Law Firm Management
Showing 1–16 of 248 results
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Should you text with clients?
Spring 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 397
Abstract: Text messaging — whether via SMS, iMessage or another format — has become ubiquitous in our personal and work worlds. Texting is fast, easy for most everyone, and can be a positive for both the phone-phobic and those simply in a hurry. Law firm clients already communicate with a variety of service providers by text, and they may expect the same level of accessibility from their highly paid attorneys. This article looks at why attorneys face some unique risks when texting with clients.
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Taking the temperature of the small firm market
Spring 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 589
Abstract: It’s been a tumultuous few years for the legal industry, but the leaders of small law firms — defined as those with 29 or fewer attorneys — are optimistic about their firms’ status. That’s according to the 2022 Report on the State of US Small Law Firms recently released by the Solo, Small Firm and General Practice Division of the American Bar Association and the Thomson Reuters Institute. This article details some of the 400 surveyed leaders’ responses to the report’s questions.
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Create stability with your capital plan – Why the need for capital matters
Spring 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 672
Abstract: Every law firm requires a different amount of capital to support its daily operations. So it’s important for you to determine how much is enough. Law firms may require larger partner capital contributions to offset gaps in cash flow due to expenses, law firm billing and collections. This article discusses how law firms can determine their expenses and create a business plan, and explains four basic options for determining the specific amount of capital a firm needs to keep on hand.
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4 pillars of effective virtual law practices
Spring 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 839
Abstract: With the worst of the COVID-19 pandemic seemingly behind us, some attorneys and law firms have gladly returned to the office. But others, having been forced to conduct much of their work remotely for the first time, have seen the virtues of virtual law practices. Such practices can produce numerous benefits if done right. This article reviews four steps that can help law firms improve their odds of finding success with a virtual practice, including drafting a new business plan, establishing formal processes, thinking about their clients’ experiences and investing in technology.
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Midsize firms poised to profit from growing demand
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 476
Abstract: The latest edition of the Thomson Reuters Institute’s Report on the State of the Midsize Legal Market paints a generally “bullish” picture for midsize law firms — with the average midsize firm outperforming its Am Law 100 counterparts in demand growth in the first half of 2022. It cautions, though, that multiple challenges remain. This article reviews some important statistics based on data from U.S.-based firms.
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Investing in alternative business structures – ABA ethics opinion sets out rules
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 630
Abstract: The American Bar Association opened the door to attorneys’ passive investments in so-called alternative business structures (ABSs) with a 2021 formal ethics opinion. But the permission comes with significant limitations that attorneys should take into account before — and after — making such investments. This article reviews the ethics opinion and the conflict analysis lay firms will need to conduct to take advantage of these arrangements.
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It’s time to review your client trust account practices
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 628
Abstract: Handling client money happens daily in every law firm. State ethics rules require most attorneys to use trust funds to segregate client funds from firm funds. Maintaining these client trust accounts (CTAs) while meeting a state’s ethics rules can be onerous, but following the rules is better than sanctions or potential disbarment. CTA rules vary by state, and this article highlights ways law firms can monitor their CTA practices.
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Pass-through entity taxes – How law firms can manage the SALT deduction limit
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 791
Abstract: Many high-income taxpayers were upset when the Tax Cuts and Jobs Act of 2017 imposed a $10,000 limit on the federal income tax deduction for state and local taxes (SALT). In response, at least two dozen states and New York City have implemented pass-through entity taxes (PTETs) that provide a workaround for those eligible. This article looks at what such taxes mean for law firm partners, members and shareholders. A short sidebar delves into the difference in the laws of a couple of states.
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Benefits for small and mid-sized firms – Do you have the right retirement plan?
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 427
Abstract: Most law firms, regardless of size, offer some type of retirement plan these days. The plans provide critical tax, recruitment and retention, and succession planning advantages. With numerous choices, it’s worth taking the time to review the options. This article briefly highlights SEP IRAs, individual 401(k) plans, small group 401(k) plans and cash balance plans.
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Time to give origination credits a makeover
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 559
Abstract: Competition among law firms — for new clients and new attorneys — remains fierce. Origination credits have long been a way of incentivizing business development as well as providing the kind of compensation that works as a strong recruiting tool. But the historical methods for distributing origination credits are no longer compatible with the cultures and priorities of many firms these days. Moreover, they can create problems that undermine their intent. This article discusses ways a law firm can retool its policy for origination credits.
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Buck the odds – Successfully hiring and retaining lateral attorneys
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 646
Abstract: When law firms consider lateral hiring, most see it as a way to add niche expertise and management experience while bringing in new clients. However, according to a recent survey by Decipher Investigative Intelligence and ALM Intelligence, nearly half of the respondents indicated that the majority of their firm’s laterals underperform when it comes to bringing their stated books of business. This article reminds law firms to carefully consider the need for lateral hires as the costs of bringing them on can be high.
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4 year-end tax tips for law firms
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 825
Abstract: The end of the tax year for calendar-year law firms is just around the corner. Now’s the time to take those last-minute steps that can reap significant savings on 2022 tax returns. This article presents four areas to consider: time and expenses; bonus depreciation; retirement plans; and food and beverage deductions. A short sidebar reviews ways for individual taxpayers to reduce their taxes, too.
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Why attorneys’ financial wellness matters for law firms
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 464
Abstract: In the midst of the continuing economic uncertainty, even affluent attorneys free of student debt have voiced concerns about their financial stability and retirement readiness. Law firms that heed and respond to their worries can gain valuable competitive advantages. This article reviews the effect of financial stress on law firm associates and how firms can help.
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Communication is key to timely client payment
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 560
Abstract: Failure to routinely communicate with clients might cause them to become disgruntled and slow down — or stop — payments. Being in touch with clients regularly will help gauge a client’s level of satisfaction with a firm’s work. And satisfied clients generally pay their bills. This article discusses ways firms can be clear, firm, consistent and persistent in communication with clients.
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What’s it worth? Understanding valuations in law firm acquisitions
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: Merger and acquisition activity remains steady in the legal industry. There are many questions to ask and avenues to pursue as part of due diligence in a merger. Among the most important is the value of the other firm, taking into account such factors as its assets, liabilities and ability to generate revenues into the future. This article looks at how law firms are valued compared to other businesses, different valuation methods, and adjustments to valuations specifically for law firms.
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IRS Attorneys Audit Technique Guide – IRS focuses on attorney audits
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 822
Abstract: The IRS recently released an updated Attorneys Audit Technique Guide to help its examiners effectively audit attorneys. While no one enjoys being the subject of an audit, the guide provides some valuable insights into the areas auditors are likely to examine, which, in turn, can help law firms avoid costly missteps. This article summarizes the areas of interest that examiners may focus on, including segregated client trust accounts, deferred income, advanced client costs and employee misclassification. A short sidebar covers a nonexclusive list of documents that firms will need to supply to both expedite the audit process and demonstrate a commitment to transparency.