Account

Sign in to access your account and subscription

Taxes 101 for New Law Firm Owners

This article addresses the key items a newly promoted law firm owner should know regarding his or her changed individual tax situation.

23 minute read June 25, 2012 at 12:33 PM
By
Amy Petersen
Taxes 101 for New Law Firm Owners

So your firm is thriving and excited to announce partner promotions. Congratulations!

After years of hard work and sacrifices, your top associates have made it to owner status.

This premium content is locked for Accounting and Financial Planning for Law Firms subscribers only

ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN Accounting and Financial Planning for Law Firms

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

Already have an account? Sign In Now

For enterprise-wide or corporate access, please contact Customer Service at [email protected] or call 1-877-256-2473.

NOT FOR REPRINT

© 2026 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Continue Reading

Most firms are aiming their newest tools at the work they already do — pouring their most powerful technology into running the same tasks a little faster. But when everyone automates the same tasks at once, no one pulls ahead. That reaches the future a little faster while leaving a firm’s largest opportunity untouched — and that opportunity isn’t doing more of the existing work, but transforming how the high-value work gets done.

June 01, 2026

Artificial intelligence is rapidly embedding itself into legal workflows, but much of the conversation treats all use cases as if they carry the same level of risk, even if they do not. The more useful question is not whether AI works, but where it can be safely applied and where it cannot.

June 01, 2026