news archives: Professional Services

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What to Expect When You’re Merging

Mergers offer the opportunity to gain new clients, experienced rainmakers, greater geographic reach, increased specialization and broader expertise. But first, it’s necessary to close the transaction, which is often easier said than done. This article describes the obstacles that are typically involved, and shows how an internal “deal team” working with professional advisors can address them.

More Profit, Less Loss - Point Associates to the Bottom Line

Although associates’ first priority is legal work, they also need to be aware of their firm’s investment in them. Perhaps the best way to make associates fiscally aware is to have them create individual profit and loss (P&L) statements. This article talks about how P&L statements can determine billable hours and overhead expenses for associates and provides an example of one.

Expense Report Cheating Is Both Easy And Common

Expense report padding may seem like a minor offense. Inflated car mileage or exaggerated restaurant gratuities typically add only a few extra dollars per report. Over time, however, a few dollars can become thousands, and fraud can not only harm a firm’s profitability, but its reputation as well.

Fee Agreements: Bill Like You Mean It

Particularly in hard economic times, companies and individuals prioritize their bills, paying the most urgent invoices and the most insistent service providers first and the rest when they’re able. But a law firm can help make its bills a priority by being clear about expectations. As this article explains, this starts with a comprehensive fee agreement.

Value - Not Billing Alternatives - May Determine Client Satisfaction

There’s been a lot of talk in recent years about alternative fee arrangements (AFAs) as a solution for rising legal services costs. But a recent study suggests that most corporate clients don’t consider them a top priority. Instead, what many in-house counsel want from their outside legal services is “value” for their dollar. This article explains how law firms can communicate the “extras” they provide clients, whether they charge by the hour or offer AFAs.

Beyond The Numbers: A Fair System for Evaluating Partners

While partners share some basic roles and responsibilities as attorneys and owners, each is likely to bring something a little different to the table. How, then, can a firm ensure that performance reviews — and compensation decisions — are fair? This article discusses some of the standard measurements involved, and explains that an evaluation process needs to consider the many roles partners play in the firm, along with four factors that determine a firm’s profitability. A sidebar talks about evaluating and compensating unique practice partners.

Good Customer Service Applies To Law Firms, Too

A “customer service culture” isn’t only for retailers and restaurants; it also can give law firms a competitive edge. This article explains that everyone in a firm should receive some form of customer service training. It offers five basic rules that can help everyone, from receptionist to managing partner, navigate antagonistic situations.

Tech Matters: Are Your Attorneys Safe On The Road?

Technological advances in the past decade or so have changed the way many lawyers do their jobs. But, unless firms adhere to some basic security protocols, their lawyers may be putting confidential (including privileged) information at risk every time they hit the road with their smartphones. This article looks at some of the specific security risks and offers suggestions to reduce them.

Your firm’s future depends on its succession plan

Leadership succession isn’t a matter of if, but when. The only question is whether the transition will be seamless and successful or fraught with conflict and risk the firm’s future. This article explains why it’s important to begin succession planning years in advance, and the steps that should be taken to prepare the next generation of firm leaders. A sidebar emphasizes the importance of keeping key clients informed throughout the transition process.

Why Law Firms Need Legal Administrators

Lawyers don’t go to law school to become business administrators — management just comes with the job of being a partner. But given the increasingly competitive legal landscape, most attorneys need (and would probably prefer) to focus on clients rather than administration. A legal administrator is trained to manage the business end of a law firm, freeing up attorneys to do what they do best: Practice law. This article examines why many firms should consider hiring one, and the core competencies to look for.

Telecommuting and Flexible Work Options Are Critical To Retaining Legal Talent

Because law firms spend considerable time, money and energy recruiting the right people, it’s important to give those people incentives to stay. One incentive to consider offering is telecommuting — along with other flexible work options. This article discusses the benefits of telecommuting for many attorneys and for the firm, and offers a list of other flexible work options to consider.

Secret of Law Firm Survival: Good Cash Flow

One of the major reasons some businesses, including law firms, have survived the recession while others haven’t can be summarized in two words: cash flow. As basic as it sounds, firms need enough cash on hand to make payroll, pay vendors and cover debt. This brief article describes a couple of steps, besides collections, that firms can take to maintain healthy cash flow

2010

Portfolio pricing: Should it be your next alternative fee arrangement?

With law firms increasingly operating in a buyer’s market, arrangements such as portfolio pricing can provide a competitive advantage that pays off for both law firms and their clients. This article discusses the pros and cons of portfolio pricing, while a sidebar offers advice on choosing the right clients for this type of arrangement.

6 ways to cut costs and increase revenues

Law firms of all sizes are eager to find ways to grow their profit margins these days. It’s not hard to figure out that the most effective approach is two-pronged: reducing costs and boosting revenues. This article suggests six ways to accomplish both, including cutting back on IT and office equipment expenses, improving collections and managing cash flow.

Carpe diem . . . and start cross-selling

Say the word “sell,” and many nonrainmaker partners will quickly hide. But cross-selling doesn’t require a marketing or sales background. It simply requires a good ear and a quick brain, which good lawyers all have. This article shows how a firm can improve its partners’ sales skills by teaching them how to match their firm’s skills to client needs and by instituting incentives that reward partners who show cross-selling results.

Parlaying the power of paralegals

Sometimes, attorneys undermine firm profitability by doing work that’s better left to paralegals and creating a ripple effect of staff members performing tasks for which they’re overqualified. To prevent such problems, it’s important to use paralegals effectively. This article shows why it’s important to recognize what work paralegals should do and what they shouldn’t, and how to fully integrate them as members of the legal staff.

Foxes in the henhouse
How to combat occupational fraud

In tough economic times, it’s not surprising that occupational fraud can become more common, but it’s a significant problem even in the best of times. The latest edition of the Association of Certified Fraud Examiners’ fraud survey, which has expanded from a study of U.S. fraud to fraud on a global basis, indicates that the typical business worldwide loses approximately 5% of its annual revenues to fraud, for a potential total loss of over $2.9 trillion. This article looks at different types of fraud and the kind of environment that allows it, and shows preventive steps that can be taken.

