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IRS takes a closer look at universities
Tax attorneys with nonprofit expertise are pouring over the books of college and university clients following the Internal Revenue Service's recent issuance of a compliance questionnaire to hundreds of higher education institutions. Lawyers who advise colleges and universities say the questionnaire's key areas of focus are a school's use of its endowment, whether any executive compensation is excessive and the tax reporting of a school's unrelated business income. The questionnaire also includes thorny questions that could expose the school to legal liability.LinkedIn: A Competitive Intelligence Tool
LinkedIn, the go-to social networking site for professionals, is more than a means for business connections. It provides a wealth of data for competitive intelligence professionals, but beware of the law of unintended consequences of an otherwise highly beneficial marketing tool.Big firms in Chicago facing a talent squeeze
National law firms have rushed into Chicago during the past decade, especially in the past three years, but many are finding now that their collective arrival is fueling intense competition to fill those offices with lawyers. Leaders at many of the firms that have been in the city for years say they are still eager to snap up experienced lawyers or groups of attorneys to build the Chicago offices to their optimal size. Meanwhile, more firms keep flowing in, including the arrival earlier this year of Boston's Ropes & Gray, New York's Proskauer Rose and Indianapolis' Baker & Daniels.Law firms see associate retention as a way to hike profitability
Improved attorney retention and better use of technology may allow U.S. law firms to increase profitability without boosting hourly pay rates at a time when corporate clients are seeking to cut legal costs, said four top attorneys speaking on a bar association panel in Chicago this week. "We have to focus on other ways to increase our profitability other than just rates," said Ice Miller chief managing partner Byron Myers.Trending Stories
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