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Help Insulate Your Firm with Careful Year-End Planning
The slowing economy has touched all sectors, and surely some of your clients are feeling the pinch. There's no question it's been a rough and uncertain couple of months. For law firms, the effects are numerous. Fees may not be coming in as reliably. Individual partners nearing retirement may have seen their nest eggs shrink dramatically. Partners may no longer have the luxury of being as tolerant of clients that are problematic from a billing perspective, draw an imbalanced share of resources, create headaches from an engagement perspective, or simply no longer fall in line with business goals.
Strengthening Finances
Fortunately, this time presents opportunities to strengthen the firm's finances and those of individual partners. The key in this or any year is careful tax planning ' including year-end tax projections ' that will help lessen federal and state tax liabilities, prepare for possible exposure to the alternative minimum tax, and discover potential ways to save and streamline.
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