Merge a reverted merge

Welcome to the Spring edition of “In Site”. This edition provides an update on the recent amendments to the JCT and FIDIC standard forms of contract and considers the new SCL Delay and Disruption Protocol.We also consider the recent case of Vivienne Westwood Ltd v Conduit Street Development Ltd [2017] EWHC 350 (Ch) which serves as a useful reminder of the test for penalty clauses and set out some practical tips to avoid such clauses being treated by the courts as non-compliant and unenforceable.Be Prepared - NEC4 is ComingEvolution Not Revolution The NEC4 suite of contracts will be published on 22 June 2017. The NEC has described the new contracts as an “evolution not revolution” of NEC3 and we hope you are able to attend our seminar on 5 July 2017 to learn about the detail of the changes - invitations will be issued shortly.JCT 2016: Amendments to the JCT suite of contracts Following industry wide consultations, the JCT began to publish an … [Read more...] about NEC4 Contracts, SCL Delay and Disruption Protocol, Vivienne Westwood v Conduit Street Development: UK Spring 2017 In Site

A shifting political landscape indicates that current tax planning opportunities soon may no longer be available. We offer ten issues and opportunities to be mindful of in the coming year.Basic Gifts Make sure you are taking full advantage of basic tax-free transfer opportunities:Annual Exclusion Gifts: An individual may transfer $13,000 per donee per year. Married couples may transfer $26,000 per donee per year (either separately or if they file gift tax returns to split gifts).Tuition (but not books, supplies, dormitory fees or board).*Medical Expenses:* By taking advantage of these tax-free gifts year after year, over time, significant estate, gift and generation-skipping taxes (GST) can be saved.* Tuition and Medical Expenses must be paid by the donor directly to the educational institution or medical care provider.Larger Exempt Gifts Under current law, each individual may transfer up to $5 million ($10 million per married couple), less the value of any lifetime taxable gifts, tax … [Read more...] about Top Ten Tax Planning Issues and Opportunities for 2011 and 2012

The 29 announced law firm merger plans during the first three months of 2015 may be the highest yearly kickoff ever, a legal consultant says.It is also the second-strongest showing for any quarter since Altman Weil began crunching the numbers in 2007, reports the Am Law Daily (sub. req.).And the January merger of Dentons with Dacheng Law Offices in China is the biggest combination ever. The two firms have rosters of 2,600 lawyers and 4,000 members, respectively.Why has the urge to merge apparently increased recently?“A number of firms that were hunkered down after the recession trying to survive had a pretty good year in 2014 and are reverting back to their strategic plans,” says principal Ward Bower of Altman Weil. “It is reflective of a degree of confidence in firms ability to grow.”The Philadelphia Inquirer also has a story. … [Read more...] about First quarter of 2015 was one of the best ever for law firm mergers, Altman Weil survey says

The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill, and likely will not do so until after it approves the bill. Earlier on the same day, the House Ways and Means Committee completed its four-day markup of the House bill, H.R. 1—which had been released on November 2, 2017—and approved the amended version.Although it is important to focus on the details of the two plans, we also note the following broader points that could be helpful in evaluating the bills.The table below summarizes the key provisions of the Senate bill and compares them to the original House bill and the amended House bill.Next steps. The full Senate and the full House will vote on their respective bills. The House is expected to vote on the House bill as early as this Thursday. The Senate is not expected to vote on its bill until … [Read more...] about Federal Tax Reform: The Senate Bill – Comparison to the House Bill, and Evaluating the Bigger Picture

The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill, and likely will not do so until after it approves the bill. Earlier onthe same day, the House Ways and Means Committee completed its four-day markup of the House bill, H.R. 1—which had been released on November2, 2017—and approved the amended version. November 16 update : The House today voted, 227-205, to pass the House bill, generally in the same form as it was on November 9. Thirteen Republican members and all Democratic members opposed the bill. Nearly all the opposing Republicans are from states with high state taxes. The House approval of the House bill is generally in line with expectations. In addition, late last night, the Senate Finance Committee voted along party lines, 14-12, to approve the Senate bill. The text of this bill still is not available, but is … [Read more...] about Federal Tax Reform: How the Newly Passed House Bill Compares to the Senate Bill – A Side-by-Side Comparison, Plus the Big Picture