Want to get paid in full and on time?
Communicate, communicate, communicate

A typical law firm isn’t likely to ever receive payment on 100% of their bills. However, it can get close to that realization rate. The key is to carefully select clients and cases, and then communicate, communicate, communicate! This article discusses communication when setting a fee agreement, when working with clients when they first become delinquent, and in writing a formal collection policy. Regular communication with clients not only can help improve payment, but also can help lawyers gauge a client’s level of satisfaction with the firm’s representation.

Measuring per-attorney overhead

Successful law firms closely monitor their revenues and profitability, both firmwide and by attorney. But the need to allocate overhead can make it difficult to truly assess per-attorney profitability, thereby undermining compensation and related decisions. This article discusses the allocation of direct and indirect costs, and illustrates how a weighted system can help law firms capture more accurate per-attorney overhead and profitability figures.

Beyond Twitter: Fine-tuning your online marketing strategy

Social media sites such as Twitter and Facebook are all the rage in marketing these days, but are they right for law firms? The answer is “yes,” but with certain limitations. Law firms can use them to grab attention and send visitors to their Web site as well as provide value-added content that demonstrates expertise and helps convert prospects into clients. This article shows how.

Your current clients may hold the key to higher profits

A well-known marketing maxim states that it's more cost-effective to generate new business from an existing client than to rustle up a new client. A law firm can offer its existing clients an expansion of its current services or its geographic reach, or can diversify its services. But, with business development resources often under a tight rein these days, it's critical that a law firm identify and target clients most likely to provide additional work. This will require an in-depth analysis of the current client base. Once the clients with the strongest potential have been identified, it will be essential to give them reasons to offer additional work. A sidebar to this article offers a list of items to research when prospecting for new clients.

How can you keep lawyers and staff engaged?

An attractive benefits and compensation package may woo promising lawyers and staff, but it may not be enough to keep them enthusiastic about their work and retain them. Lawyers and other employees want many of the same things in a position, including interest from management in their professional development and well-being, advancement opportunities, feeling like a valued part of a team, and stimulating and rewarding work and client interaction. Many law firms fail to fulfill these fundamental needs - but there are steps they can take to remedy the "disengaged syndrome."

Building a marketing culture in your firm

Years after many law firms first adopted formal marketing plans, some attorneys continue to find legal marketing distasteful. In today's economy, though, firms must view marketing as an essential component of their continued survival. It's not enough to simply hire a marketing director - law firms need to foster a marketing culture that permeates and directs all levels of the firm. It's essential to have a formal marketing plan that includes client input and has the active commitment of firm leadership.

Associate compensation - From lockstep to performance-based

Law firms increasingly are moving away from the historic lockstep compensation model to a new system that recognizes individual performance and results in variable progression and compensation. There are a variety of factors driving this change, but the transition to a new system can run into such hurdles as lack of planning, a weak evaluation process, and a continued focus on traditional metrics. But the necessary planning and structural changes shouldn't deter a firm from making the transition to a performance-based system.

Fixed-fee billing: The wave of the future

In these difficult economic times, clients are seeking to economize on their legal bills. But, rather than cutting back on services, many are demanding that their law firms convert from hourly to fixed-fee billing. The good news for attorneys is that the switch can pay off for both their clients and their firm — if the fees are properly calculated. This article explains the two-step process involved in fee-setting, and looks at the benefits both parties receive for particular types of legal work. A sidebar briefly discusses sliding scale fixed-fee arrangements.

Make sure your employee reimbursement plan satisfies the IRS

Law firms that compensate their employees for expenses incurred in the course of employment generally deduct those reimbursements as business expenses, rather than reporting them as wages on the employees’ Forms W-2. But the IRS permits such deductions only for reimbursement or allowance arrangements that qualify as “accountable” plans. There are three criteria for a plan to be considered accountable. Without such a plan, expense reimbursement can be costly.

The pros and cons of having nonequity partners

For many years, law firms were governed by the old “up or out” rule in regard to admission to the partnership. But such inflexibility caused firms to get rid of some highly productive and profitable associates who probably didn’t make partner simply because they weren’t successful rainmakers. In an era in which partners have become more willing to pull up stakes and move their practices to another firm — or aren’t even interested in becoming equity partners at all — many firms have adopted the “two-tier” structure of equity and nonequity partners. However, while the criteria may not be quite as high as for equity partners, it’s still important to select nonequity partners carefully.

Social networking - Opting out may no longer be an option

2009

Why You Must Address Partner Compensation Challenges
In this recessionary environment, many firms are finding that their pie has stopped growing or even has shrunk — and that partner compensation has become a contentious issue that perhaps even threatens the firm’s viability. A firm isn’t safe just because its compensation plan is merit-based. Many firms that have a merit-based plan on paper don’t have one in practice. So top performers may be more tempted to jump ship, while less revenue, more layoffs, and tight credit further challenge plan viability. There are a number of specific steps a law firm can take to answer these challenges — but such steps must be effective over the long term.

To Merge Or Not To Merge? Good Question!
Mergers often help firms realize their strategic objectives. However, if not done for the right reasons, they can be a source of frustration and lead to a firm’s demise. This article looks at some of the right reasons — and some of the wrong ones, as well. It lists several ways to minimize the pitfalls, while a sidebar describes seven would-be deal breakers.

E-Billing Benefits Law Firms, Too
In-house legal departments typically prefer electronic bills to paper statements because they save companies considerable time and money. Despite some technology and training costs, e-billing can benefit law firms as well. But many are still dragging their feet making the transition, or if they have an e-billing system they’re reluctant to use it. There are, of course, some drawbacks to e-billing, but it offers faster payment, reduced errors, improved marketing opportunities, and a positive environmental impact. And, more and more clients are demanding it. Eventually, almost all firms will be expected to bill clients electronically.

Don’t Just Build A Web Site, Optimize It
Attracting prospective clients to a law firm’s site takes a well-strategized and -executed marketing plan. Central to that plan is search engine optimization (SEO) — which means maximizing the firm’s ranking among Internet search engines so that its site appears among the top search results. This short article offers tips on how to do just that.

Why You Must Address Partner Compensation Challenges
In this recessionary environment, many firms are finding that their pie has stopped growing or even has shrunk — and that partner compensation has become a contentious issue that perhaps even threatens the firm’s viability. A firm isn’t safe just because its compensation plan is merit-based. Many firms that have a merit-based plan on paper don’t have one in practice. So top performers may be more tempted to jump ship, while less revenue, more layoffs, and tight credit further challenge plan viability. There are a number of specific steps a law firm can take to answer these challenges — but such steps must be effective over the long term.

