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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).
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By Doug Stansfield
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
By Sharon Meit Abrahams
All lawyers want to be wanted and valued by their firms. It has become apparent that tomorrow’s legal talent requires even more hand-holding than previous generations. They want to understand why and what’s the payoff of their efforts. By creating a firm culture that addresses these concerns you will heighten your firm’s ability to retain precious talent.
By Timothy B. Corcoran
Smart business leaders compete by constantly seeking cost advantages. Yet law firm leaders compete by perpetually increasing associate compensation. As always, this will not end well.
By John F. Hollway
It’s Not the Number of Hours We’re Billing or the Number of Hours We’re Working; It’s the Way We Feel About How We Spend Those Hours That Matters
Working long hours, tracking those hours and feeling that we have to grind all year to hit a specific number of hours to meet a profitability target can make us feel like fungible, dehumanized automatons rather than highly trained providers of specific and thoughtful solutions to complex legal challenges.