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The new law offers two obvious potential benefits: a 20% deduction for pass-through entities such as partnerships, and a 21% tax on corporations.
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This article describes the provisions of the Act most likely to impact law firms.
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Under the Tax Cut and Jobs Act, should certain employees of a tax-exempt organization receive compensation greater than $1,000,000 during the tax year from any combination of a tax-exempt organization and/or its related organizations, the organizations would be subject to an excise tax on that employee's compensation in proportion to their payments to the employee.
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<b><i>Stop Obsessing About the Millennials (for Now)</b></i><p>For decades, members of Generation X have been stuck between two behemoth, attention-draining generations, wondering if they would forever be relegated to back-bench leadership — mere seat-warmers for ambitious millennials waiting for baby boomers to retire. Now, as boomers slowly face their own mortality and aging bodies after a lifetime of devotion to work, there is no longer a need to question whether Gen X will have an opportunity to lead.
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When it comes to law firm business, not everyone is depressed about the slow growth that plagued many firms in 2017, and that's predicted to persist into the new year. Or at least they won't admit it.
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As law firms and legal departments finalize their 2018 budgets, many lawyers in both the United States and Canada plan to increase cybersecurity spending.
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<b><i>The Rolling Stones Were Wrong — Time Isn't on Your Side</b></i><p>Almost every business owner loathes worker's compensation insurance — costs are high and can go up significantly in the event of a claim or multiple claims. Also, worker's comp can be a cost center that is heavily impacted by fraud and abuse. If employers can control the number and severity of claims and lower worker's comp costs, they can put the money to better use.
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You say your law firm is profitable. How do you know? To fully understand your law firm's results of operations and financial condition, you should measure and examine key performance indicators (KPIs) on a granular level. Looking beyond high-level KPIs can provide actionable information to make operational and strategic decisions.
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<b><i>Last Year Saw a Number of Interesting Decisions Concerning the Identity, Rights and Obligations of Non-Equity Owners, Including Partners and Shareholders</b></i><p>2017 saw a number of interesting decisions concerning the identity, rights and obligations of non-equity owners, including partners and shareholders. As more firms utilize non-equity members to play vital roles within their firms, it will become more important for them to take note of these decisions and the guidance they provide.
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<b><i>The Numbers Say Yes, But Not for the Reasons Many May Think</b></i><p>Conventional wisdom has it that mergers enhance profitability through increased revenues and reduced costs. However, the numbers contradict this view: post-merger revenues are lower relative to competitor firms than are the sum of the predecessor firms' revenues, and costs per lawyer increase markedly.