The Lawyer's Guide to Public Relations
October 01, 2003
There is definitely an art to becoming the object of the press's affection. If you are lucky enough to have an in-house public relations department, your "luck runneth over." However, for most lawyers whose wish list includes "personal appearances" either via print media or electronic media, it can be a challenging and sometimes frustrating experience. There is hope, and it comes in the form of having a personal public relations/professional development plan. While most business development efforts focus on marketing, public relations can be a key component to one's overall success. Public relations is different than marketing in the sense that it requires a more personal approach to one's professional development plan. It requires an individual to hone a separate set of skills that enables one to speak, be quoted and appear as a spokesperson in a specific area of expertise.
Ask the Coach
October 01, 2003
This month's question: <br>Many of the lawyers in my firm still resist doing any selling because they see it as "unseemly" for lawyers. How can I help them overcome this crippling bias?
A Web/Audio Conference Event
October 01, 2003
RESPECT: Earn It, Keep It, Advance Your Career<br>Wednesday, Nov. 19, 2003<br>12:00 p.m. ' 1:30 p.m. EST
Improving Law Firm Profitability
October 01, 2003
<b><i>Without Working Longer Hours or Raising Rates</b></i><p>In today's competitive environment, the profitability challenge to law firms is to increase profits while reducing clients' legal fees. This two-part article provides dozens of specific, workable ideas for enhancing profitability, leaving aside the played-out (and problematic) methods of working longer hours and raising hourly rates. This month's article offers ideas in the following categories, which together offer the greatest opportunities for profitability enhancement.
Unreasonable Compensation in a Professional Corporation
October 01, 2003
Until 2001, the general view was that IRS determinations of "unreasonable compensation" were not a concern for shareholder employees of professional corporations. That equanimity was shattered - at least for those paying attention - by the 2001 Tax Court decision in <i>Pediatric Surgical Associates P.C. v. Commissioner</i> (T.C. Memorandum 2001-81). In that case, the tax court determined that compensation paid to the shareholder physicians in a Texas surgical practice was unreasonably high because it exceeded the value of the services performed by the firm's shareholder physicians. This seminal tax court opinion turned on the issue of profits generated by the non-shareholder surgeons. Analogous compensation scenarios are common in law firms PCs, so they could face similar IRS determinations, with similarly costly results. Lawyers who are PC shareholders should pay close attention to this case.
Billing for Recycled Work: A Follow-up Exchange of Views
October 01, 2003
In a recent edition, Professor William G. Ross analyzed the professional ethics restrictions incumbent upon lawyers who want to bill by the hour for previously produced work product. ("The Ethics of Billing by the Hour for 'Recycled' Work," August 2003.) Edward Poll, one of our prominent Board members, responds to the issue.
Partner Capital: Why Firms Need More in 2003
September 25, 2003
Most law firm partners react skeptically to the suggestion that their capital contributions should go up in 2003. After all, with the cost of borrowing at its lowest level in over 40 years, why should partners invest more capital in the firm, thereby delaying or reducing personal cash flow? Nevertheless, even well managed firms are now likely to need more partner-contributed capital than they did just a few years ago.
The Critical Crossroads Of Corporate America
September 22, 2003
The general counsel function is the critical crossroads of corporate America. Even the most skeptical of senior managers and board members evince a growing awareness that the role of the general counsel is crucial and strategic, and not merely technical and subordinate. The question, however, is whether this crossroads can bear the increasing volume and weight of the traffic coming its way.
REGULATORY DEVELOPMENTS
September 16, 2003
On March 13, 2003, Tommy G. Thompson, Secretary of the U.S. Department of Health and Human Services (HHS), announced two proposed rules from the Food and Drug Administration (FDA) that are intended to improve patient safety and are part of a strategic initiative by the FDA to reduce adverse events involving products that it regulates.
