11.17.21

What Entity Structure Makes Sense for a Law Practice?
Joshua Goldschmidt

Regardless of whether you are just starting your own law practice or you have a well-established law firm, entity structure is something to consider. After all, your entity choice affects when you pay tax, what tax you pay, how the tax is paid, your liability in running the firm and much more. Here are a […]

10.14.21

How Top “Pandemic Performer” Law Firms Thrived

A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic. Understanding these factors can help other firms better position themselves for future disruptions. Related Read: State of the Midsize Market: Resilience Is Key Key characteristics The 2021 […]

09.28.21

How To Get Stuff Done
Thomas Pierce

Law firms face disruption on multiple fronts and they are struggling to get things done. Firm leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with […]

08.31.21

State of the Midsize Market: Resilience Is Key
Justin L. Sylvan

Despite daunting challenges, midsize law firms flexed their creativity and agility to prove themselves surprisingly resilient in 2020. The 2021 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute (TRI) looks at how midsize firms weathered the challenges of 2020 and the opportunities that may lie ahead. Related Read: 2021 Legal […]

07.21.21

Do Not Go Phish: How To Reduce Your Risk of Cyberattacks

Phishing schemes have been a threat for years. But the COVID-19 pandemic seems to have intensified the risk, with criminals applying new twists on their approaches. Among other developments, law firms are increasingly targeted, due to their wealth of confidential information and the high value that firms place on their reputations. Of course, reputational damage […]

06.25.21

Lawyers’ Professional Obligations in Regard to Legal Technology
Joy A. Long

For far too long, the rate of technology adoption across the legal industry has lagged far behind innovation. As datasets grow larger and litigation costs rise, it is critical for the legal profession to embrace technology and new innovations that help to safeguard client data and to facilitate better outcomes. Related Read: Get Smart: Law Firms […]

05.12.21

What Is the Latest on Business Meal and Entertainment Expenses?

The deductibility of business meals and entertainment for federal income tax purposes has received renewed attention in recent months. The IRS’ final regulations on the deductibility of such expenses under the Tax Cuts and Jobs Act (TCJA) and a provision in December 2020’s Consolidated Appropriations Act (CAA) change the rules of the game. Here is […]

04.30.21

2021 Legal Market: Why This Year Could Mark an Inflection Point
Justin L. Sylvan

It is safe to say that the legal industry has never seen a year like 2020. But, a recent study of the legal market suggests that disruptions to law firm operations could end up being the impetus that the industry needs to finally adapt to the market’s competitive realities.   The 2021 Report on the State […]

03.10.21

Millennial Matters: Understanding Your Younger Attorneys

Millennials — generally defined as people born between 1981 and 1996 — make up the largest segment of today’s workforce, which includes the legal industry. With Baby Boomers increasingly leaving their practices and the overall job market changing in light of the pandemic, law firms must focus on recruiting and retaining younger attorneys to ensure […]

02.19.21

Is a Dedicated Sales Team the Answer to This Economy?
Thomas Pierce

The practice of law is almost always stressful, but current conditions make this period and the near future more anxiety-producing than ever. Law firms are balancing the COVID-19 pandemic, economic uncertainty and ongoing pressure to bring in new business. This has led some to follow the lead of other professional services and create dedicated teams […]