Identity Theft and Taxes
October 02, 2014
In 2013, 13.1 million people were victims of some sort of identity theft. Often, you may think of identity theft as being confined to credit card or ATM fraud, yet there is an epidemic of fraudulent electronically filed tax returns. Identity-related tax fraud is the third-largest theft of federal funds after Medicare/Medicaid and unemployment insurance fraud.
Avoiding FCPA Liability by Tightening Internal Controls
September 02, 2014
Tightening up internal controls and putting in place an effective compliance program are crucial for lessening or even eliminating FCPA exposure -- and subsequent huge fines. The primary elements of an effective compliance program are discussed in this article.
Future Proofing Your Back Office Operation For the Next Five to 10 Years
September 02, 2014
In this continued age of economic uncertainty and transition for law firms, the back office and support services functions have become an increased target of opportunity. Firms are thinking more strategically about how to reduce and recover back office costs, increase efficiency, and implement newer technologies, all while maintaining or increasing services to the end users.
Finding a Chief Strategy Officer
September 02, 2014
Just as chief marketing and business development officers came to the fore following the recession, "chief strategy officers" are making their way to the managing partner's cabinet.
Valuation of a Law Firm and a Law Practice
September 02, 2014
Part One, last month, discussed the current state of law firm valuation, how to determine what it is that is being transferred, and a few of the methods used for valuing a law firm. Part Two will examine a possible solution to the differing valuation methods and look at issues that arise in an external transfer when someone outside of the firm is interested in buying it.
Unfinished Business Claims
September 02, 2014
This two-part article describes recent developments with respect to unfinished business claims, discusses the implications that those cases may have on law firm partnerships, and provides some suggestions as to what law firms may do to avoid unfinished business claim litigation.
Using IRA Funds to Purchase Life Insurance
September 02, 2014
Many individuals desire to acquire insurance on their lives using funds held in a qualified retirement plan. The acquisition of insurance using funds within an IRA is beneficial since the Plan uses tax deductible dollars to acquire the insurance. Furthermore, the Plan Funds are not otherwise being directly used by qualified plan participant (Participant) for the Participant.
Valuation of a Law Firm and a Law Practice
August 02, 2014
Lawyers leaving a law practice have an economic interest in monetizing their career-long investment in building a client portfolio and a referral network. How each lawyer has accomplished this depends on his or her particular practice, market and style. But while the means may vary, the results are the same ' access to clients who have legal needs. And this is the value the acquirers wish to capture.
