What In The World Is Going On With Lawyer Retirement Planning?
Retirement is a distant and unnoticed object of concern for young lawyers. After the toil of law school, the terror of the bar exam and the career-defining decisions of job searching, a young lawyer cannot be blamed for feeling immortal. With a seemingly endless stream of years ahead to ply his or her skills in the world of the law, slay a few dragons and make his or her fortune, retirement planning is not on the "to do" list. <br>This article reflects the results of a survey of law firms around the nation that reveals a variety of approaches to retirement planning and funding. Interviews focused on the structure and the funding of retirement plans. While the results of this survey are anecdotal, certain conclusions and recommendations emerged from the effort.
Joining A Board: The Porcupine Approach
The answer to the question "should I join a board of directors?" has changed in recent years from "I'm deeply honored," to "you must be out of your mind." <br>Nonetheless, I still advise people to go on corporate boards. They should, however, recognize that it's not an honor. It's not a position of social prestige. It's a hard and risky job. People should make the decision to join a board the same way we've been told in the old proverb that porcupines make love: carefully, very carefully. It is not a snap decision. It's a decision that requires considerable thinking and research.
CD: Lawyers and Their Clients: A Balancing Act of Understanding and Managing Expectations
Law firms are rapidly gaining an understanding about how much of a competitive advantage is achieved when they truly understand their clients' needs and align their services with those needs. But this is often easier said then done. This Web Audio Conference will be presented from a variety of perspectives -- a General Counsel of a major corporation, a partner in leading regional law firm who manages significant client relationships, and nationally known consultants from Hildebrandt International who serve both constituents (law firms and law departments).
'Mod' to 'SOX' to 'ISA'
Almost 10 years before the enactment of the Sarbanes-Oxley Act of 2002 (hereinafter SOX), the U.S. Customs Service, now U.S. Customs and Border Protection (CBP), persuaded Congress to enact legislation to mandate many of the same corporate compliance guidelines that are now prevalent under SOX. That law, the Customs Modernization and Informed Compliance Act (Mod Act), Pub. L. 103-182, became effective Dec. 8, 1993.
Health Savings Accounts: Recent Improvements
In his preliminary analysis of this emerging subject in the August 2004 edition our sibling newsletter, <i>Accounting & Financial Planning for Law Firms</i>, Rick Stieglitz noted several key advantages of HSAs for employees: the account accumulates tax-free growth; funds are immediately available for qualified medical expenses; any unused remainder at year's end carries over, rather than being lost; and an employee's account is portable to another employer. HSAs offer tax advantages to employers as well ' if implemented properly. This updated report suggests that HSAs have gotten even more attractive.
Business Development: The Ethical Boundaries
In recent years, business development has meant different things in different segments of the American legal community. To some attorneys, extensive media campaigns and billboards are the preferred method. To others, in the mass tort context for example, the aggressive pursuit of victims and their families has been all too commonplace. Elsewhere, Web sites and computer chat rooms have supplemented or supplanted the traditional firm brochures and client seminars. <br>In reaction to these trends, a number of jurisdictions have revamped their business development ethics rules in recent years. Unfortunately, the necessarily "one size fits all" approach to explicit rules has led to some curious and counterintuitive results. In states that forbid direct in person contacts with non-clients who aren't lawyers, for example, it may make sense to prevent attorneys from badgering widows and orphans. But these same rules likewise prevent lawyers in such states from telephoning a sophisticated, educated company president.
Staying Competitive in the Lateral Partner Market
Part One, last month, discussed how firms can stay competitive through lateral partner recruiting. This month, the article continues with more advice, and stresses the importance of telling a candidate why he or she should join your firm.
<b>Op Ed</b> Extreme Makeover: Law Firm Edition
While doing my research for the MLF 50, there was a moment in time when it suddenly became clear to me that, for the most part, law firm management still doesn't understand marketing and what it can ' and more importantly cannot ' do for a firm. When it comes to marketing, lawyers are still in the "everyone else is doing it so we better do it too" mode. Without regard to actually making a concerted effort to understand marketing, the unfinished agenda of law firm marketing programs spills out on to the streets and are left at the curb of every city and town in the United States. <br>Let's face facts. There may be 50 firms that are doing some great things that will impact their respective firms; but in reality, most marketing programs are doomed to fail because of the lack of commitment and vision on the part of the partnership and the management of law firms.
