Creating Ethics and Compliance Programs That Work with Sarbanes-Oxley
Last month, we discussed how brightly the spotlight is shining on ethics and compliance programs. We explained that Sarbanes-Oxley has a provision that provides Federal protection for employees of SEC registrants who report wrongdoing to the government and/or law enforcement. The Act has created a situation in which anyone who reports wrongdoing to the government and/or law enforcement is protected from employer retaliation under Federal Statute. And we urged that companies assess the effectiveness of their ethics and compliance efforts.
Key Considerations in Choosing a Survey
Part One of this article offered a general overview and comparison of the major surveys currently available for US law firms (Altman Weil's "The Survey of Law Firm Economics"; Hoffman Alvary's "The Flash Report on Law Firm Economics"; and Pricewaterhouse Coopers' "The Law Firm Statistical Survey"). Part Two offers advice on how to select a survey.
1099-MISCgivings: Reporting Taxable Awards & Settlements
The Federal tax code and corresponding regulations require a lawyer to send a 1099-MISC form to certain individuals (and non-incorporated business entities) who receive disbursements from the lawyer's trust fund for legal awards and settlements. Writing on behalf of a law firm, an accounting firm reader has asked about the proper way to report such disbursements.
The Ethics of Billing by the Hour for 'Recycled' Work
One of the most difficult attorney billing issues is how a lawyer may receive fair compensation for the "intellectual property" value of work products reused for a later client. An attorney who has spent substantial time developing interrogatories, jury charges, legal memoranda or other such documents for one client naturally will want to "recycle" the same materials when they are relevant to later clients. But on what, if any, basis can the lawyer legitimately bill for this recycled work?
Private Companies Join the Club
According to AMR Research, which recently surveyed 60 Fortune 1,000 companies, it is estimated that the Fortune 1,000 will spend $2.5 billion in 2003 alone in costs associated with Sarbanes-Oxley Act (the Act) compliance. How much more will be spent by smaller public companies and by those in the private-company sector is a mystery, but the total costs - in cash, time, consulting fees, lost opportunities, and human resources - will surely be staggering.
Flight to Quality: Why Business Plans Don't Get Funded
Your business plan is very often the first impression potential investors get about your venture. But even if you have a great product, team, and customers, it could also be the last impression the investor gets if you make any of these avoidable mistakes.
Put Technology In Its Place ... and Deliver Results To The Bottom Line
When lawyers discuss the role of information technology in their practice, a phrase often heard is "it's a necessary evil." Regardless of firm size or practice area, complaints regarding information technology (IT) are unfortunately all too common: large investments ... disappointing results.
Product Review: RainMaker Software's Business Intelligence Suite
Founded in 1845, Robinson & Cole LLP is a commercial law firm with more than 200 lawyers in six offices throughout Connecticut, Massachusetts and New York. As with most firms, our time and billing system is critical to daily operations. Vast amounts of information go into the system, but extracting data in a meaningful way was always a struggle.
