Eight StepsToward Creating A Great Place To Work
July 31, 2006
Attorney attrition is expensive. Replacing departing colleagues means not only recruiting and hiring strong candidates, but also investing in training for the new hires. Cost estimates for replacing an associate are typically between 100% and 200% of one's annual salary. The soft costs may be even greater ' lost institutional knowledge and potential morale problems. And attorneys who leave with bad feelings about the firm can spread their ill will in the local legal community, or try to lure others to follow. A mass exodus, of course, can cripple a firm.
<b>Professional Development University: </b>Translating Professional Development into Business
July 31, 2006
Law firms are spending more money on professional development and hiring more staff to oversee this area than ever before. In addition to substantive skills programs for the many different practice areas, internal programs have expanded to include leadership and business-development curriculums, deal and case management training, presentation skills, business development and client relationship training.
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.
Net News
July 31, 2006
Kazaa to Pay $100 Million In Settlement<br>Congress Passes Bill Limiting Online Wagering <br>Web Wagering Faces Clampdown with Major Arrest<br>Music Industry Prepares Lawsuit against Yahoo China
An Appealing Proposition
July 31, 2006
Let's face it, bankruptcy can be frustrating, not to mention costly and lengthy. First is the sober reality that in almost all cases, creditors ' and unsecured creditors especially ' will not be paid in full. Second is the fact that making sure your client's rights are protected, and recoveries maximized, takes time, money, and involvement in the bankruptcy process, all of which can be disruptive to its ongoing operations. The frustration factor, however, reaches its zenith with bankruptcy appeals. Unlike 'normal' appeals in state and federal courts, bankruptcy appeals provide for two levels of automatic appeal. Bankruptcy orders are first appealed to the district court or, in certain jurisdictions, to the bankruptcy appellate panel (BAP), and thereafter each party has the automatic right to appeal anew to the circuit court.
China's Great Leap In-House
July 31, 2006
These days China is full of Silicon Valley wannabes, but Alibaba.com, headquartered in Hangzhou, is way ahead of the pack. In a headline-grabbing deal last August, the company acquired Yahoo Inc.'s China business (it now operates the Yahoo brand in China), plus a $1 billion investment from the venerable Internet company. Now a $4 billion privately held concern, Alibaba.com is best known for its business auction site (www.alibaba.com, which the company claims is the leading Web site for business-to-business trade in the world) and Taobao.com (www.taobao.com), a consumer auction site that's giving eBay.com a run for its money in China. (Alibaba.com is in English, Taobao.com is in Chinese.)
<b>Op-Ed:</b> 'I Am Woman, Hear Me Roar' ' or Not!
July 31, 2006
With the exception of about 15 firms nationwide, there are no solid programs that truly benefit women in law firms. Yes, many firms list their women in law programs on their Web sites, and several tout their programs as being at the forefront of the movement, but this is not the reality. While there are lots of women in law firm programs, most of them merely exist to 'paint a picture' that will demonstrate to clients that they are diverse. For all intensive purposes, this is a joke ' and the joke is on the women in these firms. Is it any wonder that many women leave law firms to either go in-house or leave the profession entirely?
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.
