Creating an LPM Function Is the Start — Implementing It Is the Goal
December 01, 2024
On the one hand, Big Law is locked in this endless struggle to compete on metrics: revenue per lawyer; billable hours; realization rates, and of course profit per equity partner. The fact that these are all the wrong metrics to define success is a separate discussion. On the other hand, many of these firms don’t have profitability models. And even those who do, struggle to implement them. This is super-important, so let’s break this down.
Can Your Spouse Help You Find New Clients?
December 01, 2024
Sooner or later, everyone needs a lawyer. It has been said the average American knows 600 people. You might have done a good job at raising awareness among your friends about how your can help them. Your partner likely knows 600 people too. There is overlap, but plenty of new names. Can they spot a business opportunity and tell your story?
The Risks of Office-to-Residential Conversions
December 01, 2024
Office-to-residential conversions present significant challenges to owners and developers that arise from the interrelationship among the regulatory regime, the legal restrictions and requirements of the site and the physical requirements of conversion; the resulting incremental cost of conversions mean that many potential conversions just do not pencil out.
Defining ‘Alter Ego’ and Its Application to Determine Corporate Taxability
December 01, 2024
Creditors of corporate entities will, at various times, pursue the controlling shareholders to satisfy an undercapitalized corporation’s indebtedness. Following along these lines, when it comes to income taxation, it is always important to be able to identify the proper taxpayer. Alter ego concepts may aid in any such determination, i.e., determining whether a corporation that presumably realizes the income should be taxed, or whether the controlling shareholder realized the income and, therefore, should bear the tax liability.
What the GOP’s Tax Plan Might Actually Look Like
December 01, 2024
With Republicans poised to take control of the White House and Congress, the odds are high that key elements of the 2017 Tax Cuts and Jobs Act set to expire at the end of 2025 will in fact be extended — potentially for the better part of the next decade. Still, given the relatively narrow majorities expected in both the House and the Senate, the exact path forward for tax reform and broader federal budget negotiations also includes some unknowns.
Unlocking Your Lawyers' Rainmaking Potential
November 01, 2024
With law firms continuing to face heightened market and industry pressures, business development is essential for both law firm growth and individual lawyer success. However, coaching lawyers to become effective rainmakers presents unique challenges.
The State of Cost Recovery — Post COVID
November 01, 2024
Law firm operations are different now. Obviously, the biggest impact of COVID has been the inception and continuation of the hybrid work environment. This has been a kick in the pants for law firms to migrate to a digital working environment
Law Firm Real Estate Strategy: Attorney Offices Are Out, Conference Rooms Are In
November 01, 2024
Law firms are navigating a paradigm shift in how they approach office space. With the rise of flexible workplaces, firms are finding that when their attorneys do come into the office, the main goal is to connect and collaborate with peers — and this shift has transformed how law firms address their real estate needs.
