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
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.
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.
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.
In The Marketplace
February 24, 2005
Highlights of the latest equipment leasing news from around the country.
Mergers And Attorney Departures: Ethical Pitfalls To Avoid
February 24, 2005
As anyone connected with the modern law firm can readily attest, lawyers come and lawyers go. As anyone connected with the ethics function at the modern law firm can attest, attorney arrivals and departures create conflict of interest and other issues that sometimes seem unsolvable. <br>To be sure, the dynamics are readily different when attorneys arrive at the firm, as compared to when they depart. On the front end of a new relationship, everyone is hopeful and excited ' in stark contrast to the mindset of departing attorneys, in many circumstances, toward their soon-to-be former firm, and vice versa. Regardless of the dynamics, however, important ethical rules and principles must be followed. Otherwise, serious economic and reputational harm ' as well as attorney grievance investigations ' can follow.
Competing For Staff In A Tight Labor Market
February 24, 2005
Some traditions take a long time to die. Unfortunately, staff recruiting is one of them.<br>It's a highly competitive labor market for professionals, and one in which you can't always compete in dollars. What's to be done?
Collaborating With Consultants On In-House Training Programs
February 24, 2005
In-house training programs are an important part of any law firm's professional development curriculum. They allow for a level of customization that makes content more meaningful and immediately useful and they offer the greatest flexibility in how and when they can be delivered. Yet for all their benefits, planning an effective, substantive group of training offerings in-house presents numerous challenges.
Around the Firms
February 24, 2005
Movement and news among major law firms and corporations.
