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Recently, Hugh A. Simons wrote for American Lawyer, this newsletter’s ALM sibling, an enticing argument advocating elite law firms increase their rates. In one striking comment, Simons suggests elite law firms jettison any and all commodity services. In justifying his position he states “… managing businesses with dramatically different fund strategies requires ambidexterity few trained business leaders, let alone lawyers, possess.” While catering to high-end needs may certainly simplify operational management, the practicality of this approach is limited to no more than a handful of truly elite firms — leaving the vast majority of firms — including some of today’s highest performers — demanding a different modus operandi.
By John Fitzgerald and Christopher Imperiale
Being asked to join the partnership of a firm is a measure of success as a legal professional. With that achievement comes tax and financial responsibilities that, surprisingly, few attorneys are fully prepared to deal with. These responsibilities include the unexpected individual federal and state and local tax filing and payments.
By Lawrence L. Bell
With the cost of doing business consistently on the rise combined with the increasing difficulty to find/retain great employees, there is no better time to pursue employment-based tax credits. There are both federal and state employment-based credits available that can help businesses offset income tax liability.
By Gregory N. Miskulin, Jamie Carstens and Lindsay Powell
Orion’s ePrebill Manager allows corrections to prebills to be tracked and applied in real time, with a one-click acceptance and approval process. Further, by distributing prebills electronically, attorneys can see the edits made by others, the overall net effect of write-downs, and how these affect the realization of both the working timekeepers and the client overall, in real time.
By Kent Zimmermann
Strengthening Cultural Expectations Is Key
Client relationship succession planning is a top concern among law firm leaders. Firms of all stripes frequently develop goals in their strategic plans to facilitate more effective client relationship transitions. However, there is room for many firms to take a more formal and proactive approach to effectively transition client relationships across generations.