Strengthening the Patent System
America's patent system is at a crossroads. There are many critics of the patent system; some have become increasingly vocal. Some claim the patent system is outdated. Others label it as a "threat to innovation." As fodder for their arguments, critics often tout examples of one or more patents that, in the words of one academic, are "not new, are obvious, are laughably insipid or sometimes all of the above" ("Patent Prescription: A radical cure for the ailing U.S. patent system," A. Jaffe and J. Lerner, IEEE Spectrum Online, Dec. 10, 2004).
Peachtree Software Review
Peachtree software has been on the market for more than 25 years, and while in recent times it has played second string to QuickBooks, it doesn't have to anymore. Since this product line was acquired by Best Software, the maker of Timeslips, Peachtree has been transformed from the ugly duckling to the beautiful swan.
Midsize Firms: Key Trends Affecting Competitiveness And Profitability
In conducting strategic planning studies and facilitating numerous strategic planning retreats, I regularly discuss long-term trends affecting law firms with dozens of members of executive committees and managing partners. These trends of interest differ somewhat, of course, for firms of different sizes. More importantly, sometimes the same trend has very different implications for firms of different sizes.
Cash-Out Distribution Plans Require Amendment
Qualified retirement plans that provide immediate cash-out distributions to a terminated participant if the vested benefit is "$5000 or less" must be amended to comply with Department of Labor (DOL) final regulations. The final regulations are effective for rollovers of mandatory distributions made on or after March 28, 2005. The final regulations provide a safe harbor for fiduciaries of tax-qualified pension plans that are required to roll over plan benefits into an individual retirement plan when a terminated employee fails to elect a distribution method.
More Clients Embrace E-Billing
It only seems fair for the in-house department to strive to simplify the billing process at a time when it is demanding so much from outside counsel.
$10K Raises For Philadelphia Associates
Three more Philadelphia law firms have joined in the parade to raise starting salaries. Hangley Aronchick Segal & Pudlin and Saul Ewing both moved their starting wage from $105,000 to $115,000, and Fox Rothschild is jacking its rate from $100,000 to $110,000.
Edgy Ethics In Law Firm Competition
Of the firms that are playing to win, I particularly respect those that have gone out of their way to define what constitutes unethical and culturally unacceptable behavior.
Due Diligence: Beyond the Financial Statements
Due diligence of an acquisition always begins with the careful examination of the financial statements, but now demands a complete evaluation of internal controls and transaction integrity. Unlike finely polished financial statements, internal controls and transaction integrity are hard to spin; any varnish quickly wears off when scrutinized. After living through failed acquisitions and now an increased regulatory environment, corporate risk executives are refining their due diligence processes. By measuring transaction integrity and the effectiveness of internal controls, this new due diligence provides a view into the selling company's operational discipline and overall culture for tolerating policy violations.
