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Law Firms & Lawyers

09.10.18

Opting Out of the New Partnership Audit Regime
Robert Swenson

The Bipartisan Budget Act of 2015 changed how partnerships are audited. Proposed IRS rules for partnership audits under the law apply to taxable years beginning after December 31, 2017, but some partnerships can choose to opt out. If your law firm is organized as a partnership, here’s what you need to know.

08.08.18

What Now? Responding to the Improved Economy
Jacqueline N. Janczewski

After a long recession and slow recovery, the economy seems to be headed back to more stable ground. Just as the weak economy required law firms to make changes in strategy, the improved situation calls for the same action as well.

07.05.18

Value-Based Pricing Comes to Law Firms
Joel A. Herman

The concept of value-based pricing (VBP) is already common in the consulting world and has received a big boost in the health care industry thanks to various initiatives launched in conjunction with the Affordable Care Act. Will this transfer over to the legal industry? Law firms could soon see a similar demand for change in […]

05.31.18

How to Deal With an Underperforming Partner
Kalman Shiner

All firms have productive partners and partners who underperform, but what about those partners who were once top notch and now seem to phone it in? No managing partner likes to deal with this situation. However, the sooner you do, the less damage there will be to your firm’s profitability and relationships.

04.26.18

Why Some Law Firms Shine in a Flat Market
Joy A. Long

The large law firm market is generally experiencing flat to minimal growth. In addition, other factors such as a declining profit margin, weakening collections and loss of market share to alternative legal service providers continue to undermine law firms’ profitability. Even in this challenging market, there are still law firms that have been able to […]

03.29.18

Beyond Checks: Alternative Methods of Payment are Gaining Ground
Jacqueline N. Janczewski

Paper checks are on the road to becoming obsolete in today’s digital-dominated world. For both personal and professional matters, consumers are more likely to turn to other methods of payment, including credit cards and various payment apps. Although law firms have long relied on checks, in part for reasons related to ethics rules, it may be time to consider the alternatives that clients will probably eventually demand.

01.24.18

What the New Tax Law Means for Law Firms
Robert Swenson

Just before the end of 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA). Many types of businesses stand to benefit from the sweeping legislation, but the boon for law firms is limited. Here’s a quick review of the TCJA and some of its impact on law firms. The Pass-Through Deduction […]

12.14.17

When Should you Buy or Lease Office Space?
Kalman Shiner

Like many businesses, law firms often face the quandary of deciding to purchase or lease office space. While property ownership comes with several potential financial and tax benefits, it also frequently brings hassles and headaches that you can avoid by leasing space. The correct choice will depend on your firm’s current financial, competitive and geographic […]

11.16.17

What to do About Falling Realization Rates
Jacqueline N. Janczewski

Are your firm’s realization rates declining? If so, most firms are in the same boat. According to the 2016 Report on the State of the Legal Market from Georgetown University Law Center and Thomson Reuters Peer Monitor, the average firm’s billing realization rate fell from 94% to 87% over the past ten years. Collected realization fell from […]

10.24.17

Tips to Improve Attorney Timekeeping
Joel A. Herman

Timekeeping is a “necessary evil” for every law firm. Even attorneys who work on a contingent fee basis need to keep adequate documentation of their time to obtain court-awarded fees, and lawyers who charge on a flat-fee basis must track their hours to provide accurate time estimates and confirm they’re charging appropriate fees. So how can you get your attorneys to better track their time?

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