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This article reminds readers of §409A's draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
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The New Reality, for which law firms are scrambling to equip themselves, is that law firms no longer define their own service levels. Now it's the clients, and they have clear expectation parameters.
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The U.S. Department of Labor has proposed a rule that would make it more difficult for independent broker-dealers (IBDs), insurers, and other companies to treat professionals who want to flourish in the gig economy as independent contractors.
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Today we see outsourcing accelerating as the pandemic has served to highlight the traditional benefits of outsourcing: cost reduction, flexibility, expertise and efficiency. But providers need to do something more to increase satisfaction rates among their law firm clients.
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Many law firms are hunting for talent with a focus on traditional "industry experience" and prestigious educational backgrounds as familiar criteria in their candidate search process. But what if law firms are missing high value talent — on both the legal and administrative side — that may be right under their nose?
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Today, we see outsourcing accelerating as the pandemic has served to highlight the traditional benefits of outsourcing: cost reduction, flexibility, expertise and efficiency. But providers need to do something more to increase satisfaction rates among their law firm clients.
Features
In March 2020 and the months immediately following, many firms found themselves scrambling to implement tools that would meet the needs of new remote work realities. Understandably, many of these decisions were done quickly without the normal level of due diligence. Now, the same firms are realizing that those hasty, though necessary, decisions should be revisited or undone.
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Law firm billing rates have increased across all law positions in 2022, but not necessarily enough to keep pace with inflation. That's according to news reports that point to some more challenges for law firm profits.
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Routines based around 'work from home' are calcifying, and commuting, parking, sandwich shops and childcare are fading into distant memory. With each passing week, the challenge to win attorneys back into the office increases.
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Whatever term the economists use to describe the slowing pace of commerce, the real question is: how do you protect your law firm's revenue stream when economic pressures are causing current and prospective clients to tighten their budgets?