'VAT Package' Will Impact Law Firms
December 17, 2009
As of Jan. 1, 2010, law firms with offices in the EU that make taxable supplies of legal services to business customers in other EU countries have new monthly value-added tax reporting obligations. Failure to comply with these monthly reporting obligations can result in severe penalties.
Managing Partner Performance
December 17, 2009
Now that 2009 has come to an end, law firms are breathing a sigh of relief and looking forward with hopes of a better year to come. As with any year-end, it is also time to dole out partner compensation, and many firms are hoping they were able to stem the lack of demand for legal services with cost-cutting measures to keep their profits per partner above an acceptable threshold. One interesting observation is that although many firms evaluated their employees and their performance relative to saving the bottom line, an in-depth view of partner performance was by and large ignored.
Planning for a Successful 2010
December 17, 2009
As a participant in a law firm, you should be thinking about what you can do to contribute to the success of the firm on a frequent basis. Whether you are the managing partner, a practice group leader or an associate, your daily, weekly and monthly activities should contribute not only to your personal goals, but to the firm's goals as well. In addition, your goals should include those related to current clients, potential clients, marketing and firm administration. The following are some important goal-setting techniques and some examples you should keep in mind throughout the year, not only to make sure you are growing personally, but also to make sure you have contributed to the overall growth of the firm in a meaningful way.
Canadian Insolvency Law Amendments
November 30, 2009
On Sept. 18, 2009, the Canadian government enacted significant Amendments to Canada's Bankruptcy and Insolvency Act and Companies' Creditors Arrangement Act. This article focuses on certain of the Amendments to which equipment financiers should pay particular attention as they may impact how equipment financiers transact business.
Advance Conflict Waivers
November 30, 2009
Let me try to explain the rules governing Advance Conflict Waivers by asking, and then answering, five questions.
Pricing
November 30, 2009
Despite mounting client discontent, most law firms so far have been either unwilling or unable to change the way in which they price their services. This article argues that this is because most law firms continue to sell their partners and associates rather than selling legal services. It also provides some perspectives on the issue and summarizes small improvements that firms can make to better manage their pricing.
Pension Funding
November 30, 2009
The conclusion of this two-part article addresses: 1) whether the Program qualifies for AFTAP valuation as an asset; 2) whether the Program complies with COLI Best Practices of 2006 and IRC ' 101(j) and Notice 2009-48; and 3) whether the Program is a prohibited transaction.
Profitability Analysis: The First Steps
November 30, 2009
If your firm has a number of legal departments, how does one determine the profitability (or economic contribution) of each? Delving further into a specific department, how do you measure the profitability of a practice area?
Employment Rights and Returning Armed Forces Members
November 24, 2009
The United States Department of Justice (DOJ) recently increased enforcement efforts against employers believed to have discriminated against armed forces members returning from active duty and seeking to reenter the civilian workforce. Here's what you need to know.
