Leasehold Improvements: New Window of Opportunity for Tax Savings
February 24, 2005
Perhaps inadvertently, Congress gave a double profitability boost to law partners when it recently enacted the American Jobs Creation Act of 2004 ' a provision of which slashes the recovery period for leasehold improvements. To take advantage of these benefits, however, firms must invest in qualified leasehold improvements during 2005.
Health Savings Accounts: Recent Improvements
February 24, 2005
The federal government is bending over backwards to simplify, liberalize and encourage the use of Health Savings Accounts (HSAs). In a recent announcement, for example, the Treasury Department detailed just how easy it is for banks to offer HSAs to their customers. Recent guidance from the IRS has tried to allow as many taxpayers to qualify as possible.
New China Franchise Regulation
January 28, 2005
The world's most populous country, China, is opening its door to foreign franchisors, in accordance with its WTO commitments. To accommodate this new reality, the Chinese government has published a new franchise regulation. On Dec. 31, 2004, the Ministry of Commerce ("MOFCOM") published Measures for the Regulation of Commercial Franchise Operations (the "Measures").
Malpractice in the Line of Duty: Who Catches the Bullet?
January 28, 2005
A traditional requirement in many sophisticated equipment leasing and financing transactions is the closing opinion, in which an attorney or law firm is requested to opine on a variety of relevant topics, ranging from proper corporate or partnership approval of the transaction in question, to the legality, validity and enforceability of one or more material agreements. Oftentimes, there may be multiple closing opinions issued in respect of the closing, with certain opinions being rendered by internal counsel for one or more of the transaction participants, and another set rendered by external counsel.
Around the Firms
January 28, 2005
Movement and news among major law firms and corporations.
Your Future: Is There A Merger There? Are You Going To Follow The Lemmings Or Set Your Own Course?
January 28, 2005
A recent article in the <i>National Law Journal</i> piqued my attention. It hit on a point that many middle market firms must consider too often. The article in the Jan. 10, 2005 issue is titled "Mergers? Not Here Thanks." Many firms not listed as mega-firms are asking the same questions ' should we take an offer to merge with a larger firm? Here are some questions every partner and firm should ask before considering combining with any other firm.
'Get The Coach On The Phone!'
January 28, 2005
No part of a legal education teaches attorneys how to supervise support staff, or their fellow attorneys. The future of any law firm is highly dependent upon a firm's ability to attract, hire, train, and retain the best talent. One of the primary reasons that attorneys leave their places of employment is an unsatisfactory relationship between the lawyer and his or her supervisor. How many of us have watched senior attorneys hold on to aspects of their work that would offer a junior person a great opportunity for development? <br>Coaching can help attorney supervisors assess and evaluate their supervisory style, to determine how to fill voids in their employment management education, to encourage better results from their associates, and to create working teams that best meet clients' needs.
Reducing Law Firm Overhead Costs
January 28, 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. <br>The truth is that management just does not have the time or resources to regularly review expenses and reduce these costs. Selecting a professional firm to perform the cost reduction work most often represents the best solution.
'Insourcing' HR Gives Law Firms Extra Services
January 28, 2005
Employee health benefits were the number one reason Louis Reisman, managing director of Los Angeles-based Weinstock, Manion, Reisman, Shore & Neumann, began investigating the concept of Professional Employer Organizations (PEOs). That was back in 1987. Now almost 20 years later, the decision to utilize a PEO continues to be among the best he has made for his firm.
Myths About Avoiding Prosecution History Estoppel
January 28, 2005
In the recent Federal Circuit case <i>Honeywell, Int'l. Inc. v. Hamilton Sundstrand Corp.</i>, 370 F.3d 1131 (Fed. Cir. 2004) (en banc), the court held that a presumption of prosecution history estoppel arises when a patent applicant cancels an independent claim and rewrites its first dependent claim in independent form. Since then, patent attorneys and industry watchdogs have repeatedly misinterpreted the cause of this estoppel. Worse, many have advocated the dangerous strategy of initially writing dependent claims in independent form as a means of avoiding the estoppel. Such a strategy is useless in avoiding estoppel and highly counterproductive. Patent prosecutors should leave dependent claims in dependent form and, instead, avoid estoppel by using the strategies suggested below.
