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Partnerships (which, for the purpose of this article, include limited liability companies treated as partnerships for tax purposes) have long been considered a flexible way of structuring investment arrangements and closely held businesses. Partnerships are not subject to entity-level corporate taxation and, unlike S corporations, they have flexibility to use special allocations and preferential distribution arrangements and to have various types of owners. However, partnership audit changes present increased exposure to partnerships and their partners, and future legislation may curtail much of the flexibility associated with partnerships. Now is a good time for partnerships and their partners to take steps to mitigate the potential consequences of the audit changes, and to anticipate potential legislative developments.
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Unbiased Thinking: A Blueprint for Your Law Firm Billing & Collections Transformation
By Dan Safran
Law firms generally experience a similar set of common challenges and costs tied to inefficient billing and collections practices. This is a cost no firm can afford; and to that end, this article offers a blueprint for transforming billing and collections
Crafting an Effective Roadmap for Implementing Information Governance In Law Firms
By Gregg Parker
This article discusses why a robust IG program is critical to modern-day law firm operations, the complexities associated with crafting such a program, and what a high-level roadmap for implementing the program looks like.
Prospective Partners Ask Small and Midsized Firm Tough Questions About Succession
By David E. Wood
Do Their Chief Finance Professionals Have Good Answers?
Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
What We Should Have Learned from COVID, Part 1: When In Doubt, Communicate
By J. Mark Santiago
First In a Series
First COVID Lesson: Leaders should communicate regularly to their firms in a more personal way, let their personality shine through, show some vulnerability and maybe reveal that they own a dog.