The Bar News

Bar News Sections

Practice News

  • December 28, 2010 | Practice News
    Quick takes from Thursday, Dec. 28, Illinois Supreme Court opinions

    CIVIL

    Cookson v. Price

    By Karen Kies DeGrand, Donohue Brown Mathewson & Smyth LLC
  • December 22, 2010 | Practice News
    ISBA backs unlimited coverage of IOLTA accounts
    The Transaction Account Guarantee (TAG) Program, through which the FDIC provides unlimited deposit insurance coverage of client funds in IOLTA accounts at participating financial institutions is set to end on Dec. 31, 2010. The Illinois State Bar Association supports continuing unlimited coverage of IOLTA accounts for the following reasons:
    • IOLTA accounts provide revenue for the states at no cost to clients. Lawyers often handle money that belongs to clients; however, the amount of money held for a single client is often quite small or held for only a short period of time, and cannot therefore earn interest for the client.  IOLTA accounts allow lawyers handling client funds that cannot earn net income for the client to place these funds in a single, pooled, interest-bearing trust account.  Banks in turn forward the interest earned on these accounts to the state IOLTA program, which uses the money to fund a variety of charitable causes.
    • IOLTA programs provide funding critical to maintaining and improving access to the justice system in communities across the United States. IOLTA dollars go to support civil legal assistance for the poor, efforts to improve the administration of justice by our courts, initiatives to educate the public about legal issues, and scholarships and clinical instruction for law students.  All states benefit from IOLTA, and 41 states require lawyers to place client funds unable to earn interest for the client into an IOLTA account.
    • IOLTA accounts need full FDIC coverage to protect client funds.
  • December 22, 2010 | Practice News
    Simonian appointed in 19th Circuit
    The Illinois Supreme Court has announced that James K. Simonian received most of the votes cast by the circuit judges in the Nineteenth Judicial Circuit and is declared to be appointed to the office of associate judge. Mr. Simonian received his undergraduate degree in 1986 from DePauw University and his Juris Doctor in 1989 from Indiana University. Mr. Simonian is currently affiliated with the Law Office of Stephen Simonian in Waukegan.
  • December 17, 2010 | Practice News
    Liu appointed Cook County Circuit Judge
    The Illinois Supreme Court has appointed Laura Cha-yu Liu as Circuit Judge of Cook County, Eighth Subcircuit, Judgeship A. This appointment is effective Dec. 17, 2010, and terminates on Dec. 3, 2012.
  • December 16, 2010 | Member Services | Practice News
    Sign up now to be admitted to the U.S. Supreme Court
    Join ISBA members for a group admission at the U.S. Supreme Court on Monday, June 6, 2011. Only 40 out of 50 spots are available so sign up now! For an application for admission, event and hotel reservation form, contact Janet Sosin, jsosin@isba.org, or (800) 678-4009 or (312) 726-8775. Applicants will be placed on the list on a first come basis. A special group rate is available at the Willard InterContinental Hotel for the admittee, family and guests. Planned Events:
    • Reception Sunday, June 5, 6:00 p.m. – 7:30 p.m. at the Willard InterContinental Hotel for admittees and guests
    • Group Admission to the U. S. Supreme Court, Monday, June 6
    • Continental Breakfast at the U. S. Supreme Court for admittees and guests
    To be eligible, you must be an active lawyer member of the ISBA and admitted to practice more than 3 years.
  • December 16, 2010 | Practice News
    ARDC alert: Email scams and lawyer trust accounts

    The ARDC sent out an alert this week, warning all licensed attorneys in Illinois of scams targeting lawyers.

    "We've had a number of lawyers contact us saying 'this happened to me,' " said ARDC Deputy Administrator and Chief Counsel Jim Grogan. "We feel that an educated bar is a protected bar."

    Grogan added that the scams targeting lawyers have become more sophisticated.

    "There are instances where people are now actually going into offices in person and setting up the scams," Grogan said. "Lawyers need to take protections and follow protocols when handling these checks."

    The full alert is below.

  • December 16, 2010 | Practice News
    2010 year-end estate planning: Navigating the uncertainty
    "While many of the usual planning techniques remain viable, the current state of the transfer tax laws provides for additional opportunities, but makes 2010 year-end planning a bigger challenge than in past years," writes Gregg Simon in the December ISBA Trusts and Estates newsletter. Read his rundown of the status of various gift taxes, the generation-skipping transfer tax, and more.
  • December 16, 2010 | Practice News
    Health care reform and real estate sales taxes
    Does the health care reform law impose a new real estate sales tax? That's the rumor floating around cyberspace, writes Emily Vivian in the latest ISBA Real Property newsletter. The answer: while the law doesn't impose a direct tax on real estate sales, "for certain individuals, it imposes a new 3.8 percent Medicare tax on 'net investment income,' which might result from a real estate sale," Vivian writes. Read her article and find out more.
  • December 15, 2010 | Practice News
    4 finalists named for 2 open DuPage associate judge vacancies
    Chief Judge Stephen J. Culliton has announced that four finalists have been selected to fill the vacancies created by the election of Judge Dorothy F. French and Judge Ronald D. Sutter to circuit judge. From these names, the circuit judges will select two appointees by secret ballot:
    • Anthony V. Coco
    • Robert E. Douglas
    • Thomas A. Else
    • Alexander F. McGimpsey
  • December 15, 2010 | Practice News
    Best Practice: Ideas for a successful 2011
    Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. Our firm, a 12 attorney firm, in Detroit, is having a partner meeting next week focused on thinking about what we can do different in 2011 in order to have a more successful year. While we have a few ideas what are your thoughts? A. The economy is still posing challenges for many law firms and will continue to do so in 2011. Law firms must continue to be dilligent about managing costs but more importantly must really hone in on improving revenues. Here are a few ideas:
    1. Take a serious look at the firm's present position in the marketplace. Review financials, compare against financial ratios, compare with both firm past history and against law firm benchmarks. Examine how well the firm is competing. Is the firm too dependent on a narrow base of clients? Is the practice at risk? Conduct a client survey and obtain client feedback both on firm performance as well as possible unmet needs and opportunities. Consider a comprehensive management review.
    2. Formulate business goals and develop a strategic business plan as a roadmap for the future. Design and simplify business reports designed to measure the goals identified in the strategic business plan. Strive for a one page summary as the primary report.
    3. Require all timekeepers in the firm to submit personal one page business plans which in addition to outlining goals for the year provided fee revenue goals with an element of stretch. The goals should have a stretch component but yet be realistic and attainable.