of protection, provided business formalities are strictly followed.

In any case, it’s essential to remember that bankruptcy is a complex legal process. If you're considering this route, consult with an experienced bankruptcy attorney to understand the potential impacts on your personal assets fully. Bankruptcy is not the end but a means to an economic fresh start. Therefore, understanding its implications is the first step in charting a strategic course toward financial recovery.

As a business owner, it is crucial to have an understanding of commercial law litigation so you can take proactive measures to protect your interests.

Defining its impact on New York businesses

Commercial litigation is an area of law that deals with disputes between businesses or individuals in matters related to matters related to transactions between buyers and sellers. In New York, this type of litigation is a common occurrence due to the large number of businesses operating in the state. As a business owner, it is crucial to have an understanding of commercial law litigation so that you can take proactive measures to protect your interests when faced with a dispute. 

This article will explore the definition of commercial law litigation, the different types of disputes, the role of commercial litigation attorneys, the commercial litigation process, and the impact that commercial litigation can have on New York businesses.

Commercial litigation refers to legal disputes between two or more businesses or individuals that arise out of commercial or business transactions. These disputes can be complex and time-consuming, often requiring the assistance of experienced commercial litigation attorneys to resolve. In commercial litigation, the parties involved may be seeking damages or other forms of relief for losses suffered as a result of the dispute.

Key concepts that are often associated with commercial litigation include negotiation, mediation, arbitration, and litigation. Many commercial disputes settle through negotiation or alternative dispute resolution methods such as mediation or arbitration. However, some disputes require litigation, which involves going to court and having a judge or jury decide the outcome of the case.

When it comes to commercial disputes, there are several types that are commonly seen in New York. These include breach of contract, intellectual property disputes, employment disputes, shareholder disputes, collections, fraud, and more.

Breach of contract is the most common type of commercial dispute. It occurs when one party fails to perform the obligations outlined in a contract. This can include failing to deliver goods or services, failing to pay for goods or services, or failing to meet other contractual obligations.

Another common type of commercial dispute is intellectual property disputes. This type of dispute involves infringement of patents, trademarks, copyrights, and other types of intellectual property. These disputes can be particularly complex, as they often involve technical or scientific issues that require specialized knowledge.

Employment disputes arise when there is a disagreement between an employer and employee regarding working conditions, compensation, or termination. These disputes can be particularly contentious, as they often involve issues that are deeply personal and emotional.

Shareholder disputes occur when there is a dispute between shareholders over company management or direction. These disputes can be particularly complex, as they often involve issues related to corporate governance, fiduciary duties, and other legal concepts.

Commercial litigation attorneys play an essential role in resolving commercial disputes. They provide legal advice to businesses and individuals in a variety of areas, including contract disputes, intellectual property disputes, and shareholder disputes. They work to protect their client's interests by negotiating settlements and, if necessary, representing them in court.

Commercial litigation attorneys also provide legal advice to businesses on how to avoid disputes in the first place. They review contracts and other legal documents to make sure that they are legally binding and do not contain any ambiguous or unfair terms that could lead to future disputes. Additionally, they can provide guidance on best practices for managing disputes when they do arise, including strategies for resolving disputes through negotiation or alternative dispute resolution methods.

In short, commercial litigation attorneys are essential partners for businesses and individuals involved in commercial disputes. Their knowledge and expertise can help parties navigate complex legal issues and achieve the best possible outcomes in their disputes.

Before a dispute goes to court, there are several pre-litigation strategies that businesses can use to try to resolve the issue. These include sending demand letters, engaging in negotiations, and using alternative dispute resolution methods such as mediation or arbitration.

If negotiations and alternative dispute resolution methods fail, the next step is to file a lawsuit. The plaintiff will draft a complaint and file it with the court. The defendant will then have a chance to respond to the complaint in a document called an answer.

Discovery is the process of gathering evidence and information in a lawsuit. The parties exchange information and documents through written discovery requests and depositions. Pre-trial procedures include motions to dismiss, summary judgment, and motions in limine.

Before a trial begins, the parties may engage in settlement negotiations. Settlement negotiations can take place at any time before a case is decided by a judge or jury. Settlements can save businesses time and money compared to the cost of going to trial.

If a settlement cannot be reached, the case will go to trial. The trial can take days or even weeks, depending on the complexity of the case. After the trial, the losing party may have the option to appeal the decision. The appeals process can take several months or even years.

Impact of Commercial Litigation on New York Businesses

Commercial litigation can have a significant financial impact on New York businesses. Legal fees and other costs associated with litigation can be exorbitant, especially if the case goes to trial. The losing party may also be required to pay damages to the other party, which can be substantial.

Commercial litigation can also damage a New York business's reputation. The public availability of court records and negative media attention can tarnish a business's image and make it harder to attract and retain customers.

Commercial litigation disrupts a business's operations. The time and resources required to prepare for a lawsuit can divert a business's focus away from its core operations. Litigation can also lead to negative employee morale and a decrease in productivity.

Commercial litigation strains business relationships. Disputes between New York vendors, suppliers, and customers can lead to a breakdown in business relationships. Shareholder disputes can also lead to friction between business partners, affecting the company's ability to operate effectively.

Commercial litigation is a complex area of law that can have a significant impact on businesses in New York. It is essential to have an understanding of commercial litigation so that you can take proactive measures to protect yourself if you are ever faced with a dispute. By working with a reputable commercial litigation attorney and engaging in pre-litigation strategies, you can increase your chances of resolving disputes before they turn into costly and time-consuming legal battles. 

If you’re facing a commercial law issue, we have innovative and expedient solutions. Contact us today to speak with one of our expert commercial litigation attorneys.

The NY Commercial Division implemented significant revisions to its rules for commercial disputes. This may have profound implications for New York businesses.

How the New York Commercial Division Rule Revisions Impact Businesses

Essential information for New York business owners

As of January 1, 2020, the New York Commercial Division implemented significant revisions to its rules for commercial disputes. These changes may have profound implications for businesses operating in New York. This article outlines the key revisions, their rationale, and how businesses can prepare for them. 

Understanding the New York Commercial Division Rule Revisions

The New York Commercial Division is a specialized court that hears complex commercial cases. Its rules govern the procedures and timelines for litigation in these cases. The rule revisions are aimed at improving the efficiency and fairness of the commercial litigation process by streamlining procedures and encouraging the use of alternative dispute resolution methods.

The rule revisions have made several key changes to the litigation process in the New York Commercial Division. These changes include:

The revised rules have shortened the time for filing and responding to motions. This change is expected to speed up the commercial litigation process and reduce delays.

Expanding the use of technology in the litigation process. This includes e-discovery and remote conferences. This change is expected to make the litigation process more efficient and cost-effective.

Encouraging the use of alternative dispute resolution methods before trial. Doing so is expected to reduce the number of cases that go to trial and make the litigation process more efficient.

Clarifying and simplifying the procedures for requesting and responding to document requests. This change is expected to reduce the time and cost associated with document discovery.

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