Features
Firms Adding Financial Analysts to Calculate Profitability
Law firms are increasingly adding new staff members and software to calculate their profitability, helping firms determine partner compensation and make other business decisions.
Features
How ALSPs Can Effect Law Firms' Bottom Line
As alternative legal service providers (ALSPs) continue to take root with significant growth across the legal world, law firms have to consider how these niche companies affect their bottom line and how to react to this burgeoning parallel industry.
Features
For the New Year, Copy High Growth Firms by Prioritizing Marketing Investment
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.
Features
AI Is Calling Time On the Billable Hour
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.
Features
10 Ways to Prepare for 2021's Collision of Business and Society
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.
Features
Late Year Collections Could Make or Break 2020 Profitability
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.
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Is Accountant Malpractice Compensation Taxable?
If a taxpayer suffers a loss by reason of errors made by a tax advisor, and the tax advisor makes a payment to compensate the taxpayer for the loss. May the payment be excluded from the taxpayer's income subject to tax?
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COVID-19 Forcing Firms to Keep Work In-House
Legal departments have been reducing outside counsel spending amid the COVID-19 pandemic and keeping more work in-house, where the demand for specialists and legal operations managers continues to grow, according to a new report.
Features
How to Transform Mailroom Operations for Security, IG and Productivity
A Permanent Change to How Your Firm Operates Law firms need a best practice Digital Mailroom operation, not the current scan-to-email workaround, which was a triage solution at the onset of the COVID-19 crisis. Attorneys and staff working from home must have reliable, secure delivery of daily mail which is arriving at the main office.
Features
Implications of NJ BAIT for Law Firms
NJ Senate Bill 3246 established the "business alternative income tax" (BAIT), an elective business tax regime for pass-through entities. Law firms are left wondering if electing to pay the BAIT is the right choice. This article summarizes how the NJ BAIT works, as well as its pros and cons.
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