To Merge Or Not To Merge? Good Question!
Mergers often help firms realize their strategic objectives. However, if not done for the right reasons, they can be a source of frustration and lead to a firm’s demise. This article looks at some of the right reasons — and some of the wrong ones, as well. It lists several ways to minimize the pitfalls, while a sidebar describes seven would-be deal breakers.

E-Billing Benefits Law Firms, Too
In-house legal departments typically prefer electronic bills to paper statements because they save companies considerable time and money. Despite some technology and training costs, e-billing can benefit law firms as well. But many are still dragging their feet making the transition, or if they have an e-billing system they’re reluctant to use it. There are, of course, some drawbacks to e-billing, but it offers faster payment, reduced errors, improved marketing opportunities, and a positive environmental impact. And, more and more clients are demanding it. Eventually, almost all firms will be expected to bill clients electronically.

Don’t Just Build A Web Site, Optimize It
Attracting prospective clients to a law firm’s site takes a well-strategized and -executed marketing plan. Central to that plan is search engine optimization (SEO) — which means maximizing the firm’s ranking among Internet search engines so that its site appears among the top search results. This short article offers tips on how to do just that.

Clear and concise fee agreements can minimize billing disputes
Fee agreements are just as important for business reasons as they are for legal reasons. Clear and concise agreements can minimize billing disputes with cost-conscious clients and increase the likelihood your firm will get paid in a timely manner. This article explains the importance of defining the matter and services being handled, your billing process and more.

Determining how much capital your firm needs
Does your law firm have a sufficient amount of working capital to cover its immediate capital needs and its long-term goals? Capital needs include not only costs advanced and the average amount of a firm’s write-offs and write-downs, but also a cushion for the usual expenses and partner draws during billing and collection cycles. So how do you know how much is enough? This article looks at factors that can help you determine how much capital your firm needs.

Revisit economic drivers to enhance profitability
Despite the potential for growth in counter cyclical practices such as bankruptcy, the recession is having a negative impact on demand for legal services. It’s also handcuffing most firms from making up for lost business by raising rates. So just maintaining profitability, let alone increasing it, is a struggle this year. In fact, in their January 2009 Client Advisory, Hildebrandt and Citi Private Bank projected very modest law firm revenue growth of only around 3% for 2009, with some firms likely experiencing flat or even declining growth. This is a rather bleak picture, but the good news is that your firm likely has ample opportunities to enhance its profitability. You simply need to revisit your economic drivers. This article discusses expenses, leverage, utilization and realization.

5 low-cost ways to market your practice
In a weak economy, marketing is more important than ever. But your law firm also may be concerned about spending in this area. This brief article reviews five low-cost — but effective — ways to market your firm.

Strategic Planning: A Must-Do for Law Firms
Strategic planning has evolved significantly from a trendy buzzword in the early 1980s to a must-do process that helps firms prepare for long-term goals and increase profitability. But many law firms don’t have a strategic plan. Why? Some consider the planning process to be too time-consuming and distracting from work that’s perceived as more important, such as business development and client relations. Others view the process as immeasurable, and therefore futile. Still other firms may not get the necessary support from partners and other leadership, which can doom the process from the outset. This article reviews the many benefits to strategic planning that shouldn’t be overlooked and explains how to make the process less difficult than it may sound.

How to Reduce Write-Downs and Boost Collections
Want to improve your firm’s cash flow and net profit? Who doesn’t? Start by getting control of write-downs that occur during the billing process and implementing effective collection practices today. This article explores tactics, such as implementing billing control procedures, requiring an explanation of all fee write-offs, ramping up collection efforts and more.

In A Down Economy, Think Long Term
As law firms deal with the impact of the economic downturn, a natural reaction may be to hunker down and wait out the financial storm. But it’s during adverse economic times that firms have the opportunity to take stock and strengthen their internal functions. This article offers strategies you can use to make the best of a difficult situation and put your firm in a strong position when things improve.

Podcasting - Tune into a New Marketing Tool
Imagine having a radio show that enables you to share your legal knowledge with hundreds of listeners but without high production costs and complicated equipment — that’s what podcasting is like. When done right, podcasting can showcase your firm’s vision, values, culture and other attributes to keep you connected with existing clients while also increasing your ability to reach a wider market and recruit new associates. To ensure you’re sending the right signal, look over this brief article for effective strategies you can implement.

Game on - Tracking trends affecting your clients helps keep them - and you - on top

As the legal industry becomes increasingly competitive, it's not enough to stay on top of your game. You must help your clients do the same by researching and tracking issues and trends that affect their businesses. Ensuring your clients dodge potential threats and maximize opportunities within their industries will help you score big points with them and set you apart from the competition. This article outlines steps your firm can take, including online resources to review, to help clients in this area.

Is financial danger ahead for your firm?

Like the rest of the business world, the legal industry is feeling the pinch of the credit crunch and tight economy. Is your firm like others that are struggling with lagging profitability? This brief article reviews how to assess your firm's health to determine if serious financial trouble is ahead.

Don't let partners'relationships retire with them

Partners build valuable relationships during the course of their careers - relationships with clients, businesses, community organizations and many other influential contacts. But when a partner retires, those relationships often retire with him or her and are forever lost to the firm. Fortunately, this doesn't have to be the case. This article explains how, with some planning and cooperation from the departing lawyer, you can maintain vital clients, contacts and resources after a partner leaves.

Thanks, but no thanks - Signs you may want to decline a prospective client

During tough economic times, no firm wants to turn away new clients or business. But the fact is: It's never a good time to relax your client-screening process and standards. Having an effective intake process enables you to assess potential clients from a strategic, operational and risk standpoint, helping you to head off "bad business." This article looks at reasons to say "no" to a prospect.

Final Deadline for Compliance with Section 409A - December 31, 2008
All deferred compensation dealings must comply fully with 409A regulations by December 31, 2008. This provision is considerably broad and complex in its application and a failure to comply with its complex provisions could result in penalties including a 20% retribution on certain nonqualified deferred compensation payments. No further suspension of this deadline is expected.

Pension Plan Limits for 2009
The federal government has recently announced cost of living adjustments applicable to dollar limitations for pension plans and other items for 2009. The increase in the cost-of-living index met the statutory thresholds which triggered the increase in the indexed amounts. This article discusses pension plan adjustments from 2008-2009.

