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The COVID 19/Pandemic/Shutdown has caused turmoil and upended benefit planning. The voluntary benefits platform has also been open to new rules and regulations. This miasma was heralded by the IRS issuing final regulations on deferred compensation in June 2016 that provides guidance and a roadmap to positive planning. The guidelines support the uses of an actuarially based patent to provide benefits for selected employees on a tax efficient basis. If you already have a plan in place it is most likely a traditional deferred compensation plan for your executive and professional employees. This is not meant to replace a plan in existence, rather it compliments it as there are decided differences. Most significant for the participants is the opportunity to provide for their families, a pre-retirement death benefit without risks of forfeiture and with enormous flexibility. This is not an ERISA plan; it does not need a Trustee and the participant and plan sponsor will avoid the claims of creditors while providing for the participant’s loved ones.
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By Bill Josten
Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm’s brand by cutting back too much on their marketing efforts.
By Jason Brennan
The game has changed substantially for law firms today — the evolution of the legal business model is underway and artificial intelligence (AI) is playing a big role in calling time on the billable hour.
By Zach Olsen and Ken Kerrigan
As we enter 2021, we should expect the needs of business and society to continue colliding. But if law firms prepare for those collisions, they can drive better outcomes.
By Lizzy McLellan
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.