Technology Conversions: More Than Just Software
June 29, 2006
A recent asset finance industry conference I attended showcased the new generation of technology platforms being introduced to the market. Most of the presentations to the inquisitive audience focused on the pure functionality of the various software programs ' their capabilities and limitations.
Provisions of the New Tax Law
June 29, 2006
The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations. It contains $90 billion in tax benefits that retroactively extend a number of existing tax credits and provide several new tax breaks. It also contains $20 billion in new revenue-raising legislation, thereby resulting in $70 billion in net tax cuts. This article discusses some key provisions contained in the Act that will affect attorneys, their firms and their employees.
The Bad News Is, You Have a 401(k) Plan
June 29, 2006
The good news is your firm has a contributory retirement plan and you are a participant. The bad news is that to manage your money, control much of your retirement destiny and thus the future financial welfare of you and your family, your firm has placed this responsibility in the hands of someone who is almost certainly clueless about such matters.<br>That person is you.
Asset Creation, Seclusion And Money Laundering In The Virtual World
June 29, 2006
As more and more people take up residence in the virtual world ' sometimes also called digital or synthetic worlds ' through their participation in one of the many 'Massively Multiplayer Online Role-playing Games' (MMPORGs) currently available online, the potential for monetary abuse and malfeasance also increases. While the original virtual worlds were built by private gaming companies for their subscriber base and were fully controlled by the designers and their all-encompassing End-User Licensing Agreements (EULA), new MMPORGs have emerged that provide individual players with more freedoms ' including the ability to create, seclude or launder wealth. The likelihood of this new technology being co-opted for unscrupulous purposes is great, since historically the same has happened in response to other advances in technology.
Court Watch
June 28, 2006
Highlights of the latest franchising cases from around the country.
Is Half a Summer Associate Better Than None?
June 28, 2006
In a February <i>A&FP</i> article titled 'Associate Overcompensation?' I ventured the opinion that competition for the most promising new associates was perhaps needlessly intense, given that law firms aren't very good at identifying which law school graduates actually will turn into excellent lawyers. The following interesting report seems to invite essentially the same question with regard to law student summer associates.
Branches, Boutiques And Client Conflicts
June 28, 2006
As analyzed in several <i>A&FP</i> articles, a major strategic goal of many law firms is to attain and maintain dominance for specific practice areas in a legal market. One downside of dominance in a practice area, however, is that a firm may increasingly need to turn away work in other practice areas due to client conflicts.<br>From the following excerpts of recent news analyses from <i>A&FP</i>'s ALM affiliates, it seems reasonable to conjecture that conflict-related attorney movements between firms help maintain a healthy level of competition in legal services that excessive dominance might otherwise undermine.
Clarifying the Force Majeure Clause in a Commercial Lease
June 28, 2006
<i>A&FP</i> articles in March and April discussed how various 'boilerplate' clauses in a commercial lease may one-sidedly favor the landlord or tenant. The present article emphasizes the need to ensure that the force majeure clause in particular protects vital interests in the event of a major catastrophe. Whether your firm is a tenant or landlord, you'll want to take a close look, first at this article and then at your lease.
Taking a Stand on Standards Initiatives
June 28, 2006
Industry analysts often debate implementation details of various standards, but more critical attention should be focused on whether entire standardization programs are well conceived. This article offers some lines of thought that readers may find useful in deciding their overall response to a standardization proposal.