Be Aware When Outsourcing Payroll
When outsourcing payroll, employers are held responsible if tax liabilities go unpaid by the third party, therefore, employers must take precautionary steps to ensure timely payment delivery by the third party. Employers should use the business address as a primary contact for all correspondence and make sure their providers are filing electronically in order to verify that payments are being made correctly and on time. Visit the IRS website for more information.

The Protection of Personal Information of Residents in the Commonwealth - Effective January 1, 2009
In August of last year, Governor Patrick signed a comprehensive data security bill to protect against identity theft that will take effect starting January 1, 2009, just less than two months away. Any person or business who own, license, store or maintain personal information about a resident of Massachusetts will not to oblige with certain standards for the protection of personal information.

2008

Compensating the Unique Practice Partner - Fall 2008
Partner compensation can have a significant impact on the partnership. Based on perceived fairness or unfairness, it can be constructive, creating a happy partner alliance, or destructive, causing partnerships to all but crumble. So how does the “unique practice” partner fit into the compensation mix? The answer depends largely on all of your partners and how your firm operates.

Is Your firm Utilizing Paralegals as Profitably as Possible? - Fall 2008
Paralegals play a key role in the delivery of legal services. They also should play an important role in your firm’s plan to maximize profitability, productivity and efficiency. Let’s look at how to boost the skills and knowledge of these legal professionals.

Enhance Profitability with the Right Cost-Recovery System - Fall 2008
In today’s tough economy, finding ways to improve profitability is vital. Revenue-generating strategies such as expanding your client base, ramping up marketing efforts and cross selling your services can help boost your firm’s bottom line, but another important strategy is controlling costs. A cost-recovery system can help. By capturing costs, it enables you to pinpoint your spending, devise a plan to make necessary cuts — and even bill more back to clients.

IRS Increases Standard Mileage Rate for Auto Expense Deduction - Fall 2008
With today’s high gas prices,you’ll want to be sure you’re deducting auto expenses when you can. Fortunately, earlier this year the IRS increased the standard mileage rate that you can use when calculating your business auto expenses deduction. You may deduct expenses for any business use of a vehicle or use in connection with an income-producing activity, such as consulting services or speaking engagements. But generally commuting doesn’t count as business use.

The More the Merrier: Reap the Advantages of a Firm-wide Retreat -- July 2008
Most law firms hold retreats for partners, associates and even paralegals. But it’s not often enough that firms include the entire staff. There are many benefits to holding a firmwide retreat. It can energize the entire staff, enhance internal operations and improve working relationships between lawyers and other employees. So when planning your next retreat, consider making it an all-inclusive one. This article explains the benefits of firmwide retreats and how to make them as effective as possible.

Determining Whether a Merger is Right for Your Firm -- July 2008
Continuing consolidation in the legal profession means there are more opportunities than ever to merge. Even now, you may be at the point where you want to explore a chance to grow your firm. But before you expend the time, energy and money to join forces with another, make sure the merger is a good fit. This article reviews factors to consider, such as synergy with the other firm, financials and clients.

Why Emotional Intelligence is Just as Important as Legal Skills and Experience - Summer 2008
Law firms generally look at lawyers’ academic performance, experience and technical skills when assessing whether they’re viable candidates for the firm. But emotional intelligence — a person’s social and emotional functioning or “soft skills” — is another gauge you can use to measure the potential future success of lawyers you’re thinking about hiring. You can also use it to help identify future firm leaders.

How Effective is Your Business Intake Process? - Summer 2008
A well-crafted business intake process can improve the quality of a firm’s clients, enhance client relationships and streamline other business processes — all of which contribute to an increase in the firm’s bottom line. Yet some firms’ intake processes are hit and miss, or nonexistent. Whether you need to refine your existing process or develop a new one altogether, there are several important points to consider.

Deterring Financial Fraud - Summer 2008
The Association of Certified Fraud Examiners estimates that employee fraud accounts for around $638 billion in losses each year, with most fraudulent acts being committed by trusted employees. Employees engage in a variety of financial crimes against their employers, ranging from fraudulent billing to misappropriating assets. There are no sure-fire methods for stopping these acts, but there are precautions you can take to help protect your firm.

It’s About Time: Fair and Accurate Billing - Summer 2008
Clients may not read every line of the contracts and other legal documents you prepare for them, but they do comb through your time entries to ensure they’ve gotten what they’re paying for. So it’s wise to invest the effort to show clients that your entries are fair and accurate. Here are three strategies that will help your bills do just that.

How to Keep Your Key Clients and What to Do When One Still Walks Out the Door -- July 2008
“We’ve decided to take our business elsewhere.” These aren’t the words you want to hear from a client — especially a major client that’s brought in 20% of your firm’s revenues for the past few years. Whether it’s because of client dissatisfaction, a merger, recession, consolidation of legal services or another reason, losing a major client can be financially devastating. This article looks at steps you can take to help prevent it, or at least soften the blow when you can’t.

Determining Whether a Merger is Right for Your Firm -- July 2008
Continuing consolidation in the legal profession means there are more opportunities than ever to merge. Even now, you may be at the point where you want to explore a chance to grow your firm. But before you expend the time, energy and money to join forces with another, make sure the merger is a good fit. This article reviews factors to consider, such as synergy with the other firm, financials and clients.

The Measure of Success -- July 2008
You’ve gathered for a retreat to brainstorm ideas for your firm’s strategic plan. You’ve reached consensus on what the firm should look like in five years, creating goals in several areas such as technology, client service and profitability. But did you discuss how you would measure your firm’s progress? This brief article discusses benchmarks and ways to measure objectives to see how well your firm is making headway.

The More the Merrier: Reap the Advantages of a Firm-wide Retreat -- July 2008

Most law firms hold retreats for partners, associates and even paralegals. But it’s not often enough that firms include the entire staff. There are many benefits to holding a firmwide retreat. It can energize the entire staff, enhance internal operations and improve working relationships between lawyers and other employees. So when planning your next retreat, consider making it an all-inclusive one. This article explains the benefits of firmwide retreats and how to make them as effective as possible.

Share Your Trade Secrets: Giving New Partners the “Skinny” on How to Succeed -- April 2008

You’ve helped groom your firm’s star associates for years and now you’re ready to reward them for their hard work and commitment by naming them partners. But you know it’s only the beginning. New partners have many adjustments to make if they’re going to successfully transition from associate to partner. This article explains how law firms can help new partners by encouraging them to set goals, develop skills, bring in new business and measure their own progress.

