Ancillary Businesses Losing Appeal
November 30, 2007
Law firms once dreamed of owning separate businesses to bring in new streams of revenue, and while some achieved that goal, the industry is now largely backing away from a strategy that provided little economic benefit.
FIN 48: Accounting for Uncertain Income Tax Positions
November 29, 2007
This article provides a brief overview of the two-step, benefit-recognition approach implemented by FIN 48, a summary of the disclosures required by FIN 48, and a discussion of issues associated with protecting FIN 48 compliance documentation from disclosure to taxing authorities.
Update on Lawyer Retirement Perspectives
November 29, 2007
In the newly released Altman Weil Flash Survey on Lawyer Retirement, only 38% of lawyers agreed with the enforcement of mandatory retirement provisions in law firms. However, 50% of respondents reported that their firms currently have mandatory retirement policies. These findings may encourage more discussion and possibly policy changes in U.S. law firms.
Finding and Working with Consultants
November 29, 2007
This article provides pointers as to how to hire the best consultant for your firm's job and how to ensure the work product you desire.
Dealing with Merger Financial Data
November 29, 2007
When two law firms undertake merger discussions, they eventually exchange financial information. Here, we have compiled a short list of do's and don'ts to combat avoidable problems related to merger financials.
PC Partners Face NY Tax Challenge: Will Other States Follow?
November 29, 2007
Last year, we informed readers of the rediscovery by some partners in multi-state partnerships of the benefits of becoming a professional corporation ('PC') partner in their law firms, primarily to obtain state income tax savings. New York recently enacted legislation that would potentially adversely affect that strategy, including those who incorporated long before the legislation was passed, and it is unclear whether other states may follow.
Two Firms from the Top 20 of the Third Annual MLF 50
November 27, 2007
While this year's rankings were not heavily weighted on advertising and visual communications, I would be remiss if I didn't highlight two firms that did use visual communications to effect image and change. Herein, Thompson & Knight LLP, and K&L Gates.
Legal Fees in Criminal Cases
November 27, 2007
Although a corporation obviously cannot be put in prison, saber-rattling by the government concerning a possible indictment is indeed a draconian threat. In January 2007, Sen. Arlen Spector (R-PA) introduced Senate Bill 186, the 'Attorney-Client Privilege Protection Act of 2007' ('S. 186'). If enacted, S. 186 would straightforwardly 'prohibit' U.S. Attorneys from conditioning any <i>civil or criminal</i> charge decision upon, or use in deciding whether an organization is 'cooperating' with the government, 'the provision of counsel to, or contribution to the legal defense fees or expenses of, an employee of that organization.' In July 2007, Rep. Robert C. Scott (D-VA) introduced House Bill 3013 ('H.R. 3013'), a virtually identical bill (and bearing the same name) in the House. Here's why.
Online Sweepstakes And Contests As Promotional Devices
November 26, 2007
Online sweepstakes and contests are well known devices that traditional and e-commerce firms and related operations frequently use to promote their products and services. While these tools of the online-promotions and online-marketing trade offer the promise of a cost-efficient way to target interested consumers and create a great deal of buzz, they are hardly trouble-free, and a myriad of traps await the unwary. The attorneys general of several states closely regulate and monitor sweepstakes and contests, and failure to conduct promotional and marketing campaigns properly can result in enforcement actions and consumer lawsuits, so be sure to operate a sure thing instead of taking a gamble.
