<i>Accounting & Financial Planning for Law Firms</i> <b>Partner Business Plans as a Planning Tool</b>
April 29, 2005
Personal goal setting has been popular and effective in other professions and industries for many years. Lawyers have been slow in coming around because they are afraid that the exercise will be a waste of time or will restrict how they practice. As consultants, we still hear partners say, "I'm a partner, I can do as I damn well please." This attitude is not as prevalent as it was in the past, but it still exists and must be dealt with.
Who Gets Paid in Securities Cases?
April 29, 2005
Rejecting an appeal brought by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3rd U.S. Circuit Court of Appeals has ruled that the lawyers who were named to lead the case have the power to say who gets paid.
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.
Bankruptcy Fraud in the Spotlight?
March 29, 2005
As we all know, the feds continue to investigate and prosecute fraud in the financing, accounting and operation of businesses. The Second Year Report of the President's Corporate Fraud Task Force declares that over 500 corporate fraud convictions have been obtained to date and that charges have been brought against over 60 corporate CEOs or presidents. However, executives and their counselors would do well to note that the government's will and ability to prosecute high-level management may not lessen just because a business is in extremis.
Surviving A Malpractice Fiasco: 10 Views
March 16, 2005
Recently I asked members of <i>A&FP</i>'s Editorial Board and several new contributors for their thoughts on how a law firm might best deal with the financial blow of an unusually large settlement or penalty assessed against the firm. Last month, in Part One, we got our roundtable discussants' views on how to keep a firm from crumbling immediately after a malpractice disaster. Concluding the discussion, here are their views on professional liability insurance.
Taxation Committee Report JCS-02-05: A Closer Look
March 16, 2005
The Congressional tax change proposal for owners of LLPs, LLCs and S-corporations would fill only a small part ' about 1.5% ' of the projected Social Security funding gap; but the proposal looms much larger when compared with other elements of the Joint Committee's overall tax-revision package
Basics Revisited: Reducing Law Firm Overhead Costs
March 16, 2005
A law firm management's primary focus, like most professional service firms, is new business, billing a high percentage of partners' and associates' time and, of course, collecting a high percentage of billings. Under pressure to increase revenues and grow the bottom line, executives often overlook smaller firm overheads such as office supplies and related items, printing, stationery, overnight delivery, telecom and copiers.
Committee Aims To Standardize Pass-Through Taxation
March 16, 2005
If an influential congressional committee has its way, some professionals and many small business owners could be forced to dig into their own pockets to help bridge the projected $3.75 trillion funding gap for Social Security. <br>At issue is the sticky subject of limited liability companies, limited liability partnerships and so-called "S" corporations, and the manner in which participants in those businesses pay their Social Security and medical insurance employment taxes.
In The Marketplace
February 24, 2005
Highlights of the latest equipment leasing news from around the country.
