Mergers can be difficult, risky and expensive. So why do so many law firms contemplate them? Most would say they’re hoping to achieve a competitive advantage or find a quick fix to a perceived need. 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. THE RIGHT REASONSA good place to look for the right reasons is your firm’s strategic plan. For instance, a merger may make sense if your firm wishes to:Add experience and depth to an established practice area. Offering clients expanded capabilities is a great way to keep their business and increase your billings. For example, suppose by way of a merger you’re able to increase the size of your intellectual property practice and expand your firm’s patent infringement services. This could be important to existing and prospective clients when retaining a firm. Increase specialization. A … [Read more...] about Law Firm Mergers: To Merge or Not to Merge? That is the Question!
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Every professional at some stage of his/her career is faced with the question, ‘am I making the right choice?’ To quote Charles Lamb, “The measure of choosing well, is, whether an individual likes and finds good in what he has chosen.” And so, this one step-choosing a path and standing by it-changes everything. Broadly speaking, a career in law comprises two main streams, viz, litigation practice; and corporate practice. The predicament of having to choose between the two practices exists for a majority, not just for fresh law graduates and prospective law students, but also for professionals from other unrelated/related fields desirous of taking the plunge in the increasingly competitive legal profession. Identifying SkillsTo be able to choose between litigation and transactional work, one needs to evaluate one’s interest and capabilities in these two areas. An interest in complicated fact patterns, especially those involving conflicts; excellent … [Read more...] about The Robe-clad Lawyer Versus the Boardroom Lawyer
The Delhi High Court allowed Greenpeace to use two of its accounts for its day to day functioning. However, Greenpeace can use the accounts for domestic donations only.Justice Rajiv Shakdher also allowed the NGO to liquidate its fixed deposits and observed that government cannot choke the NGO of its funds. The Court observed that the government is free to check the source of the amount in the fixed deposits and directed the governmentto decide within eight weeks the NGO’s application under Rule 14 of Foreign Contribution (Regulation) Rules (FCRR) as under the law, 25 per cent of the unutilised amount in the FCRA account can be used with government approval.Earlier, the Central government had cancelled Greenpeace’s registration under Foreign Contribution Regulations Act (FCRA) and had claimed that the NGO was acting against the law as it had several accounts, about which it had not informed the authorities.Before the Court, Ministry of Home Affairs submitted that the … [Read more...] about Delhi HC allows Greenpeace to use two bank accounts
Crippled with falling Rupees and increasing deficits, the Government is all set to open the Pandora box of reforms, substantially liberalizing the foreign investment regime in India. Many restrictions, which were considered as sacrosanct earlier, are now going to wither. Foreign investment comes into India mainly through three routes: foreign direct investment, institutional investment or portfolio investment and external commercial borrowing. The first two routes are preferable from a nationalistic perspective as they are risk capital whereas the third route is purely debt. The Government is proposing to substantially reform the first two routes with the aim improving the investment climate in India. Foreign direct investment or FDI is a direct investment into equity or convertible instruments of Indian companies. FDI comes directly through shares subscription or purchase and not through stock exchanges. The Government regulates FDI through various measures. From time to time, it … [Read more...] about Government all set to open the floodgates, but is there still water left?
Generally, a non-U.S. taxpayer that is not engaged in a U.S. trade or business is taxable in the United States only on U.S.-source “fixed determinable, annual or periodical” income (FDAP). Unless an applicable income tax treaty applies to reduce the rate of tax, FDAP income typically will be subject to a 30 percent gross basis withholding tax. Included in the category of FDAP income that is subject to U.S. withholding tax is U.S. source dividends.While the substantial majority of income tax treaties concluded by the United States reduce or even eliminate the 30 percent withholding tax on U.S.-source dividends, not all foreign jurisdictions have comprehensive income tax treaties with the United States. Therefore, unless a non-U.S. taxpayer is able to satisfy the limitation on benefits (LOB) provision in one of these treaties, any U.S.-source dividends repatriated from the United States to a non-treaty jurisdiction generally will be subject to a 30 percent … [Read more...] about Statutory Exemption from U.S. Withholding Tax on Dividends Remains