02.28.23

Pass-Through Entity Taxes: How Law Firms Can Manage the SALT Deduction Limit
Manal Shalabi

Many high-income taxpayers were negatively impacted when the Tax Cuts and Jobs Act of 2017 (TCJA) imposed a $10,000 limit on the individual federal income tax deduction for state and local taxes (SALT). This $10,000 limit is often referred to as the “SALT cap.” In response, over two dozen states and one locality, New York […]

12.22.22

Don’t Forget About the Illinois Secure Choice Savings Program Act
Joshua Goldschmidt

The Illinois Secure Choice Savings Program Act requires certain employers within Illinois to either participate in the state-run retirement plan or to offer employees a different qualified employer-sponsored retirement plan. The amended law now requires many small businesses with as few as 5 employees to comply by November 2023. The purpose of the program is […]

11.22.22

Four Year-End Tax Tips for Law Firms
Manal Shalabi

The end of the tax year for calendar-year law firms is just around the corner. Now is the time to take those last-minute steps that can reap significant tax savings on your 2022 return. Here is some tax-cutting advice to consider. Time Income and Expenses Wisely Deferring revenue into the next tax year and accelerating […]

10.05.22

Communication Is Key to Timely Client Payment
Justin L. Sylvan

How regularly do you communicate with clients? Failure to do so might cause a client to become disgruntled and slow down — or stop — payments. Being in touch with your clients regularly will help you gauge a client’s level of satisfaction with your firm’s work. And satisfied clients generally pay their bills. Related Read: How […]

08.08.22

Why Attorneys’ Financial Wellness Matters for Law Firms
Joy A. Long

In the midst of the continuing economic uncertainty, even affluent attorneys that are free of student debt have voiced concerns about their financial stability and retirement readiness. Law firms that listen and respond to their worries can gain valuable competitive advantages.  Financial Stress is Widespread Among Attorneys A 2021 American Bar Association (ABA) survey of […]

07.13.22

How Professional Services Organizations Can Protect Themselves Against Rising Cyber Risk
Joel A. Herman

Cybersecurity has long been an important area for professional services companies to address, but the work environment since the COVID-19 pandemic has provided even more opportunities for cybercriminals. Amid the widespread shift to remote and hybrid workplaces, there are more vulnerabilities than ever to exploit. Companies in law, architecture, engineering, public relations and other professional […]

06.03.22

Thinking About Adding Nonequity Partners?
Justin L. Sylvan

Pros and Cons of Adding Another Partner Level Smaller law firms that are reluctant to add more equity partners may consider creating nonequity partnerships to reward and retain high-performing associates and lure in laterals. However, this approach can come with both advantages and disadvantages so it requires significant forethought. Alluring advantages The traditional partnership model […]

03.22.22

Is ALSP Outsourcing Right for Your Firm?
Joel A. Herman

To the chagrin of some law firms, alternative legal service providers (ALSPs) have become an important and growing player in the legal industry landscape. According to a recent report, the overall market for ALSPs grew by about $5 billion between 2015 and 2019, reaching almost $14 billion. Nearly 80% of law firms and 71% of […]

02.11.22

Ephemeral Messaging and E-Discovery: To Preserve or Not To Preserve?
Joy A. Long

The conversations we have with others over the phone, in the lunchroom or someone’s office are all considered to be ephemeral. There is typically no trace of those conversations. Someone might attest to the fact that it happened, but unless it was recorded, it is gone. Some messaging apps for mobile devices offer features similar […]

01.25.22

Client Intake: The Importance of Quality Over Quantity

Want to improve profitability, reduce stress and preempt malpractice lawsuits and billing-related disputes? Drop uncooperative or slow-paying clients and use a formal client selection process to avoid taking on new ones. How do existing clients rate? Begin refocusing on client quality by reviewing all existing clients to determine whether any of them are weighing you […]