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.
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?
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.
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.
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.
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Budget season is in full swing at firms whose fiscal year matches the calendar year, and leaders are exercising a newfound scrutiny over every component of next year's spending as they prepare for an uncertain 2021.
The election of Joe Biden as President may clear the way for many changes in the retirement planning landscape.
During the COVID-19 pandemic, law firms have learned that a large number of "essential" services and Standard Operating Procedure rules and assumptions about how an office works are 1950's myths that need to be identified, examined and re-engineered or discarded.
The pandemic has forced law firms to reevaluate their expenses, refine their budgets, and review their overall operations to adapt to an environment of perpetual uncertainty.
