A Discussion on Partner Capital
October 29, 2008
In a July issue of The National Law Journal, there was a lead article titled, "Firms Ask Partners to Pony Up." That article sparked questions from clients of our firm, Altman Weil, Inc., regarding law firm capital structures. This article pulls together a number of the issues we have been dealing with recently.
Law Firms 'Building a Case' for Automated e-Procurement Solutions
October 29, 2008
Procure-to-Pay automation technology has finally come of age as a user-friendly, flexible, and cost-effective strategic business solution. It is a solution that can ease pressures from the law firm partnership by decreasing the cost of doing business.
IRS SILO Settlement Initiative
October 28, 2008
On Aug. 6, 2008, the IRS announced settlement initiatives for more than 45 large corporate taxpayers that engaged in Lease-In/Lease-Out ("LILO") or Sale-In/Lease-Out ("SILO") transactions, which were designated as listed transactions in 2000 and 2005 respectively.
Profits Per Me (PPM)
September 29, 2008
Lateral partner candidates need to look beyond PPP and focus on what the authors call PPM ' "profits per me." Averages are great, but how much of the law firm's profits can one fairly expect to get?
The New York City Family Court Legal Services Project
September 29, 2008
Since Fall 2006, over 1,200 low-income families have been helped by an innovative pro bono project run by the New York City Family Court. The project is administering a much-needed jolt to a system overwhelmed by unrepresented litigants and a lack of resources.
Same-Sex Marriage: Survey on Policies
September 29, 2008
The start of same-sex marriages in California on June 16 made headlines across the country. However, it was not such a big deal for many U.S. companies. These businesses already give their gay and lesbian employees many of the same benefits that they provide to their married straight workers.
Unreasonable Compensation to PC Shareholders: The IRS Gains a Victory
September 26, 2008
The general view has been that unreasonable compensation claims against shareholder employees of professional corporations was not an issue. In <i>Pediatric Surgical Associates P.C. v. Commissioner</i>, the Tax Court determined that compensation paid to the shareholder physicians was unreasonably high because it exceeded the value of the services performed. Many law firm professional corporations could face this same issue.
Section 79 Planning Opportunities
September 26, 2008
Closely held businesses produce over 50% of the Gross National Product ("GNP"). Less than 50% of these businesses have a continuation plan and almost one-third of these companies (29%) use a buy-sell arrangement to assist in their planning. Buy-Sell agreements are very simple tools that over the years have grown to meet increasing needs of closely held businesses.