Sales and Service Strategies
May 30, 2007
Have you ever wondered why, when everyone in your firm supports the concept of business development, you just can't seem to get initiatives implemented? While business development inside a law firm isn't a new concept, many directors and CMOs have so far failed to recognize just how significant an impact these initiatives will have on the basic structure and organization of the firm.
Involuntary Petitions Under BAPCPA
May 29, 2007
Last month, tha authors noted that on Oct. 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ('BAPCPA') was implemented without the collapse of the bankruptcy world as we knew it. They discussed the 'changes' to ' 303, and several key cases. This article continues the discussion.
Climate Change: Why It Matters for Your Business
April 30, 2007
Climate change? Sustainable development? Greenhouse gases? Global warming? Traditionally, these concepts conjured up tree hugger-led environmental activists' warnings of the Earth's doom resulting from industrial fallout and natural resource use and misuse. Today, these hotly debated, frequently misunderstood scientific theories more often are the subject of critical analysis in corporate boardrooms, among business management and between leading U.S. CEOs. Despite some conflicting reports on the true effects of greenhouse gas emissions and other industrial-related impacts, all agree that the Earth's climate is warmer and continues to heat up annually. No consensus exists as to what can or should be done, how it shall be accomplished or by whom.
Recruiting and Retaining Associates
April 27, 2007
Partners in law firms of all sizes and specialties now realize it is one thing to attract high-quality associates, but an even more difficult challenge to retain them. Competition for top-quality associates continues to intensify, so effective associate retention is more important than ever.
Unfunded Retirement Plans: An Ongoing Problem
April 27, 2007
During the past year, we witnessed a marked increase in the number of law firms, both large and small, which are finding that their existing unfunded retirement plans are becoming significant, disruptive forces. The underlying problem created by these plans is that the plans result in current income being diverted to former partners, thereby reducing the compensation of the remaining active partners. Today, the combination of an expected spike in retirements related to the baby boom generation and, for many firms, greatly increased benefit exposure due to sharp increases in firm profitability that is factored into the value of retiree benefits, stand ready to test the financial viability of even the strongest firms.
Increased Flexibility for 401(k) Plan Sponsors
April 27, 2007
In the first half of this decade, a series of events wreaked havoc on pension plans. Enron and other major corporations collapsed with the result that employees and other investors lost billions of dollars in savings, including in many cases significant pension investments. Sept. 11 accelerated and deepened the fall of the financial markets. Lower securities prices, coupled with low interest rates, resulted in modest investment returns and increased funding obligations for sponsors of traditional defined benefit plans. In turn, major legacy air carriers and other historical industry leaders struggled (sometimes without success) to avoid bankruptcy. In response to these and other upheavals, Congress enacted the Pension Protection Act ('PPA') on Aug. 17, 2006, only three weeks after its introduction in the House of Representatives, in an effort to reform outdated aspects of federal pension laws and to provide greater stability and overall protection to pension plan members.
Associate Costs from the Viewpoint of In-House Counsel
April 27, 2007
In late January, Simpson Thacher & Bartlett LLP announced that it was hiking its first-year associate pay to $160,000. Since then, the legal press has noted that an increasing number of firms in every major legal market plan to follow suit.
Partnership Investments
April 27, 2007
With profits per partner continuing to rise, many attorneys have more discretionary income available for investment. In addition to investing directly in both traditional and nontraditional sources, some partners may choose to invest (either inside or outside their law firms) in opportunities that arise in the law firm setting.
