Federal Tax Planning and Compliance Update
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.
Alliance Marketing Can Extend Your Firm's Reach
Alliance marketing offers law firms a great way to increase their exposure to potential clients while showing off their expertise in the law to other professionals who can be a wellspring of referrals. An alliance-marketing relationship brings together lawyers with accountants, bankers, investment planners, publishers or other professionals who may want to market their services to the same potential clients. These alliances could be formed to run seminars for current and potential clients, to work together to publish articles or for creation of advertising materials.
The 'Big Picture'
Let's say you're the firm's chief marketing officer. You're about to sit down with the managing partner to discuss the firm's marketing efforts and how they fit into its overall business strategy. Here are 10 questions you should be prepared to answer clearly and concisely.
Technology Conversions: More Than Just Software
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.
Bringing Paper Legal Documents Into Electronic Systems
In the legal industry, it's very clear that paper is here to stay. Whether it's pleadings, filings, evidence, exhibits, or other documents, paper formats are still a dominant factor in many law firms today. As much as we want to reduce its presence for numerous reasons, that tide of paper isn't going away. In fact, for some firms, it continues to rise. That's why law firms of all sizes need non-disruptive strategies that support efficient 'coexistence' of paper and electronic documents and records.
Supreme Court Sides with Employees in Discrimination Case
The Supreme Court ruled unanimously on June 22 to give broad protection under Title VII of the Civil Rights Act to employees who suffer retaliation for complaining about workplace discrimination. <br>The decision in <i>Burlington Northern & Santa Fe Railway Co. v. White</i> ends disarray among lower courts on the standard required to assess retaliation claims, but employment lawyers say it will trigger a wave of new litigation to determine what kind of employer actions constitute illegal retaliation.
Lawyers' Suit over Taping Client Conversations Proceeds
Legal Aid lawyers claiming the government violated their rights by secretly recording attorney-client communications with 9/11 detainees won a major battle in June when a federal judge permitted the bulk of the action to proceed. <br>The case is unusual in that it centers on the rights and privileges of lawyers operating behind the attorney-client shield, rather than on the rights of the clients.
Succession Planning Is Essential for Law Firm Survival
A major challenge law firms face today is the continued aging of their partnerships. One of the principal reasons for this is that 'baby boomers' are approaching retirement. While this is a problem for all businesses and professions in the United States, it is particularly serious for law firms because it poses a threat to their future survival. While many senior partners are both physically and mentally able to continue practicing, firms are beginning to recognize that succession planning, for both client and management responsibilities, has become essential if the firms are to continue in existence.
Provisions of the New Tax Law
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
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.