A Business Manager May be Just What You’re Missing -- April 2008

Many law firm leaders are asking themselves: Should we hire a full-time business manager to run our operations? In many cases the answer is a resounding “yes.” This brief article looks at a few reasons why you should consider adding a “nonlawyer” professional to your management team.

Grabbing the cross-selling bull by the horns

In theory, cross-selling is simple. When your clients need additional services, you refer them to another lawyer in the firm who can effectively provide them. In practice, things aren't so simple. Clients may not be able to effectively communicate their needs or confidently turn over their business to a new lawyer, or may feel more comfortable in keeping that aspect of their business with the firm that's been handling it for years. There are also internal issues: Lawyers typically dislike sharing their clients, and some aren't comfortable with selling. This article explores how to train associates and partners for cross-selling success and rewarding their achievements.

Handle your law firm's move with care

Has your firm outgrown its workspace? Do you need to lower costs? Do you want to move to a more desirable location? No matter what the reason or even the size of your law firm, moving is typically time-consuming and complex, requiring meticulous planning, communication and coordination. This article reviews some tips to help get your firm to its new location with as few bumps along the way as possible.

2007

Road Map For Success: Designing a Practice Group Business Plan That is Effective - December 2007
Practice groups realize they should be boosting their firm’s profitability. But they may not know how to get there. A business plan designed specifically for the particular practice group can serve as a road map, outlining goals, strategies and performance measurements. This article reviews the process of developing a practice plan.

Cover Your Bases: Succession Planning For Your Law Firm - December 2007
Transitioning leadership from one partner to the next takes more time than most law firms realize, especially if multiple partners will be retiring in a short period - a situation many firms are beginning to face as baby boomers start entering their 60s. A succession plan is important to ensuring your firm continues to operate as seamlessly as possible. Without such a plan your firm’s future is open to question, forcing you to make last-minute decisions. This article addresses key elements of a succession plan: leadership, client retention, compensation agreements and business development.

GROWTH AND LEARNING INITIATIVES - MAKE MENTORING WORK FOR YOUR FIRM

Typically, associates work for multiple partners. With supervision duties spread out, who is responsible for keeping associates satisfied and connected to the firm? A mentoring program takes care of that and more. In addition to helping your firm decrease turnover and increase productivity, mentoring can give mentors new perspectives on the firm and provide personal satisfaction.

IT’S ALL IN THE DETAILS - POSTMERGER PLANNING

You’ve spent almost a year negotiating a merger and now the transaction is finally complete. Time to relax??? No! The real work is just beginning. Most of the time and energy expended during the negotiation and due diligence periods revolve around partner compensation, client control and whose name is going to wind up on the door. All worthy tasks, but, now that those are done, it’s time to integrate the two firms.

Increased Expensing for Asset Purchases - October 2007
The IRS has recently increased the Section 179 expensing deduction. It allows you to expense (rather than depreciate) the cost of depreciable assets (within certain limits) in the year you place them in service.

Start Budget Planning Now To Improve Profitability And Motivate Lawyers and Staff - October 2007
An annual budget of both revenues and expenses is the linchpin of management for almost every type of organization. It enables managing partners and management committees to plan their activities, set goals and measure actual performance. Without a developed budget, you’re just wondering how your practice will function and what you’ll earn.

To Merge or Not to Merge? Good Question! - October 2007
Merging is on the minds of many law firms these days. Merging can help the different parties achieve a competitive advantage and find a quick fix to a perceived need. But the process is often difficult, risky and expensive. This article takes a look at the right reasons and the wrong reasons for contemplating a merger. Discussion starts with conducting a SWOT (strengths, weaknesses, opportunities and threats) analysis to determine your firm’s needs and then how to construct a plan of action to go forth.

2006

IRS Announces 2007 Standard Mileage Rates -- November 2006
Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

• 48.5 cents per mile for business miles driven;
• 20 cents per mile driven for medical or moving purposes; and
• 14 cents per mile driven in service to a charitable organization.

Qualified Pension Plan Contributions for 2007 -- October 2006
The IRS announced revised dollar limitations for pension plans and related amounts for calendar-year 2007.  Some amounts changed due to cost-of-living adjustments, while other changes were Code-required.  Included in this article are the contribution limits of particular importance for 2007.

Transition Relief for Section 409A -- October 2006
Section 409A was added by the American Jobs Creation Act of 2004.  Section 409A provides rather harsh penalties for failure to comply with certain requirements in connection with nonqualified deferred compensation plans.  The IRS provided guidance on December 20, 2004, under Notice 2005-1 and issued proposed regulations on October 4, 2005.  The preamble to the proposed regulations extended certain transitional guidance provided in Notice 2005-1, generally through December 31, 2006.  The proposed regulations set the effective date of the final regulations at January 1, 2007.  Although Treasury and the IRS expect to issue final regulations in 2006, the Treasury and IRS felt that this was insufficient time for taxpayers and their representatives to analyze the final regulation and come into compliance by January 1, 2007.  Accordingly, Notice 2006-79 was issued on October 4, 2006, extending the effective date for the final regulations to January 1, 2008.

Final Regulations: Reporting of Gross Proceeds Payments to Attorneys
This article contains final regulations relating to the reporting of payments of gross proceeds to attorneys. The regulations reflect changes to the law made by the Taxpayer Relief Act of 1997 (1997 Act). The final regulations will affect attorneys who receive payments of gross proceeds on behalf of their clients and will affect certain payors (for example, defendants in lawsuits and their insurance companies and agents) that, in the course of their trades or businesses, make payments to these attorneys.

E-billing: Coming Soon to a Firm Near You
Most invoices for legal services still arrive the old fashioned way - by snail mail. But a growing number of clients are requesting that their bills arrive via specialized e-billing systems designed for corporate law departments to interact with outside legal counsel. In fact, a 2004 Association of Corporate Counsel survey found that, while electronic billing was being used in only 6% of the law departments surveyed, 28% were considering the move to e-billing.

