Compliance Programs for Private Companies
July 31, 2006
We all know that a proactive Securities Exchange Commission (SEC), combined with implementation of the Sarbanes-Oxley Act of 2002 (SOX), and activation of the Public Company Auditor Oversight Board (PCAOB), has triggered intense scrutiny on corporate ethics and accountability. One by-product of this is that the public company has come to serve as a mentor of sorts to the private company in the arena of corporate compliance programs, offering certain 'best practices' that may also be useful to the privately held company, its management, and its shareholders or owners.
The Bad News: You Have a 401(k) Plan
July 31, 2006
This article is intended by the author to comprise Part Four of Four in a series on lawyer retirement planning. Parts One and Two, 'What In the World Is Going on with Lawyer Retirement Planning?' were published in the November and December 2005 issues of LFP&B. Part Three, last month, examined the history of the 401(k) and why there are problems with the popular retirement vehicle. In this part, we find out how to make things better.
Checklist for a New Partner; or, the 12 Most Important Things for a New Partner to Do
July 31, 2006
The late Supreme Court Justice Harry Blackmun once said: 'A wedding is an event; a marriage is an achievement.' Much the same could be said about the attainment of ownership in your professional practice. Your ascension is an event; partnership is an achievement. And so the analogy goes that a law firm partnership is much like a marriage, and a breakup much like a divorce. Life repeats itself in business. But as newly minted partners settle into their new roles, this article provides guidance (some serious, some lighthearted) to begin what I hope will be a long and satisfying achievement ' a partnership. Congratulations.
New Kinds of e-Commerce
July 31, 2006
As more people live in the virtual world ' sometimes also called the digital or synthetic world ' in one of the many so-called massively multiplayer online role-playing games (MMPORGs) available online, the potential for monetary abuse and malfeasance grows.
<b>Sales and Service Strategies</b> Establishing a Key Client Sales Initiative
July 31, 2006
We at <i>MLF</i> are pleased to announce this new bi-monthly column featuring knowledge and information about sales and service excellence tips and tools, and thank LSSO for contributing authors and content.<br>We begin with guidelines for establishing the firm's major client sales initiative for success.
Additional 2006 Tax Tips and Insights
July 27, 2006
following excerpts provide useful additional information on the Tax Increase Prevention and Reconciliation Act of 2005, signed into law on May 17, 2006.
Federal Tax Planning and Compliance Update
July 27, 2006
Compared with the significant tax legislation of the prior several years, both 2005 and 2006 (to date) have been relatively quiet in terms of legislative changes impacting taxpayers generally ' and law firms and attorneys in particular.
Short-Term Costs of Retiring a Defined Benefit Pension Plan
July 27, 2006
Jane Austen observed, in Sense and Sensibility, that 'people always live forever when there is an annuity to be paid them.' Increasingly, private employers with defined benefit (DB) pension plans that are designed to distribute benefits as annuities are adopting Ms. Austen's view.
<b><i>Focus: Canada</b></i> Law Firm Marketing in Canada
June 29, 2006
By many accounts, the leading Canadian law firms have moved from reluctant marketers undertaking a few traditional tactics, to become law firms with a heightened focus toward strategic business development. It is noticeable how many firms have painstakingly sought out the right senior talent, bringing marketing and business development expertise to lead the effort of growing the business and building competitive advantage. Equally as many firms have engaged the services of agencies and marketing consultants to enhance profile and build brands. As a result, we find the majority of firms have dropped ineffective marketing or business development committees, leaving management of the department and activities to the senior marketing professionals. There remains a group of law firms in the country, however, whose prime marketing goal is largely communications, and whose marketing orientation has not yet matured to more tangible, client focussed and measurable priorities.
