Forfeiture-for-Competition Agreements
December 28, 2007
Law firms are constrained by professional ethics in how they address the issues of lawyer mobility. Rule 5.6 of the ABA Model Code of Professional Responsibility expressly prohibits lawyers from entering into agreements that restrict their right to practice, including covenants not to compete. The overwhelming majority of jurisdictions interpret the rule to preclude less direct restrictions on competition, including financial penalties known as 'forfeiture-for-competition' agreements.
Addressing Tax Issues Throughout the Year: There Is No Better Time to Start Than Now
December 27, 2007
Even though 2007 has come and gone, it is not too late ' it is never too late ' to think about tax planning and tax issues affecting your law firm. What still can be addressed now in 2008 that can impact your tax return for 2007? What tax issues can be addressed that can impact 2008? This article provides a list of items to review internally with your financial team and externally with your tax adviser.
In the Marketplace
December 27, 2007
Highlights of the latest equipment leasing news from around the country.
A Primer on Foreign Language e-Discovery
December 21, 2007
While e-discovery may be Greek to many, it is those documents written in Chinese, Japanese, Korean and Russian that cause much of the trouble for companies ' bricks-and-mortar and 'e' alike ' when documents must be collected, reviewed, redacted and presented.
The Changing Face of Chapter 11
December 21, 2007
The face of bankruptcies in corporate America has changed multiple times since the reforms of 1978. And it's going to change once more ' probably radically ' over the coming months. This article explains.
Rent Abatement Clauses: Tenants Should Speak Softly, But Draft a 'Club'
November 30, 2007
In commercial lease transactions, a tenant's desire and need to occupy a space and begin transacting business often takes precedence over a landlord's ability to complete all of the bargained-for physical alterations that it has promised. The issue of determining the diminished value of the premises prior to the completion of the landlord's work is customarily resolved through the negotiation of rent abatement provisions that quantify damages where delays in the landlord's construction would lead to a breach of contract.
Ancillary Businesses Losing Appeal
November 30, 2007
Law firms once dreamed of owning separate businesses to bring in new streams of revenue, and while some achieved that goal, the industry is now largely backing away from a strategy that provided little economic benefit.
FIN 48: Accounting for Uncertain Income Tax Positions
November 29, 2007
This article provides a brief overview of the two-step, benefit-recognition approach implemented by FIN 48, a summary of the disclosures required by FIN 48, and a discussion of issues associated with protecting FIN 48 compliance documentation from disclosure to taxing authorities.