What’s the Worst that Could Happen?
For businesses, lack of planning could be the greatest disaster
Last year’s Hurricane Katrina served as a graphic example of how a single natural disaster can affect a broad range of industries, from oil drilling to retailing. And it prompted many business owners to take disaster planning more seriously. As we head toward the one-year anniversary of that tragic event, let’s examine why disaster planning is (still) important and look at some of the big-picture issues you’ll need to consider in this area.

Measuring Profitability -- September 2006
How to allocate expenses fairly and consistently
Any discussion of partner compensation will include an “aside” on how best to determine an individual partner’s contribution to profitability. It stands to reason that the higher the contribution to overall profitability, the higher that individual’s compensation.This means measuring not just billing, or even realization, but also expenses. Unfortunately, determining the costs incurred by individual attorneys can be a slippery slope. Dividing total expenses by the number of attorneys won’t provide an accurate answer. Conversely, tracking every expense associated with each individual attorney would be cost prohibitive.

Is it Time to Hire a Sales Professional? -- September 2006
Although most companies rely on their sales professionals to bring business in the door, sales positions have been slow to emerge at most law firms. But that’s starting to change. Normal client attrition, combined with the ever-increasing squeeze on profits and increased competition, has more law firms bringing in sales professionals. But before you run out and hire one, you should examine the decision from every angle.

E-billing: Coming Soon to a Firm Near You -- September 2006
Most invoices for legal services still arrive the old fashioned way - by snail mail. But a growing number of clients are requesting that their bills arrive via specialized e-billing systems designed for corporate law departments to interact with outside legal counsel. In fact, a 2004 Association of Corporate Counsel survey found that, while electronic billing was being used in only 6% of the law departments surveyed, 28% were considering the move to e-billing.

What’s the Worst that Could Happen? -- September 2006
For businesses, lack of planning could be the greatest disaster
Last year’s Hurricane Katrina served as a graphic example of how a single natural disaster can affect a broad range of industries, from oil drilling to retailing. And it prompted many business owners to take disaster planning more seriously. As we head toward the one-year anniversary of that tragic event, let’s examine why disaster planning is (still) important and look at some of the big-picture issues you’ll need to consider in this area.

Don’t Wait Until It’s Too Late -- April 2006
Develop good cash flow management techniques now
Implementing sound cash flow strategies isn’t difficult, and having them is essential if you want to avoid cash emergencies. This article discusses nine of the most effective techniques that firms of almost any size can implement. For example, simple things, like getting a retainer for every matter, will help your firm build up a fund to pay out-of-pocket expenses such as travel costs, filing fees, court reporters and expert witness fees.

How to Raise Your Rates and Not Lose Clients -- April 2006
Billing rates are affected by many factors, including salaries, overhead costs, market rates for similar services and the public perception of the value of your firm’s work. This article explores the art of raising your rates and still retaining your best clients. Besides receiving more dollars for every hour of billable time, raising rates will help your firm clean out “deadwood,” that is, clients that are slow or difficult payors. An informative sidebar discloses recent survey results posted by the National Law Journal on billing rates around the country.

Bringing Industry Teams to Your Law Firm -- April 2006
If your law firm is still structured around practice groups with functional expertise such as intellectual property, litigation or corporate law, you’ll want to read this article. That’s because it discusses a growing trend among law firms of moving to more of a client-centric structure through industry teams. The article explains how industry teams should work and how to get the ball rolling in your firm.

The Grapes of Roth 401(k)s: New retirement vehicle may bear fruit for some -- April 2006
The 2001 tax law planted the seeds for an attractive new retirement planning option: the Roth 401(k) plan. Beginning in 2006, after a five-year wait, employers are finally able to offer these plans. But who should pluck one from the vine and who should move on to a different variety depends on a number of factors, and the question is irrelevant, of course, if your employer chooses not to offer a Roth 401(k).

A Winning Formula: Buy-sell agreements and life insurance bring peace of mind -- April 2006
As a business owner, your tendency may be to focus on today’s headaches. But you still need to think about tomorrow’s. For instance, what would happen to your company if you weren’t around to run it? Retirement may be years away. But disability and premature death can set into motion adverse events for your company and family — unless you’ve considered your options much earlier. That’s why a sound buy-sell agreement, typically funded by life insurance, is a winning formula for preserving your business and your family’s financial future.

Using Sales Analysis To Chart Your Firm’s Future -- December 2005
Without planning, your firm’s decisions tend to be based on reactions to events and erroneous assumptions. Without planning, you cannot hope to run your firm like a business, prepared for the future as well as reaping the benefits of the present good economy. A sales analysis can be an effective tool in your firm’s long-range planning. Based on the past performance of its major clients, partners and practice areas, your firm can project what it expects to do in the future.

The 10 Most Common Mistakes Law Firms Make -- December 2005
Whether your firm is humming along at a profitable pace or has already hit some rocky spots, it undoubtedly can still improve in some areas. Here are 10 of the most common mistakes law firms make in managing their practices.

Are You in Deep with the Alternative Minimum Tax (AMT)? -- December 2005
Like mountain climbers reaching a great height, business owners should recognize year end as a sort of vista — the ideal place from which to reflect on the events of 2005 and look ahead to 2006. As the calendar winds down, review your business’s financial performance so far this year as well as your projected income and expenses for the coming year.

Lease or Buy?
Moving or expanding your business prompts a critical choice -- December 2005
Whether you’re in dog grooming or digital engineering, the physical location of your business is undeniably important. If you’re planning on moving your operations or expanding them into a new facility anytime soon, the choice between leasing and buying will inevitably come into play. It’s still common for companies to lease from a property developer or landlord, as this arrangement allows you to use your cash to grow your business rather than sink it into a potentially costly building. But you shouldn’t dismiss ownership, either — it offers advantages business owners often overlook.

Corporate Life Insurance in Redemptions -- December 2005
Clients may mistake the contractual price set in a buy-sell agreement as the value for filing Small Business/Self-Employed Form 706, U.S. Estate Tax Return, for a deceased owner. If the value is based on a formula price rather than the standard of fair market value, the value may not be acceptable for estate or gift tax purposes. A buy-sell contract may not impose a binding value for federal estate tax purposes. If an agreement fixes the value of a decedent’s interest and the estate is redeemed for that price, the IRS can challenge the amount and assess estate tax on fair market value, which may be higher than the contractual buy-sell amount. A recent case in which this has happened is the Estate of George C. Blount v. Commissioner, TC Memo 2004-116.

