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Advising Your Clients on Compliance with the Corporate Transparency Act

The Corporate Transparency Act (CTA) introduces a new regulatory framework for companies in the United States, requiring the reporting of beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This law aims to enhance financial transparency and combat illicit activities facilitated through opaque ownership structures. As an attorney, it is crucial to understand the implications of this law to effectively advise your clients. This article focuses on three key aspects of the CTA: who must file, when they must file and what information must be filed.

Who Must File Under the CTA?

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Managing Your Reputation in an Online World: What Every Attorney Should Know

Editor’s Note: This article summarizes Shannon Wilkinson’s presentation, which was recorded on February 15, 2024. You may watch it by logging into your member account and going to the Virtual Speaker Series. Here are the link to her presentation (48 minutes) and the slides.

 

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Strategies for Successful Communication in the Virtual World

In March of 2020, virtual work became normalized and now it’s here to stay. Our meetings, presentations, and what used to be phone calls, are happening virtually. Why? Because it works, saves money and promotes a better work/life balance.

 

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Sharpen Your Credibility and Increase Audience Engagement on LinkedIn with These Two Tips

If you haven’t fully embraced LinkedIn yet, 2024 is the year to get started. LinkedIn is rolling out new features based on growing demand as businesses turn towards the platform for their marketing needs. LinkedIn continues to lean further into supporting thought leaders who share insights from their areas of expertise. In the past year, LinkedIn has added two new features that significantly increase the marketability of businesses and make it easier for consumers to find experts and contact them.

 

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New Year. New Photo? Best Practices to Update Your Headshot

Your photograph plays a significant role in your digital presence on your website and in your profiles online.

Someone seeking legal counsel will likely conduct an internet search to find the websites of attorneys in a specific area of practice; once they land on yours, they will look over your headshot and credentials.





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Three Aspects of Successful Law Firms: Business Tips for Legal Professionals

As a legal professional, you’re an expert at navigating the law. However, your legal education might not have prepared you to successfully navigate another critical, but often overlooked, aspect of the profession: how to manage the business of law.

You’re a lawyer, above all else, yet it’s important to remember that the practice of law is also a business. In order to achieve the highest levels of success for yourself and your clients, you need to negotiate the financials of lawyering, in addition to the practice of law itself.





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Proven Tips to Thrive in 2024

As several members of Women Owned Law reflected on their operational and marketing activities in 2023, they identified successful efforts that they plan to continue in the year ahead.

 

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Effective Strategies for Managing eDiscovery Costs for Law Firms

Introduction

Electronic discovery (eDiscovery) has become an integral part of the legal process, enabling law firms to efficiently collect, review and produce electronic documents and data during litigation. However, the increasing volume and complexity of electronically stored information (ESI) have significantly driven up the costs associated with eDiscovery. To maintain profitability and competitiveness, law firms must adopt effective strategies for managing eDiscovery costs. This article explores seven key strategies that can help law firms streamline their eDiscovery processes and control expenses, without compromising the quality of their legal services.

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Confessions of a Cybercrime CEO

In the dimly lit room, the hum of servers was the only sound that broke the silence. The CEO leaned back in his chair, a smirk playing on his lips as he surveyed the room filled with diligent workers, each absorbed in their tasks. This was no ordinary company; this was a well-oiled machine of cybercriminals, a business as well-structured and organized as any law firm.

 

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The Civility Initiative for the Legal Profession

The legal profession is notorious for lacking civility. Many managing partners are unaware that simple improvements in workplace civility can have a direct impact on retention and employee engagement, while also reducing liability and improving the firm’s bottom line. Here’s why and how civility among attorneys must change.

Civility is defined as the consistent treatment of others with respect. Civility Training brings an awareness to attorneys that everything they say and do (how they say it, where they say it, how they do it, where they do it) impacts everyone they encounter. It also provides positive behaviors that attorneys that can improve the workplace culture. The number one reason employees leave organizations is due to how they are treated by their managers.





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Championing High Achieving Women Professionals in Business Building: Strategies for Building a Prosperous Business AND Still Have a Life!

There is no single roadmap to business prosperity, though there are some solid guiding supporting growth strategies.

Which of the following do you already have in place? Which insights are most relevant for implementation in your practice or business?


What are the keys to growing a prosperous business, from Day One?



