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We found 2,077 results for "Accounting and Financial Planning for Law Firms"...

The Power of Monitoring for Recovering Lost Revenue
Realization has hit an all-time low of 83%, plunging from 93% just a decade ago. Most firms are building pricing groups as the place to start addressing this pain. This is certainly a good starting point, but if your firm is pricing and not monitoring, you've actually got a problem.
True Partnerships Reward Partner-Like Behavior
A true partnership requires a compensation structure that rewards partner-like behavior — collegiality, mentoring, expansion and transition of client relationships to fellow partners, and a consensus to pursue long-term strategies promoting institutional stability rather than maximizing short-term profit metrics.
Elite Law Firms Increasingly Suing Clients to Collect Fees
In an era when demand for legal services is softening, the country's largest firms are increasingly going to court and arbitration against their former clients to collect fees in what consultants say is the "new normal."
Estate Planning for the Digital Afterlife
This article discusses the importance of accounting for digital assets in an estate plan, provides practical considerations for handling their disposition after death, and describes the current state of the law for the handling of digital assets after death.
Law Firms Struggle With Lateral Partner Due Diligence
Firms place a lot of weight on lateral hiring, but many of them aren't very good at it.
Cyberinsurance Considerations for Law Firms
Law firms spend a lot of time and effort to protect their clients' interests, but often overlook routine protection and security of clients' (and their own) data. While not a cure-all for data security risks, one important component to consider in putting together a comprehensive data security program is cyber insurance, as most general liability policies and professional liability policies now expressly exclude coverage for data breach claims.
Estate Planning for the Digital Afterlife
As more Americans establish personal email accounts, social media accounts, and other electronic accounts, these “digital assets” are becoming an increasingly vital estate-planning consideration. The failure to consider how to dispose of digital assets in an individual's estate plan could result in later complexities following the individual's death.
<b><i>Online Extra</b></i><br>Financial Industry Groups Slam NY's Proposed Cybersecurity Rules
Major banking and insurance industry groups are attacking New York's proposed regulation requiring member companies to adopt stringent protections against cyberattacks that compromise consumers' confidential information.
Retiring Boomers Pose Big Challenges For Firms
The boomer generation — 75 million Americans born between 1946 and 1964 — and a tiny cadre of over-70s Silent Generation lawyers currently make up just under half of partners at Am Law 200 firms. As partners with the greatest seniority, they constitute a majority in the equity and management ranks, and control an outsize share of client relationships. The impacts of retirement are amplified because a long surge in hiring and promotion that began when boomers entered law firms has halted since the financial crisis.
Looking to the FFIEC Revised Information Security Booklet for Best Practices in Data Security for Financial Institutions
The Federal Financial Institutions Examination Council (FFIEC) recently revised its Information Security Booklet. The changes bring the financial services industry closer to the goal of having a clearly defined set of cybersecurity and data protection protocols to ensure regulatory compliance.

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  • Strategy vs. Tactics: Two Sides of a Difficult Coin
    With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
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  • Coverage Issues Stemming from Dry Cleaner Contamination Suits
    In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.
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  • New York's Guaranty Law Continues to Divide Opinion
    This article discusses the recent developments surrounding the constitutionality of New York's Guaranty Law. In particular, we address the Southern District's view that the statute is unconstitutional and the splintered view of the statute's constitutionality expressed by New York State courts.
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