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Powerful forces are now pushing regulators in the direction of non-lawyer ownership of law firms in the United States. Some of the forces are completely well-intentioned, but some of the forces are not so well-intentioned.
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Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
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As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
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When working with clients, we see a lot of common questions about using LinkedIn for strategic growth. Many people and companies are on this platform, and many are looking for answers on using it to its full potential. Here are some of the top questions that clients ask when it comes to leveraging LinkedIn for marketing.
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While many of the country's largest law firms contend with financial volatility that has resulted in financial declines and workforce overcapacity, the 20 midsize firms included in the Am Law 200 outperformed the 2023 Am Law Second Hundred in key financial metrics.
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Part Two of a Two-Part Article In Part One, last month, the authors addressed the industries most affected by AI, and began the discussion on U.S. federal and state regulations to expect in 2023. Part Two continues the discussion on potential federal AI regulation and what companies can do to prepare.
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For over a decade, starting when the first millennials graduated law school, efforts to seamlessly integrate — or, perhaps in some cases, strong-arm — new hires into the law firm business model have been a source of focus; and, for many, consternation. Distinct contrasts in ways of working, personal motivators and prevailing attitudes have left many leaders frustrated and disillusioned.
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But what is the metaverse? Is it a game? Is it virtual reality? Is it AI? Let's put aside any scoffing that the metaverse is simply a gaming environment for teenagers to play in. We need to accept the real-world legalities and practicalities that law firms today have to understand about how they, and the next generations of their lawyers, will be conducting business.
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Happiness is not a permanent feature or personality trait, but a more fleeting, changeable state. Progress on our professional and personal goals can make us feel happier and more satisfied with life. The pursuit of happiness can be a goal, but it is important to remember that happiness is not permanent, and it is normal to experience negative thoughts and emotions.
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No industry is immune from layoffs in a global (and shrinking) economy, and law firms must prepare for this highly delicate situation to hit home. Handling layoffs from a PR and crisis management perspective requires sensitive, transparent and clear communication.