Law Firm Management

As the year draws to an end, many of the more enlightened law firm managing partners and members of the executive committee assess the results of the current year and begin to develop plans for the coming year.

Just because you want a new "look and feel" doesn't mean you should enter into a lengthy, complex and potentially expensive rebranding project. There are a number of "signs," though, that might indicate you should consider rebranding or at least refreshing your firm's brand.

Prolific document generation is often the mark of a successful law firm. However, as a result, the volume of the firm's electronic storage dramatically increases every year. Proper recordkeeping is critical to support clients and compliance regulations, but the document store can become unwieldy and very expensive for a firm to maintain.

If there was ever a time in history that a law firm should "go Hollywood," this is it. Jumping on the promotional tech bandwagon may mean the difference in your law firm rising to the top of your industry to beat out the competition, or fading into non-existence.

The end of the year is the deadline for most individuals with qualified retirement plans and IRAs to take their required minimum distributions (RMDs) if they have attained age 70' or inherited their benefits. Here are some key issues that can impact RMDs.

One thing that continues to remain constant in law firms is the difficulty that firms and lawyers have with identifying and communicating how they differ from their competition. The most common refrains that I hear being used when asked the question, "Why should clients retain you?" include the standard "quality, responsiveness, communication, practical advice," etc.

Valuation discounts in estate planning has permitted the transfer of assets from one generation to another in an economically efficient manner. Two of the various discount methods claim lack of control (minority interest discount) and lack of marketability. The IRS has traditionally objected to these approaches in intra-family transfers, while Congress has attempted to legislate away these "loopholes" unsuccessfully and the Treasury Department is contemplating new regulations to accomplish this goal.

Although dramatic changes in law's economic landscape have conferred far greater bargaining leverage and purchasing power on clients, in budget discussions with outside law firms, many in-house counsel just aren't asking the right questions.