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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.

Features

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

Features

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.

Features

What Financial Questions Should You Ask Your Client? Image

What Financial Questions Should You Ask Your Client?

Bryce Sanders

If you open the door to helping clients with financial planning, it can also make sense that a law firm might address the same concerns internally. In that case, the financial planning questions a forward-thinking attorney might ask of a client are also questions that attorney should be considering in their own life.

Features

Effectively Managing Partner Autonomy Image

Effectively Managing Partner Autonomy

Marcie Borgal Shunk

The past decade has brought a significant rise in internal conflict within partnerships. Partners are wielding their autonomy to speak out (often forcefully) in favor of or opposition to broader firm decisions. This dynamic is leaving many law firms at a disadvantage.

Features

Ethical Obligations and Risks of Engaging a Temporary Attorney Image

Ethical Obligations and Risks of Engaging a Temporary Attorney

Diana C. Manning, Benjamin J. DiLorenzo & Kyle A. Valente

It is not uncommon for practitioners and law firms to employ the services of temporary (or contract) attorneys as the need may arise in contemporary practice. This article discusses the ethical obligations and associated risks that flow from engaging the services of a temporary attorney.

Features

Tips for Complying with ABA and State Rules On Attorney Advertising Image

Tips for Complying with ABA and State Rules On Attorney Advertising

Liz Lindley

If legal marketing professionals are looking for the absolutely clear and consistent rules about attorney advertising that every firm can or should follow, know that the search is futile because the states not only modified the rules but called them by other names including codes, guidelines, standards, oaths, principles, pillars or tenets.

Features

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.

Features

LJN Quarterly Update: 2024 Q2 Image

LJN Quarterly Update: 2024 Q2

Steve Salkin

The LJN Quarterly Update highlights some of the articles from the nine LJN Newsletters titles over the quarter. Articles include in-depth analysis and insights from lawyers and other practice area experts.

Features

Leveraging Law Firm KPIs for Business Success Image

Leveraging Law Firm KPIs for Business Success

Peter Oliva

Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.

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