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IRS Seeks to Regulate Partnership Basis Adjustments Image

IRS Seeks to Regulate Partnership Basis Adjustments

Ezra Dyckman & Charles S. Nelson

The proposed regulations would disallow basis adjustments in many non-abusive scenarios where those basis adjustments are necessary to achieve tax results that correspond to economic reality.

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The Case for Building a Documentation Plan On Business Owner Compensation Image

The Case for Building a Documentation Plan On Business Owner Compensation

Jeffrey A. Galant

Business owners, among their numerous tasks, should seek to minimize income taxes as they would any other expense, of course accommodating to the extent necessary the needs of their business. In this regard, building a documentary record to support the various tax positions being taken may preserve an income tax deduction that otherwise would be lost

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The Double-Edged Sword of Discounting Corporate Legal Fees: Weighing Profitability Against Client Retention Image

The Double-Edged Sword of Discounting Corporate Legal Fees: Weighing Profitability Against Client Retention

Eric Dewey

This article delves into the multifaceted implications of discounting corporate legal fees, exploring both the potential benefits and the risks associated with this strategy.

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ABA Issues New Ethics Opinion On Billing for AI-Supported Work Image

ABA Issues New Ethics Opinion On Billing for AI-Supported Work

Mimi Lamarre

A new American Bar Association ethics opinion touches on what has been a risky business area for Big Law in the emergence of generative AI: billing and fees related to AI-supported legal work.

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Staying Nimble and Embracing Values Are Essential for Mid-Size Law Firms' Survival Image

Staying Nimble and Embracing Values Are Essential for Mid-Size Law Firms' Survival

Michael Ferachi

In the ever-evolving legal landscape, mid-size law firms find themselves at a critical juncture. Seismic shifts, accelerated by the pandemic, have reshaped the very fabric of our industry. Now, more than ever, agility, innovation, and a steadfast commitment to meeting client needs are not just desirable traits, but essential for business survival.

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5 Ways AI Can Strengthen Revenue Generation and Client Relationships Image

5 Ways AI Can Strengthen Revenue Generation and Client Relationships

Jody Glidden

Maintaining consistent communication with clients can be time-consuming for most law firm professionals. Balancing this task with other competing responsibilities becomes challenging when case management, administrative duties, and strategic planning also demand the lawyer's attention. The time has never been better for firms to start introducing technology, like AI, to improve their overall business.

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Adequate Tech Budgets Are Essential For Effective Marketing Department Performance Image

Adequate Tech Budgets Are Essential For Effective Marketing Department Performance

Deborah B. Farone

Adequate investment, especially for marketing technology, enables departments to function effectively. Unfortunately, this funding is often insufficient. Technology without support is like installing a lightbulb in a home that has no electricity.

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How Law Firms are Reducing Redundant Real Estate by Bringing Onsite Support Services Back to the Office Image

How Law Firms are Reducing Redundant Real Estate by Bringing Onsite Support Services Back to the Office

Tim Haught

The COVID-19 pandemic disrupted the industry in many ways, pushing law firms to rapidly adopt remote work solutions, digital transformation and cost cutting measures. While some adjustments proved effective, most industry leaders are prioritizing higher office attendance as a measure for future success.

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Improving Billing Security Improves Client Experience Image

Improving Billing Security Improves Client Experience

Saurabh Mehra

Client service doesn't end before the invoice goes out. Every interaction is an opportunity for the firm to provide the best experience current knowledge and technology is able to deliver — and since security is a key component of what clients want, security needs to be part of that equation.

Features

IRS Keeps Hold On Employee Retention Credit Claims to Protect Small Businesses from Fraud Image

IRS Keeps Hold On Employee Retention Credit Claims to Protect Small Businesses from Fraud

Julie Potts

While the IRS has new ERC claims on pause and works to investigate possible fraud, business owners still have the opportunity to protect themselves from potential civil and criminal penalties.

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