Standard Mileage Rates Increased for Final Four Months of 2005 -- September 2005
The IRS has increased the mileage rate for the business use of a car, to 48.5 cents per mile, effective September 1, from the 40.5 cents per mile set back on November 17, 2004 (Rev. Proc. 2004-64).  This 20% increase pales in comparison to the 60% increase in the retail price of a gallon of gasoline (regular grade) from $1.91 to today's $2.89. 

Strategic Planning; Why It’s the Smart Thing to Do -- October 2005
Say the words, “strategic planning,” and many attorneys will head for the nearest door. But committed firms that can make it through the process and successfully implement their plan will achieve an exponential return on the time spent. While planning doesn’t guarantee success, firms that do plan have a greater probability of success than those that only respond to the crisis of the day. This concept was articulated by the late Dr. Albert Shapiro of the Ohio State University Graduate School of Business, “Companies that plan never follow their plans, but they always make more money than companies that don’t plan.” See the full article for five steps to developing your own strategic plan.

Enjoy the View; Year End the Ideal Vista for Business Tax Planning -- October 2005
Like mountain climbers reaching a great height, business owners should recognize year end as a sort of vista — the ideal place from which to reflect on the events of 2005 and look ahead to 2006. As the calendar winds down, review your business’s financial performance so far this year as well as your projected income and expenses for the coming year. Armed with this information, you may be able to reduce your overall tax liability by shifting income and deductions between 2005 and 2006.

Planning the Firm Retreat -- October 2005
Firm retreats can be milestone events or a two-day party. They can be held in a local hotel conference room or in Las Vegas . How do you determine what's right for your firm? Here’s your step-by-step guide to planning a successful firm retreat.

Ensuring a Successful Partner Compensation System -- October 2005
As long as there are partners, there will be problems with partner compensation. Issues surrounding “fair” compensation can do more to fracture partnerships and generate more negative feelings than almost any other firm issue. A compensation system should be more than just a way of splitting up the money: A good system is a management tool that rewards, motivates, changes behavior and disciplines.

Practical Perspectives: Key Financial Issues for You and Your Family -- October 2005
Employers, Oliver and Georgina , initially felt a little overwhelmed by all of the responsibilities of having a household worker, so they entertained the thought of paying their housekeeper “under the table.” Wisely, they listened to their financial advisor, who advised that the risk of penalties, interest and public embarrassment greatly outweighs any time and money they might save.

Mid-Year Tax Planning Strategies -- August 2005
Strategies for both Individuals and Businesses
As you probably know, two major tax laws were enacted at the end of 2004. You may be familiar with some of the new tax rules, but now is a good time to see if there were any goodies for you, and, if so, what you need to be doing to take advantage of them.

Performance Evaluations -- August 2005
Making Performance Evaluations More Effective
Most managers - senior partners included - dread the words “it’s evaluation time.” Nothing is more important, however, to the professional development of your firm’s attorneys than an effective mentoring and evaluation program that provides associates with a continuous stream of performance feedback.

Getting Associates to Think Like Business Owners -- August 2005
Industry consultants and managing partners estimate it takes three to five years for a firm to break even on the investment in a new associate. And with starting salaries at many large firms now topping $100,000, the profitability of each associate is more important in an individual’s career sooner than it ever has been. Getting associates to realize how they impact your firm’s bottom line can actually be a positive thing.

Bankruptcy Abuse, Prevention and Consumer Act -- August 2005
On April 20, 2005 President Bush signed into law the Bankruptcy Abuse, Prevention and Consumer Protection Act of 2005. This act was originally introduced in the Clinton administration and has died many times and now has been enacted and contains sweeping bankruptcy reform. Only a few provisions of the new act will impact ordinary estate or assets protection planning. However, where it does affect planning, the effect is quite dramatic.

To Merge or Not to Merge? Good Question! -- May 2005
Merging is on the minds of many law firms these days. Merging can help the different parties achieve a competitive advantage and find a quick fix to a perceived need. But the process is often difficult, risky and expensive. This article takes a look at the right reasons and the wrong reasons for contemplating a merger. Discussion starts with conducting a SWOT (strengths, weaknesses, opportunities and threats) analysis to determine your firm's needs and then how to construct a plan of action to go forth.

Legal Fees - When are They Deductible? -- May 2005
The tax law does not specifically mention legal fees as deductible items. Therefore, the deductibility of such expenditures depends on the context in which they are incurred. The absence of specific provisions for legal fees in the Code has resulted in many interesting and important developments concerning their deductibility.

Roth Contributions to 401(k) Accounts -- May 2005
Roth contributions will allow employees to designate part or all of their 401(k) employee deferrals on an after-tax basis, in which case the later distribution of those amounts plus earnings thereon will be tax-free. Although Roth contributions are not effective until tax years beginning after 12/31/05, many plan sponsors may want to amend their plans and establish procedures for administering these accounts. Refer to the Full Article for proposed revisions issued to Reg. 1.401(k)-1(f) (see REG- 152354-04) that define designated Roth contributions and provide special rules for such contributions.

Nonqualified Deferred Compensation Plans -- May 2005
Last fall, a new law was enacted that has brought sweeping changes to the rules governing how nonqualified deferred compensation (NQDC) plans are taxed. The American Jobs Creation Act of 2004 added Section 409A to the Internal Revenue Code. The new law includes significant changes to the elections and distributions of NQDC plans. It also affects bonus deferrals and partnership interests received for services and several aggressive funding mechanisms. And it redefines NQDC plans to include arrangements such as supplemental executive retirement plans (SERPs), restricted stock units, stock appreciation rights (SARs) plans and, in some cases, severance agreements. 

Massachusetts Capital Gains Update -- May 2005
"As some of you may recall, the Massachusetts Legislature increased the capital gains tax in 2002. The effective date of this increase was May 1, 2002, such that many sales prior to that date were taxed at much lower rates and, in many cases, not taxed at all. However, a lawsuit ensued where a group of investors argued that the effective date of the new law was unconstitutional because it resulted in a change in tax rates during the year. The Supreme Judicial Court recently ruled that the effective date of the statute was unconstitutional leaving a choice to the legislature to make the new law retroactive to January 1, 2002, or delaying its effective date to January 1, 2003. It is estimated that making the change retroactive will increase revenue by $160 million while delaying the effective date will result in tax refunds of approximately $275 million."

