Suzzanne Uhland presently works at O’Melveny & Myers LLP as a partner. During her time in this position, Suzzanne Uhland has demonstrated extensive knowledge of the bankruptcy process.
In some situations, declaring bankruptcy is a business’ only option. In such cases, business owners must educate themselves in the four different types of bankruptcies that can be declared.
By filing for Chapter 7 bankruptcy, businesses are entering into a process more commonly known as liquidation. During liquidation, trustees sell assets to offset outstanding debts, while debts that cannot be satisfied are discharged. Chapter 7 is an attractive option for businesses with few major assets and no future plans to continue operations.
Sole proprietorships, corporations, and partnerships that do plan on recovering in the future will prefer a Chapter 11 filing, which revolves around a reorganization plan that will be closely monitored by a court-appointed trustee.
Chapter 13 bankruptcy can also be filed by sole proprietors, though it is more commonly filed by consumers, and it involves the debtor outlining a plan for repayment. When compared to Chapter 7 bankruptcy, a Chapter 13 filing can benefit a sole proprietor by protecting personal assets, such as a house, that are involved with the business.
Finally, Chapter 12 bankruptcy is a filing reserved for family farmers and fishermen who can pay back debts over a period of three to five years.
Tuesday, May 20, 2014
Wednesday, March 26, 2014
Mentoring - A Key to Success for Young Lawyers
A graduate of Yale Law School, Suzzanne Uhland serves as a partner at O’Melveny & Myers and chairs the firm’s restructuring practice. Selected as one of 2009’s Women Worth Watching, Suzzanne Uhland knows the challenges facing young lawyers and stresses the importance of mentoring to overcoming obstacles and achieving success.
Most young lawyers, when they take their first jobs after law school, quickly learn that their professional development cannot take place in a vacuum. For example, there is a widely held misconception that professionalism equates to toughness, and that the true professional remains aloof from even her peers. Young lawyers, just starting out in professional careers for which they have been exhaustively trained at great expense, usually do not have the capacity to evaluate their own performance except in the most general way. For example, a young attorney who loses an argument in a meeting often cannot appreciate that her debating skills were superior, but that she was simply on the wrong side of the argument.
The term “mentoring” has become almost overused in the past couple of decades, yet it describes perfectly the relationship young lawyers just entering the field should try to establish with an older, more experienced professional. Many law firms and other enterprises have more formal mentoring programs, in which established members of the firm are matched with the new entrants. Mentors can help their charges to recognize and cultivate their strong points and coach them to overcome their weaknesses. They can also be invaluable in helping young professionals to develop the people skills so important to success.
Most young lawyers, when they take their first jobs after law school, quickly learn that their professional development cannot take place in a vacuum. For example, there is a widely held misconception that professionalism equates to toughness, and that the true professional remains aloof from even her peers. Young lawyers, just starting out in professional careers for which they have been exhaustively trained at great expense, usually do not have the capacity to evaluate their own performance except in the most general way. For example, a young attorney who loses an argument in a meeting often cannot appreciate that her debating skills were superior, but that she was simply on the wrong side of the argument.
The term “mentoring” has become almost overused in the past couple of decades, yet it describes perfectly the relationship young lawyers just entering the field should try to establish with an older, more experienced professional. Many law firms and other enterprises have more formal mentoring programs, in which established members of the firm are matched with the new entrants. Mentors can help their charges to recognize and cultivate their strong points and coach them to overcome their weaknesses. They can also be invaluable in helping young professionals to develop the people skills so important to success.
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