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Under current law, compensation paid to the employees of a tax-exempt organization is not subject to excess remuneration rules as it would be for a similar for-profit organization. Under the Tax Cut and Jobs Act, should certain employees of a tax-exempt organization receive compensation greater than $1,000,000 during the tax year from any combination of a tax-exempt organization and/or its related organizations, the organizations would be subject to an excise tax on that employee’s compensation in proportion to their payments to the employee. This rule applies to the five highest compensated employees of the tax-exempt organization with compensation greater than $1,000,000 for the taxable year, as well as any other employee with compensation greater than $1,000,000 who was formerly classified within the “five highest compensated employees” during any taxable year beginning after Dec. 31, 2016 (§4960 of the Code).
By J. Mark Santiago
That term refers to the months of October through December. It's a way of pointing out to partners that the necessary activities of practice management that so many of them had avoided for the first nine or 10 months of the year now had to be addressed. Clients that had not been billed now had to be invoiced. Outstanding invoices, many issued in the cold days of early March and April, now had to be collected and current work would not only have to be billed but collected as well.
By Jim Jarrell
Firms are struggling to capture compelling business intelligence about themselves. Until recently, most operated with a cadre of legacy operating systems, financial platforms and reporting technologies from different manufacturers that have no mechanism for connecting with each other. The disparate nature of these technologies has exacerbated the struggle to leverage data and display results in a reporting mechanism that helps direct the firm’s decision-making.
By Arnold Keiser
It is easy to understand why many lawyers feel that only certain special individuals are blessed with the qualities necessary to be rainmakers. But almost anyone willing to develop the qualities necessary can become a rainmaker.
By Michael A. Gerstenzang and Hy Pomerance
When a law firm does not subscribe to a traditional corporate structure
At most companies, the leadership structure is typically clear and hierarchical. But what does leadership look like at a law firm when a traditional corporate structure doesn’t apply?