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Meals and entertainment expenses are generally only 50% deductible, and provided the expenses are ordinary and necessary, have a business purpose and have proper documentation, there should be no issues surviving an IRS audit.
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In the last five years, we have heard increasing chatter about the failed business model of law firms, new technology that is erasing the need for lawyers and other information interpreters, and enhanced cognitive systems that mine and interpret data. Let's look at some examples of trends that are leading the way.
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With a view to addressing a market imbalance ' litigation clients demanding better early case assessment, and commercial providers not developing tools to meet that need ' Duane Morris litigators handed the firm's technology team a mandate: Help us develop a system to assist our clients in the resolution of the ubiquitous try-or-settle conundrum and, in the process, position the firm to capture more litigation business.
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Few initiatives generate more stress, frustration and disappointment for legal marketing professionals than a rebranding campaign. Rebranding efforts may include, among other items, a name change, new logo, revised messaging and advertising imagery, updated marketing materials or a combination of some or all of these components. The objective is to enhance, regain, transfer and/or recreate brand equity.
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Since the changes in the legal economy in 2008, distinguishing oneself from other lawyers is critical to getting a job, work from colleagues, and more clients. This is true for both partners and associates. It's not enough to be smart and hardworking. A lawyer must be known for what he or she does, and must be able to sell him or herself.
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The world is getting smaller as technology changes enable us to share documents with those on the other side of the globe. When sharing documents "in the cloud" it is possible to see real-time updates when using the Microsoft 365 Office Web Apps. As most legal documents are created in Word, this column will focus on the Word Web App.
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Like your finances, your firm's marketing efforts should be reviewed on a regular basis to ensure that your short- and long-term plans are in order.
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From our estimates, we will all meet approximately 830 new people in 2014. Of those, 707 of them will ask you this question: "What do you do?" Your response and the tone of your reply will dictate the direction, scope, connection and possibility of an ongoing business relationship with these new acquaintances. The elevator pitch is the first volley you serve across the net to develop a new business venture.
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A systematic approach to successfully managing cultural change as a firm pursues its strategic goals.
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Jones Lang LaSalle's annual Law Firm Perspective reveals that the days of tenants having the upper hand in lease negotiations are on the way out.