For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to join Above the Law and our friends at Clio to learn how to better manage your finances in a free webinar.
On September 10 at 3 p.m. EST, take the opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing! We hope to see you on 9/10 at 3 p.m. EST. Click here to register.
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
The average debt load of law school graduates is well over $140,000. That’s roughly the cost of purchasing a Maserati, or 88% of your first-year Biglaw salary. Couple that with a notoriously grim employment outlook and law school grads often find themselves tethered to mortgage-sized repayment plans, minus the actual house.
One thing law school doesn’t teach you is the variety of loans that are available and the advantages and disadvantages of each loan type. With a little foresight, law school students can select the proper loan and create a repayment plan that is best aligned to their career and lifestyle post-graduation.
Let’s start by breaking down each type of loan to better understand consolidation after graduation…
Is there really a value to recruiting home-grown associates based on 1L grades? Is there a negative connotation to not competing with the top-tier firms for law school talent? Can firms only fill their “real” needs by looking across the market for lawyers 3 or 4 years into their careers?
There are pros and cons to recruiting associates (and partners) through either method. Let’s take a look at how to build a law firm….
Murray’s accolades are numerous, including The White House Project Role Model Award, a Christopher Award, and Oprah Winfrey’s first-ever Chutzpah Award. Murray is the founder and director of Manifest Living, a company based in New York that aims to empower anyone who has the desire to change their life. She is also a motivational speaker and will be the keynote speaker on November 8, 2013, at the National Association of Women Lawyers’ Ninth Annual General Counsel Institute in New York….
The answer to the question of where you should be with just a couple of weeks until finals is “it depends.” Of course, every law student knows that almost every question can be answered with “it depends,” so the following will discuss what it depends on and why.
First, it depends how you learn. What I mean by that is that while most law students are busy outlining, the students I coach (at lawstudentcoach.com) are doing a variety of activities, some of which include outlining. Why do law students outline or study from outlines? The simple answer is that your exams will require you to show that you can work with the law and use the law in a manner that is structured and well thought out. It makes sense, then, to prepare in a manner that forces you to examine how the rules of law fit together, that forces you to categorize and to make decisions about what rules are related and how they are related. Creating an outline can thus be a very valuable study activity.
The downside of an outline, however, is that it works best for those who think in straight lines. In a traditional outline, things are related in only one or two possible ways. Concepts are either separate enough to be side-by-side or one concept is a subcategory of another. However, legal concepts often have a more complex relationship….
Your first instinct may be to use the entire thing to pay off part of that epic student loan, but here’s how to divvy up your paycheck the right way—so you can cover rent on your pad, debt repayments and those requisite happy hours.
When that first huge chunk of money hits your bank account, you may just get stars in your eyes. Suddenly, table service every Saturday night, a sweet loft and a rotating tie rack of Hermés ties (or Theory blouses, if you’re of the female persuasion) all seem within reach.
But think back to your bankruptcy law course. It’s crazy how people can blow through all of their assets, right? To avoid the same fate, take this quick crash course in how to divide up your earnings like a boss—ahem, partner.
For starters, let’s discuss some general guidelines, which make up what we like to call the 50/20/30 Rule:
Lawstudentcoach.com works one-on-one with students to produce an individualized game plan for exam taking — individualized to the student and to the professor. This article will discuss some of the things that a student entering the exam with a game plan will do.
Your exam prep has been completed. The day of the exam has arrived. Here’s how using a game plan will ensure success.
First, the game plan should be based on use of this professor’s prior exams and by examination of what skills this professor models in class. Based on that, the student should enter the exam with a list of issues and concepts that are most likely to be on the exam. Write that list before reading the exam, and keep it in mind as you read. This will help with issue spotting in two ways: (1) it will be easier to spot the key issues if you have them in mind as you read; and (2) if your first read of the exam question does not appear to raise some key issue or group of issues, you want to review the question. Remember, the exam is not just about answering the question. It is about answering the question in a manner that earns the most points.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: