Law Firm Management
LFM
Showing 1–16 of 260 results
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Will AI threaten hourly billing?
Winter 2024
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 372
Abstract: Since the launch of ChatGPT, there’s been much speculation about how artificial intelligence (AI) will revolutionize a wide range of industries. A report from Goldman Sachs estimates that AI could automate 44% of the legal profession’s current work tasks. This article looks at how this could have serious implications for law firms’ long-term billing model.
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The continuing upside of remote document review
Winter 2024
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 611
Abstract: Remote document review may join the ranks of pandemic-induced changes to the legal industry that are here to stay. And that can be a good thing — for both law firms and clients. This article discusses some of the benefits of remote document review, along with a primer on efficiency and security issues.
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How cost segregation studies can reap tax savings
Winter 2024
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 693
Abstract: Real property and improvements to real property often rank among the costliest of a law firm’s capital expenditures. Yet many firms fail to leverage these assets for their full tax benefits. A cost segregation study can help firms make the most of the potential perks. And some of these perks currently are even greater than usual because of temporary opportunities under the Tax Cuts and Jobs Act (TCJA). This article covers the details.
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SECURE 2.0 – 2024 changes you need to know about
Winter 2024
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 844
Abstract: In December 2022, President Biden signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. While some of the provisions in the sweeping retirement legislation have already taken effect, others have yet to kick in. This article summarizes some of the most important changes for 2024 that could affect law firms and their employees. A brief sidebar touches on changes coming in 2025.
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Time to get serious about digital marketing
Fall 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 407
Abstract: For many law firms, digital marketing remains an afterthought. But simply having a stagnant website, largely dormant blog and no social media presence won’t cut it, regardless of a firm’s size or specialty. This article highlights some best practices for law firms to consider.
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Is PTE tax attributable to a law firm? Understanding pass-through entity taxes
Fall 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 552
Abstract: Law firms that elect pass-through entity (PTE) taxation at the entity level, rather than at the individual partner or member level, can run into some accounting difficulties. This article examines what firms need to know about PTE taxation and how to avoid trouble.
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Paying attention to payroll
Fall 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: Law firms might have added people to the payroll in the past year, or increased the amount of work they outsource to independent contractors. Hiring support staff, associates and partners and paying independent contractors can make payroll management — already a challenge for some firms — more difficult. This article presents some ways to keep payroll efficient and in compliance.
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Estate planning for attorneys – 5 tax-efficient tools to transfer personal wealth
Fall 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 873
Abstract: The Tax Cuts and Jobs Act (TCJA) almost doubled the federal gift and estate tax exemptions. But the increased exemptions are scheduled to sunset after 2025. This article provides some tax-efficient methods that attorneys may want to consider for transferring their wealth. A brief sidebar looks at how the SECURE Act changed rules for inherited IRAs, as well as changes under proposed IRS regulations.
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States mull legal “paraprofessional” programs
Summer 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 437
Abstract: The high price of legal services has prompted various states to consider granting paralegals limited licenses to provide attorney-type services in uncomplicated matters. This article discusses how the so-called “limited license legal professional” movement is playing out.
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Could the nexus net snare your firm for multistate taxes?
Summer 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 560
Abstract: Many states have become more aggressive in recent years about their pursuit of income, franchise or gross receipts taxes from multistate businesses. While some law firms may think they need not worry about the revenue departments in states other than where they’re located, those states might disagree. This article reviews the broadening definition of nexus and how a law firm’s tax liability will depend on the apportionment rules of the states involved.
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It’s time to review your partnership agreement
Summer 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 661
Abstract: Many lawyers don’t refer to their partnership agreement until a partner is leaving the firm — but that could be a mistake. A lot can happen after a law firm creates its partnership agreement: new partners may enter, while existing partners exit. An out-of-date agreement can throw your firm into tumult at the worst possible moment. This article looks at some areas to consider.
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How to pump up retirement savings – Cash balance plans may be the answer for your law firm
Summer 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 848
Abstract: Cash balance plans provide a vehicle for high earners who regularly contribute to their employers’ 401(k) plans at or near the limits to put more money away for retirement on a tax-deferred basis. In conjunction with 401(k) plans or on their own, this article examines why cash balance plans are well suited for law firms. A brief sidebar covers how the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act eases cash balance plan administration.
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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.