Tax Alert: Compensation And Benefits
December 27, 2004
Qualified retirement plans that provide immediate 'cash-out' distributions to a terminated participant if the vested benefit is $5000 or less will have to be amended to comply with Department of Labor (DOL) final regulations.
Appreciation in Separate Real Property As Marital Property
December 27, 2004
The increase in value of a titled spouse's separate property is subject to equitable distribution as marital property "to the extent that such appreciation is due in part to the contributions or efforts of the other spouse." D.R.L. ' 236 (B)(1)(d)(3). The Court of Appeals has repeatedly determined that a broad interpretation be given to this exclusion so as to favor the inclusion of such appreciation as marital property: "We hold that under the Equitable Distribution Law an increase in the value of separate property of one spouse, occurring during the marriage and prior to the commencement of matrimonial proceedings, which is due in part to the indirect contributions or efforts of the other spouse as homemaker and parent, should be considered marital property.
Around the Firms
December 27, 2004
London firm DLA and the partners of Piper Rudnick started off December with a vote to merge the two firms, and thus the New Year brings about the world's third-largest law firm measured by lawyers ' and fifth-largest measured by revenues.
Making Merged Firms Work As One
December 27, 2004
Finding a merger candidate can be a daunting process. However, integrating a merged group of attorneys into a "new" firm's culture, practice environment and organizational structure so that attorneys from both firms work as one may be a greater challenge.
Challenges And Adjustments In A Merger
December 27, 2004
There is a drama that is acted out every day on the stages of hundreds of law firms throughout the world. Firm A, which may have been a local, regional or even national firm, has recently merged into (read "acquired by") Firm B, a larger national or international firm, and the partners from Firm A are adjusting to being part of such a huge firm. <br>There are many pluses to becoming part of a much larger firm ' but there are also many differences and challenges. If the merger is to be successful, the partners in Firm A must anticipate the differences and challenges and Firm B must recognize them.
Codifying Competencies
December 27, 2004
When law firms recruit, train, evaluate and promote lawyers, what ideal do they have in mind? What model of lawyer performance are they pursuing: what balance of knowledge, skills and capabilities, work management, ethics, character and commitment, client service and business development? Attempting to put into words our notion of successful performance is a prerequisite to consistency in how we recruit, train, evaluate and promote. It would also appear to be a pre-requisite to fairness and effectiveness in setting expectations among new lawyers and helping them achieve those expectations.
FTC Staff Report on Franchise Rule Attracts Many Comments
November 30, 2004
In general, commenters were supportive of the proposed rule changes and praised the FTC for its detailed approach. An introductory statement in the comment from the law firm Kaufmann, Feiner, Yamin, Gildin & Robbins LLP (New York) called the Staff Report "a remarkable effort to ascertain, and as prudent, incorporate ... the desires, needs, and policy positions both of franchisors who will be regulated by the forthcoming revised Franchise Rule, and franchisees whose interests are sought to be protected and advanced thereunder."
Contractual Jury Waivers: New Case Before California Supreme Court Presents a Challenge
November 30, 2004
A closely watched case now before the California Supreme Court will impact the way equipment lessors do business. In <i>Grafton Partners L.P. v. Superior Court,</i> 9 Cal.Rptr.3d 511 (2004), the California Court of Appeal held that predispute contractual jury waivers are unenforceable under the California Constitution. The case has been accepted for review by the California Supreme Court, and a decision is expected next year.
