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Law firms can provide a valuable fringe benefit for their employees by paying for their education costs. There are several ways a firm can choose to provide this benefit, and depending on the circumstances, one way may be more valuable than another. In addition, the different ways of providing the benefit are not mutually exclusive, and can be mixed and matched to provide greater benefits than one method might provide.
This Month:<br>Ex-Partners Sue Townsend for Cut of Fees<br>L.A. Firm Brings Johnnie Cochran Name to San Francisco
The ranks of law firm partnerships include tens of thousands of "baby-boomer" partners (BBPs), born between 1945 and 1955. These attorneys are now ages 50-60. Surprisingly, little has been written about the expectations and needs of BBPs or the expectations, needs and strategies (if any exist) of their law firms and fellow partners as to BBPs. Moreover, law firm partners both younger and older than their BBPs may be substantially affected by their law firm's strategies for and treatment of the baby-boomer generation. <br>This two-part article illustrates the expectations, intentions - and tensions - of baby-boomers and their firms, respectively, by using two models. Of course, there can be as many variants as there are BBPs, with numerous potential responses to each unique situation.
Law firms are back ' sort of. <br>Revenues and profits were up by nearly 10% in 2004, a clear sign that firms have shaken off the tech bust slump. <br>But even as the biggest legal shops are reaping the harvest of a buoyant economy, they face some difficult choices ahead to maintain revenues ' and to grow profits.
Features
In January, the Equal Employment Opportunity Commission (EEOC) sued Sidley Austin Brown & Wood LLP, alleging discrimination in connection with that firm's demotion of a group of equity partners. The suit highlights an area of potential uncertainty for law firms and other businesses organized as professional corporations and limited liability partnerships ' whether the shareholders and partners of such businesses are entitled to the protections afforded "employees" under federal and state employment laws. <br>Although the outcome of the EEOC's case may not be known for some time, recent decisions illustrate a developing legal standard that will likely impact the organization of many professional service businesses.
Personal goal setting has been popular and effective in other professions and industries for many years. Lawyers have been slow in coming around because they are afraid that the exercise will be a waste of time or will restrict how they practice. As consultants, we still hear partners say, "I'm a partner, I can do as I damn well please." This attitude is not as prevalent as it was in the past, but it still exists and must be dealt with.
Rejecting an appeal brought by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3rd U.S. Circuit Court of Appeals has ruled that the lawyers who were named to lead the case have the power to say who gets paid.
Features
Changes in business strategies, rising client demands, and technology advances all have made a law firm's choice of accounting software an ever more important management decision. Five years ago the Y2K scare led many firms to upgrade or replace their accounting systems out of perceived tactical necessity. Now, however, an assessment of your accounting software should be strategic: how well does it support your overall business objectives?