Features
10 Ways to Prepare for 2021's Collision of Business and Society
As we enter 2021, we should expect the needs of business and society to continue colliding. But if law firms prepare for those collisions, they can drive better outcomes.
Features
PROFESSIONAL DEVELOPMENT: How to Embrace Virtual Seminars in 5 Easy Steps
In 2021 everyone in the legal field has a virtual platform, so firms of all sizes can jump in and offer webinars on topics that highlight their firms' practice areas. Create your own virtual programs by following these 5 steps.
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COMPETITIVE INTELLIGENCE: Powering Nonprofits With Research
In a time when many of us are searching for ways to help support others, could we use our research super powers to support nonprofit organizations in their philanthropic work? I think Yes!
Features
Late Year Collections Could Make or Break 2020 Profitability
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
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MARKETING TECH: Leveraging Data to Drive Innovation in A Post-Pandemic (We Hope) World
With a new year and fresh outlook for the future, the time is ripe for legal technologists and innovators to take the delivery of legal services and client experience to the next level. One key is recognizing that successful innovation — be it turning best practices into standard operating procedures, or reinventing the law firm business model altogether — is equal parts mindset, method and message.
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Is Accountant Malpractice Compensation Taxable?
If a taxpayer suffers a loss by reason of errors made by a tax advisor, and the tax advisor makes a payment to compensate the taxpayer for the loss. May the payment be excluded from the taxpayer's income subject to tax?
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How to Transform Mailroom Operations for Security, IG and Productivity
A Permanent Change to How Your Firm Operates Law firms need a best practice Digital Mailroom operation, not the current scan-to-email workaround, which was a triage solution at the onset of the COVID-19 crisis. Attorneys and staff working from home must have reliable, secure delivery of daily mail which is arriving at the main office.
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Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
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Right-Resourcing Legal Services
What is the right strategic approach for a legal department to optimize its return on investment for the resources it deploys to render legal services?
Features
Implications of NJ BAIT for Law Firms
NJ Senate Bill 3246 established the "business alternative income tax" (BAIT), an elective business tax regime for pass-through entities. Law firms are left wondering if electing to pay the BAIT is the right choice. This article summarizes how the NJ BAIT works, as well as its pros and cons.
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- Top 5 Strategies for Managing the End-of-Year Collections FrenzyEnd of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.Read More ›
- The Self-Service Buyer Is On the RiseLaw firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.Read More ›
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- Tax Treatment of Judgments and SettlementsCounsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.Read More ›