Baby-Boomer Partners In Transition
April 29, 2005
The ranks of law firm partnerships include tens of thousands of "baby-boomer" partners (BBPs), born between 1945 and 1955. These attorneys are now ages 50-60. Surprisingly, little has been written about the expectations and needs of BBPs or the expectations, needs and strategies (if any exist) of their law firms and fellow partners as to BBPs. Moreover, law firm partners both younger and older than their BBPs may be substantially affected by their law firm's strategies for and treatment of the baby-boomer generation. <br>This two-part article illustrates the expectations, intentions - and tensions - of baby-boomers and their firms, respectively, by using two models. Of course, there can be as many variants as there are BBPs, with numerous potential responses to each unique situation.
Around the Firms
April 29, 2005
This Month:<br>Ex-Partners Sue Townsend for Cut of Fees<br>L.A. Firm Brings Johnnie Cochran Name to San Francisco
Law Firms Gain, But With Big Caveat
April 29, 2005
Law firms are back ' sort of. <br>Revenues and profits were up by nearly 10% in 2004, a clear sign that firms have shaken off the tech bust slump. <br>But even as the biggest legal shops are reaping the harvest of a buoyant economy, they face some difficult choices ahead to maintain revenues ' and to grow profits.
Of Partners And Employees
April 29, 2005
In January, the Equal Employment Opportunity Commission (EEOC) sued Sidley Austin Brown & Wood LLP, alleging discrimination in connection with that firm's demotion of a group of equity partners. The suit highlights an area of potential uncertainty for law firms and other businesses organized as professional corporations and limited liability partnerships ' whether the shareholders and partners of such businesses are entitled to the protections afforded "employees" under federal and state employment laws. <br>Although the outcome of the EEOC's case may not be known for some time, recent decisions illustrate a developing legal standard that will likely impact the organization of many professional service businesses.
Tax-Free Education Benefits For Law Firm Employees
April 29, 2005
Law firms can provide a valuable fringe benefit for their employees by paying for their education costs. There are several ways a firm can choose to provide this benefit, and depending on the circumstances, one way may be more valuable than another. In addition, the different ways of providing the benefit are not mutually exclusive, and can be mixed and matched to provide greater benefits than one method might provide.
Hiring CMOs From Outside The Legal Industry
April 29, 2005
Law firms are increasingly looking beyond the legal industry to hire Chief Marketing Officers and other management level officers who have broad experience in the corporate sector. The problem is that no matter how talented a person, if they cannot successfully assimilate into a law firm culture it will never work. Firms must examine their hiring process more so than ever to be sure that the candidates they evaluate will actually be able to succeed in the legal industry. Personality testing is increasingly being used to screen candidates to make sure they can successfully make the transition before the job is offered to them.
Mass Transfers and Tenant Chain Sales: Advice for Landlords
April 28, 2005
The rumor that the retailing giant, Target Stores, may be taking over one of Canada's oldest and most venerable department store retailers, the 334-year-old Hudson's Bay Company ("The Bay"), and/or its junior department store discount division, Zellers, has left many Canadian landlords scrambling to review their leases in order to ascertain their rights. Many landlords will find that Target may be able to slip into The Bay's shoes without the necessity of having to obtain the landlords' consent to the transaction. Target's entry into Canada may prove to be as seamless and effortless as Wal-Mart's successful entry into the Canadian market a decade ago through its subleasing of stores from F.W. Woolworth & Company, a feat that was achieved for the most part without the necessity of landlord consent.
Assumption Of Software Licenses In Bankruptcy
April 28, 2005
Is a software license assumable by a licensee in the event the licensee seeks bankruptcy protection? <br>A recent Fourth Circuit Court of Appeals ruling has demonstrated the critical importance of this question to software licensees. The risk of nonassumption may prove quite significant. This article discusses this risk and suggests a potential license provision addressing the risk.
