It's Compensation Time Again
November 21, 2008
Whatever compensation system a firm selects, it will work in the long run only if it has the confidence of all of the firm's partners. Based upon the author's experience, that confidence can best be won by providing a role in the process for all partners.
Help Insulate Your Firm with Careful Year-End Planning
November 21, 2008
Notwithstanding the slowing economy, there are opportunities to strengthen the firm's finances and those of individual partners. The key in this or any year is careful tax planning — including year-end tax projections — that will help lessen federal and state tax liabilities, prepare for possible exposure to the alternative minimum tax, and discover potential ways to save and streamline.
How Healthy Is Your Inventory?
November 21, 2008
Savvy firms are expanding their tool kits to effectively manage the business of law. Inventory analysis is a critical component, and used wisely, can point to risks and trends early, preventing cash flow problems down the road.
'Standards and Premises of Value'
October 30, 2008
Appraisers are frequently utilized to assist matrimonial courts in determining the value of property subject to equitable distribution within a marital estate. Here's what you need to know about the all-important Standards of Value.
Resolving the Enigma of Law Firm Leadership
October 30, 2008
The first installment of this article in September addressed the necessity of law firm leadership. The conclusion discusses qualities needed in a manager.
The Future Value of Today's Inventory
October 30, 2008
Most law firm managers understand intuitively that the value of inventory (both WIP and A/R) degrades over time, but by how much and how quickly? The ability to understand and answer these two questions is the first step in preparing a realistic, forward-looking valuation model ' one that can identify opportunities and drive action.
A Discussion on Partner Capital
October 29, 2008
In a July issue of The National Law Journal, there was a lead article titled, "Firms Ask Partners to Pony Up." That article sparked questions from clients of our firm, Altman Weil, Inc., regarding law firm capital structures. This article pulls together a number of the issues we have been dealing with recently.