DIY-ing to e-Plan
July 30, 2008
Professional services requiring insight and judgment ' and application of sophisticated expertise on a case-by-case basis ' seemed immune to the e-commerce onslaught. After all, no one wants to trust the future welfare of one's family and affairs to a device that makes the phrase 'computer problem' a redundancy. And why would people who need to spend thousands of dollars on estate planning even think about trusting an online service just to save a few dollars ' even if only to pass on post-mortem thoughts from the grave?
GCs Bristle at Proposed Disclosure Rules
July 30, 2008
Accounting rule adjustments rarely elicit even a yawn from the legal community. But changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers.
Health Care Account Choices for Law Firms
July 30, 2008
With the rising care of health costs, many law firms are finding it economically difficult to provide their employees with health insurance. One of the ways law firms are mitigating this issue is by offering health insurance plans with greater employee out-of-pocket expenses. Congress offers several types of tax-favored accounts that a law firm can provide to its employees that can be used to pay for these additional medical expenses. Each type of account comes with advantages and disadvantages, which are explored in this article.
Innovation in the Law Firm World
July 30, 2008
Despite over a decade of widespread discussion of innovation within the corporate environment, innovation within law firms remains a relatively unfamiliar topic. The meaning of the word 'innovation' (often defined as 'the act of introducing something new') remains foreign within the context of law firm services, processes, and operations. Very few law firms recognize the opportunities associated with innovation or the market and competitive pressures that will ultimately drive successful firms toward this important business concept. In many ways, innovation represents an untapped opportunity for law firms ' the next great frontier for firms looking to expand their businesses and improve their competitive positions.
Law Firm Management Is Cash Management
July 30, 2008
Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.
Proposed DOL Rules On 401(k) Fee Disclosures
June 27, 2008
On Dec. 13, 2007, the DOL issued its long-awaited proposed rule on the subject of 401(k) fee disclosures. The Department issued this rule against a backdrop of increased Congressional attention and media scrutiny, and it is likely to be contentious. This article explains the key features of the proposed rule.
Engagement Letters: Preventive Medicine
June 26, 2008
Establishing a successful relationship between a law firm and its clients requires clear communication, and what better time to start than when the relationship begins? In addition to helping avoid misunderstandings on billings, a well-drafted engagement letter provides an early opportunity to confirm both the client's and the firm's expectations on a number of other matters as well.
LIBOR and Bankruptcy in the Current Market
June 26, 2008
Distressed companies and those in bankruptcy nearly always require some amount of loans to fund their recovery, exit from bankruptcy, or sale. What happens when those loans are not available, too expensive, or too risky in the eyes of the capital market? Combine that with volatility in The London Interbank Offer Rate, 'LIBOR,' the rate at which money is lent to other banks, and the terms, in particular, interest rates, that are offered to these distressed borrowers, are constantly in change.
