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COVID-19 presents unprecedented personal and professional challenges both to every individual around the globe. The American economy has come very close to a full stop and almost every business now finds itself in a difficult position financially and operationally. The legal industry was not spared, and law firms of all shapes and sizes are feeling their way through a contracting marketplace. With the occasional exception, lawyers are confronted by their clients’ shrinking legal budgets and facing the fact that their own daily business activities look dramatically different than just a few short months ago. But don’t despair, history shows us that Americans are a resilient bunch.
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By Sharon Meit Abrahams
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19 are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
By Christopher Zegers
We’re never going back the way we were — and this will be to the benefit of firms, profitability, clients and lawyers if we make the right technology investments. Here’s some specific ways firms can capture these benefits.
By Sidney Kess
A key aspect of saving for retirement through qualified retirement plans and IRAs is deferring taxes until required minimum distributions (RMD) begin. Even with Roth IRAs, beneficiaries who inherit them must also follow RMD rules despite the tax-free treatment of the distributions. The SECURE Act and the CARES Act made dramatic changes in RMD rules for 2020 and beyond.
By Dan Packel
Some Firms Are Forming Subsidiaries to Deliver Legal Services In New Ways
Buyers have a broader slate of options in 2020 than ever before, whether that means handling more work in-house, hiring temporary lawyers during a crunch, or turning to a recently launched “alternative provider” to address the massive pile of contracts they need to manage.