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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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Unlike burnout or "quiet quitting," which arguably stemmed from mostly short-term dynamics, observers point to a collision of current and long-term trends, such as post-pandemic work and generational shifts, that have led lawyers today to be less committed to or fulfilled in the profession as they were a decade ago.
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For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
Features
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
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In an era where the power dynamics in the legal industry are shifting decidedly to talent, a firm's ability to tap into generational differences to invigorate, attract and retain talent is a competitive advantage.
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Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.
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We can expect that soon some enlightened Big Law firms will level with their incoming associates (or at least the corporate ones) and explain that market conditions are such that the firm cannot assure them of the volume of work necessary for their normal growth and development and, accordingly, the firm is offering a stipend (and health insurance) to those who choose to defer for a year.
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Without the right tools, even the most skilled lawyers can fall victim to common pitfalls that can cripple their performance and success. This article discusses three of these pitfalls and how legal analytics can help lawyers stay ahead of the competition and provide the best counsel to their clients.
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Understanding what AI is — and what it is not — helps to identify where it can be of value and what limitations it currently has. Not only will AI certainly impact your practice in the future, it already has.
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Stay interviews are designed to give employees a chance to give feedback and insight into their experience at work so that companies can better meet their needs and concerns.