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Times have certainly changed. The U.S. Department of the Treasury ('Treasury') issued two sets of regulations in early April that impact employee benefits. The first set was final regulations addressing the benefit and contribution limits for qualified pension plans under Internal Revenue Code ('Code') §415. The second set, issued a week later, was final regulations governing nonqualified deferred compensation under Code §409A.
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Kathryn Cole, a 25-year-old who earned her J.D. last year from the University of Michigan Law School, accepted a position at Quinn Emanuel Urquhart Oliver & Hedges, LLP in Silicon Valley. Her starting pay was $135,000, but before she even began working she got a $10,000 raise. Then in January, just a few months into the job, her salary went up another $15,000.
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Cleary Gottlieb Steen & Hamilton LLP managing partner Mark Walker is old school when it comes to partner compensation. He sees no reason to change Cleary's seniority-based lockstep scheme, in which the spread between the highest- and lowest-paid partner is less than 3:1. It's a no-hassle system — no long meetings explaining bonus decisions and no disputes among partners over credit for bringing in business. And it is the foundation of Cleary's culture, Walker says, which emphasizes the collective over the individual. If the firm is not a magnet for hot lateral candidates who want to be paid like A-Rod, that's okay with Walker. 'My view is that if someone says I'm not going to Cleary Gottlieb because [another firm] is guaranteeing me a salary of X, then they don't belong at our firm anyway.'
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<i>Hide a dagger in a smile. Murder with a borrowed knife. Loot a burning house.</i> If you cannot anticipate these and the other classic 'Thirty-Six Stratagems' that are widely studied and practiced in China, you may be perilously unprepared to pursue business, including legal business, in the world's largest market. And while China may be an extreme example, analogs of these deceptive and sometimes corrupt practices appear in other cultures worldwide.
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Discussion and analysis of the latest rulings.
A solid grasp of financial and accounting fundamentals can enormously enhance the value of a young attorney's work product. I often saw evidence of this in my previous legal administrator role for a 50-attorney Denver law firm. In my current CPA practice, in which I serve more than 20 law firms on an ongoing basis, I see the same pattern in working closely with attorneys on tax planning and compliance, financial reporting, fraud investigations, forensic accounting, and business appraisals.