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Retention of Talent Through Professional Development

How can law firms best help women attorneys develop their skills and practices, and also retain these lawyers? For more than 30 years, women have represented at least 50% of the graduating class from law schools in the United States. Yet, women currently make up only 38% of lawyers, about 22% of equity partners in Am Law 100 law firms, and 28% of general counsel in Fortune 500 companies, according to a survey by the ABA in 2022. Keeping women in the legal profession was one of the reasons Nukk-Freeman & Cerra (NFC) was founded in 2006. We were determined to find a better way to operate a law firm that allowed women to continue a sophisticated practice in employment law, and also be mothers, caretakers and community leaders.

One of the gaps we saw in big law was the failure to provide meaningful opportunities for professional development of women, especially those attorneys who were, intentionally or unintentionally, placed on the mommy track. Even women without children faced obstacles, often being stereotyped as lacking leadership capabilities or subject to microaggressions. Reliance on informal and unstructured mentors reeks of the old boy’s club and tends to reward those who are naturally assertive. These practices leave a lot of very smart women out of the mix. We recognized that a more structured focus on developing and promoting our attorneys was necessary to ensure that all our attorneys, including women and minorities, receive the same opportunities. It also makes good business sense, given the high cost of hiring and training attorneys. Finally, it responds to the interest of clients who seek diversity among their service providers.

 

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Tips for Managing Your Trust Accounts

A surprisingly large number of law firms are not in compliance with state bar regulations for IOLTA Accounts. In some cases, firms may have as many as five different accounts that haven’t been reconciled properly for more than 10 years. 

California now requires every attorney to certify that they understand and are following state bar guidelines. Is your state next?





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Build Your Practice as an Asset and Plan Your Exit Strategy 

As a follow-up to the Does Your Law Firm Have a Succession Plan panel at the Symposium, Sharon Christie, founder of Sharon Christie Law, spoke with Janet Falk. Christie explored how she decided to close her disability practice and the steps she took leading to a merger with another firm. This is an edited transcript of that discussion.

I had my own solo firm for 16 years. At first, I was really in need of some help on the business side, which is why I joined a mastermind. The people there talked about building your law firm as an asset. At that point, I just wanted to build a steady stream of clients. But I listened to what they were saying and it really put me on the path to understand, from the beginning, I'm working on building my awareness and client base, but I needed to also build an asset.





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Prepare to Meet Your Peers and Follow-up at the Women Owned Law Symposium

Prepare to Meet Your Peers and Follow-up at the Women Owned Law Symposium

In a few short days, you will gather with your peers for the annual Women Owned Law Symposium.

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Tips to Manage Difficult People in Your Workplace

 

Over your career as a lawyer, you’ve probably experienced difficult interactions with colleagues, staff, clients, adversaries and court personnel. The exponential increase in texting, posting and communicating on-line means that many of these interactions with difficult counterparts have the potential to become even more toxic. This discussion focuses on utilizing tools to handle those difficult interactions, particularly when modern communication technology is used as a weapon by a difficult person.



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Top Tips from Intellectual Property Attorneys That You Can Apply to Your Practice

This is the third in an occasional series of TOP TIPS from attorneys with specific practice areas. Their pearls of wisdom extend past a single practice and appear relevant to your practice as well. Follow these insightful reminders to strengthen your relationships with clients and manage interactions with opposing counsel and judges.

Let’s hear from 12 attorneys with an intellectual property practice, building on the December article with advice from lawyers with an employment practice. Consider their guidance for a hypothetical new associate who has joined their firm after three years in a different field of law.

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Re-Configuring Your Partnership

You are a partner in a law firm. Lately, somehow, things are not going the same as in the past.

You and your partner(s) decide to separate.

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Top Tips from Employment Attorneys that You Can Apply to Your Practice

This is the second in an occasional series of TOP TIPS from attorneys with specific practice areas. Their wisdom reaches beyond a specific sector and probably bears relevance to your practice as well. Follow these insightful reminders to strengthen your relationships with clients and manage interactions with opposing counsel.

We turn to attorneys with an employment practice, building on the October article with advice from lawyers with a family law, matrimonial law, mediation or divorce practice. Consider this guidance for a hypothetical new associate who has joined their firm after three years in a different field of law.

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