New Massachusetts Law Changes Landscape of Independent Contractors, but Leaves Many Questions Unanswered -- January 2005 
The Massachusetts Legislature has complicated the already thorny issue of independent
contractor status. Recent amendments to state law may make it even more difficult to hire workers as independent contractors. These amendments make clear that workers may only be classified as independent contractors under Massachusetts law if they meet a rigid three-factor test that is more difficult to satisfy than the traditional common law test or the Internal Revenue Service’s well-known Twenty Factor Test. These amendments apply to both private sector employers and governmental entities.

What Partners Need to Know About Firm Capitalization -- January 2005
Partners’ capital contributions fund a firm’s day-to-day operations and are crucial to its long-term success. This short article explains what capitalization is and why it’s important that a firm never become undercapitalized.

Attorney's Contingent-Fee Includable in Plaintiff's Gross Income -- January 2005
Successful litigants, one who based his action on employment discrimination, and the other who alleged wrongful discharge, were required to include in gross income the total amount of their respective settlement funds, including the amounts paid to their attorneys pursuant to contingent-fee agreements. The Supreme Court applied the anticipatory assignment of income doctrine, which precludes an individual from excluding an economic gain from income by assigning the gain in advance to another person. The litigants' argument that the anticipatory assignment doctrine is a "judge-made anti fraud rule" and does not apply to contingent-fee arrangements was rejected. The Supreme Court looked to who maintained control over the income-generating asset and reasoned that in a litigation matter the income-generating asset is the cause of action based on the plaintiff's legal injury and control rests with the plaintiff.

Get Back to Basics and Maximize your Firm’s Profitability -- January 2005
Financial difficulties are afflicting a growing number of firms. But there are simple steps firms can take to maximize profitability despite increased competition, rising business costs and heavier regulations. These include developing a business plan, maximizing attorney productivity and selecting clients more carefully.  

Is Your Firm’s Retirement Plan Adequate? -- January 2005
Insufficient retirement funding affects a law firm, threatening its growth and survival. Partners have depended heavily on firm payouts for retirement. Many firms use 5% to 20% of current profits for retirement payouts. Decreasing availability of funds will likely accelerate as baby boomer partners retire over the next 20 years. And firms will have difficulty quickly replacing the substantial revenue retired rainmakers brought in.

Use Tax Filing – Year End 2004
The use tax attempts to mirror the in-state sales tax in order to deal with the taxation of interstate sales made by out-of-state vendors. Massachusetts and other states are focusing their attention on this area to generate additional revenues. Please be aware that steps should be taken to assess the use tax in order to avoid possible state action. The annual use tax form is due January 20, 2005 for 2004.

Matching Contributions on Catch-Up Contributions -- December 2004
The House bill provides that the otherwise applicable dollar limit on elective deferrals under a section 401(k) plan, section 403(b) annuity, SEP, or SIMPLE, or deferrals under a section 457 plan are increased for individuals who have attained age 50 by the end of the year. For more information regarding Additional contributions and Catch-Up contributions, please visit the Full Article.

Is There a "New 401(k) Plan?"-- December 2004
Some clients specifically may have asked about the "new type of 401(k) plan" or what has been referred to as the "Solo 401(k)." It is not really a new plan created under the Code or by recent legislation, it is a product of clever marketing by brokers, banks, insurance companies, and some practitioners who are trying to "sell" the idea of a 401(k) plan to sole proprietors or sole owners of corporations who do not have employees.

When are Disability Benefits Taxable -- December 2004
The IRS issued Revenue ruling 2004-55 on June 9, 2004 stating that, long-term disability benefits received by an employee who has irrevocably elected, prior to the beginning of the plan year, to have the coverage paid by the Employer on an after- tax basis for the plan year in which the employee becomes disabled are attributable solely to after-tax employee contributions and are excludable from the employees gross income under §104(a)(3).

Health Reimbursement Arrangement Plans -- December 2004
We wanted to inform you of a new simplified method of covering your employee's out of pocket medical expenses (such as co-payments, prescription and non-prescription drug costs, etc.) by using what is referred to as a" Health Reimbursement Arrangement" (HRA).An HRA is a plan through which the Company agrees to reimburse it's employees for substantiated medical expenses without funding for full medical coverage.

Year End Payroll Issues -- December 2004
December is the month to determine employees' additional income for payroll purposes. These additions should be reported to the payroll service before year end. Typical adjustments include payments for the following:

• Educational Assistance
• Qualified Transportation Expense
• Unsubstantiated Business Expense Reimbursements
• Personal Use of Auto
• Group Term Life Insurance
• S Corporation Health Insurance
• Certain Disability Insurance

Department of Labor - FairPay Overtime Initiative Effective August 23, 2004 --December 2004
All US employers need to comply with new wage rules established by the Department of Labor earlier this year. You are affected if you employ: people who make more than $100,000 annually, people who make less than $23,600 annually, or if people who are registered workers of the US government. Read the Full Article for the Department of Labor's online "Fact Sheet."

Depreciation Update -- November 2004
Visit the full article for more detail regarding depreciation updates that pertain to the following:

• Qualified Leasehold Improvements
• Non-Qualified Leasehold Improvements
• Bonus depreciation expiration of December 31, 2004
• Code Section 179: Expensing Limits Extended
• Depreciation for Sport Utility Vehicles (SUVs)

Changes in Treatment of Nonqualified Deferred Compensation Plans -- November 2004 The American Jobs Creation Act of 2004 made changes to the treatment of nonqualified deferred compensation (NQDC) plans that may result in the inclusion of deferred compensation in gross income. It is important that you review all of your deferred compensation plans to determine whether any amendments or other action to your plans are necessary.

Recent amendments in Massachusetts Tax Legislation have been made regarding corporate excise (income) tax, personal income tax, sales and use tax, property tax, and other tax provisions to close tax loopholes and improve tax administration and collection. Among the highlights of the amendments are the following:

• Corporate Excise (Income) Tax Changes
• Personal Income Tax Changes
• Sales and Use Tax Changes
• Property Tax Bill Changes

Records for Other People's Money - October 2003
As a result of amendments to Mass. R. Prof. C. 1.15, new requirements for keeping records of money that lawyers hold for clients or others take effect on January 1, 2004. This article is from the October 20, 2003 issue of Massachusetts Lawyers Weekly, written by Daniel C. Crane, Bar Overseer (32 M.L.W. 391).

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