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We're delighted to publish this preview excerpt from <i>Compensation Plans for Law Firms, 4th ed.</i>, soon to be published by the ABA Law Practice Management Section.
Features
With the stated purpose of restoring, promoting and maintaining the public's confidence in professionals providing tax advice, the Internal Revenue Service has issued proposed regulations that set forth "best practices" applicable to all tax advisers and mandatory requirements for advisers who provide certain tax shelter opinions. These proposed regulations, issued on Dec. 29, 2003, apply to all tax advisers who practice before the IRS (eg, lawyers and accountants) but are not intended to alter or supplement other ethical standards applicable to practitioners (such as the Rules of Professional Conduct).
Features
The news lately has been filled with stories about the Massachusetts Supreme Judicial Court's ruling that a law banning same-sex marriages is unconstitutional. The ruling has a 180-day delayed effective date. Employers should begin to examine their benefit programs, as well as their policies and procedures, to determine what impact this ruling may have on their employee benefit plans.
The business of law is changing rapidly. The trend toward consolidation of outside service providers by client companies has accelerated, and is coupled with the demand to harness legal expenditures by the executive teams of these companies. Law firms must now sell the value of the business they are seeking, and must sell the breadth of their services in increasingly complex sales situations. These functions and skills, in most industries, fall within the domain of the sales professional.
Features
A relatively new and Congressionally approved benefit for employees is the provision of transportation benefits ' such as parking; subway, bus, train fare, or vanpooling ' on a tax-free basis. By reducing the cost of commuting, an employer can reap many rewards including appreciation of employees of their tax savings, reduced employment taxes paid by the employer and even reduced stress by employees. However, although Congress attempted to allow employers to provide tax-free commuter benefits to employees in a simple fashion, there are some esoteric rules of which employers should be aware.
Traditionally, law firms were organized as "true partnerships" in which each partner had a substantial voice in firm affairs and could be subjected to unlimited liability for the debts of the firm. As high-profile cases have highlighted the risks of such a structure, however, many firms have abandoned the classic form and adopted "hybrid" business models such as professional corporations, limited liability companies and limited liability partnerships. Such consolidation of control comes at a cost, however. By configuring themselves as "de facto corporations" - placing substantial control in the hands of a few and subjecting the remaining partners to the decisions of those in power - firms may expose themselves to employment discrimination suits brought by their own partners.
The CAN-SPAM Act was signed by President Bush on Dec. 16, 2003 and went into effect on Jan. 1, 2004. While unsolicited commercial e-mail is still legal under the new federal law, marketers must follow five rules to keep their outbound marketing messages above the board. What follows is a brief summary of the transmission rules.
Over the last 2 weeks, television has given the general public an opportunity to witness two milestone celebrity birthday parties. First came Oprah's 50th, which she televised on her daytime show. Then came Entertainment Tonight and Good Morning America with John Travolta's Surprise 50th birthday party bash in Mexico. Long before these parties took shape, one individual had the daunting challenge of creating the invitations that would monogram these events. I think it is fair to say that when Hollywood types want to make an impression, they will look high and low to seek out the most creative and innovative types to deliver whatever it is that they wish to convey. There seems to be a trend in Hollywood when it comes to selecting an individual to trademark and distinguish an event, and that trend is to select Marc Friedland, who has come to be known as the "stationer to the stars."
Features
Buying advertising space is one way to promote your firm, but it is also expensive. Papering premier publications with your press releases is free, but also very difficult. A far more effective way to get your firm's name "out there" is to produce bylined articles, written by members of your firm, discussing timely, relevant topics of interest to the companies or individuals whose business you have or would like to acquire. Like press releases, these articles are "free" in the sense that you do not have to pay the publications that publish them. And there is no better way to demonstrate your firm's expertise in a practice area than to have someone write knowledgably about it.