Balancing Your Legal Scorecard - Part 1

Written by Richard Hall

Continued from page 1

•Communicates priorities and direction •Focuses on improving processes, not functions •Aligns operational activity with strategic goals •Providesrepparttar necessary leverage for change

The benefits of such an approach can be financially dramatic. It has been estimated thatrepparttar 119230 impact of adopting a balanced approach to measurement (inrepparttar 119231 legal department alone) is a profitability increase of between 15% and 25% for a typical Fortune 500 company.

The balanced Scorecard (R. Kaplan and D. Norton, Harvard Business Review 1992) is one such a framework.

About The Balanced Scorecard Methodology

The Balanced Scorecard methodology, developed by Robert Kaplan and David Norton, translates an organization’s business strategy into an understandable action plan. Usingrepparttar 119232 Balanced Scorecard technique, an organization can clearly define strategic concepts like value, quality and satisfaction. The Balanced Scorecard then becomes a framework for implementingrepparttar 119233 strategies related to those concepts. This range of uses makesrepparttar 119234 Balanced Scorecard an integration hub for strategic management.

Withrepparttar 119235 balanced scorecard, corporate legal managers can measure how outside entities and individuals create value forrepparttar 119236 department andrepparttar 119237 organization as a whole. They can determine whatrepparttar 119238 department must invest in or take away from to improve that performance. While maintaining an interest in financial returns,repparttar 119239 Balanced Scorecard revealsrepparttar 119240 non-financial drivers of superior, long-term value creation.

In addition, The Balanced Scorecard enables legal managers to viewrepparttar 119241 well being ofrepparttar 119242 organization from four important perspectives or quadrants. Each quadrant ofrepparttar 119243 scorecard reports performance measures inrepparttar 119244 form of key performance measures or indicators (KPI). The Balanced Scorecard is a mechanism for translating an organization’s vision and strategy into a coherent set of objectives and performance measures. It uses measurement to communicaterepparttar 119245 drivers of current and future success.

Read about Balanced Scorecard Perspectives in Part 2 of “Balancing Your Legal Scorecard”

Richard Hall is founder/CEO of Hall’s Benchmarks & LexTech, legal information companies that help public & private entities Manage the Business of Law©. Rich’s meld of technology & statistics produced a techno-analytical model of law practice. In 1994, he invented linguistic SW which automatically budget codes, reports GAAP accrual financials & conducts compliance analysis. t 530.820.4070, f 530.820.4071,

What’s New With Your Living Trust?

Written by Jeffrey Broobin

Continued from page 1

5) Make it easy forrepparttar people you Living Trusted to deal with your financial matters.

1.Make sure they know where to find your advisors. 2.If you have your own business, make a plan to deal with your death, beginning withrepparttar 119229 first day after your death. 3.Make a list of investments (name of institution, account numbers) so your assets can be found. (Bank / stock accounts, retirement plans, life insurance, safe deposit box, etc.) 4.If allrepparttar 119230 information is in your computer, make sure that an appropriate Living Trustworthy person has access torepparttar 119231 password.

6) Make sure that your assets which have any form of registration are properly titled in your Living Trust. These assets include bank accounts, stock, and real estate. Now is a good time to verify that all such assets are held properly. You also will receive Forms 1099 showing interest or dividends received duringrepparttar 119232 past year, and K-1s for Partnerships. Check each real property tax bill, Form 1099, and K-1 to ensure that it reads something alongrepparttar 119233 lines of: John and Mary Doe, Trustees ofrepparttar 119234 Living Trust of John and Mary Doe, dated January 1, 2004.

There may be other property which should also be inrepparttar 119235 Living Trust but may not provide annual reporting, such as stock which does not pay dividends and, therefore, no 1099 is provided. You should also verify that Pension Plans, IRAs, and Life Insurance beneficiaries are properly designated.

Creditors (such as your mortgage holder and credit cards) do not need to know aboutrepparttar 119236 Living Trust. Only those holding your property should have notice.

If you inherited any property or received a substantial gift since formation ofrepparttar 119237 Living Trust, you should consider its status and your plans for it. Likewise,repparttar 119238 ramifications of a change in your marital status since formation ofrepparttar 119239 Living Trust should be considered.

If you refinanced your property since doingrepparttar 119240 Living Trust, bought new property, or opened new investment accounts, you should verify thatrepparttar 119241 property is back inrepparttar 119242 Living Trust. As a good idea to remove all uncertainty with regard torepparttar 119243 current and up-to-date nature ofrepparttar 119244 information in your Living Trust, you might want to sign a statement each year informing that all personal property is listed inrepparttar 119245 Living Trust. Also, review your estate plan yearly to make sure that you still trustrepparttar 119246 people you have chosen to act on your behalf after your death.

Note that Legal Helper Corp. provides an easy-to-use, quick, and economical online method for creating completed revocable living trust. -

Jeffrey Broobin is a free-lance writer on family and finance issues; his main goal is to help people during their complicated period of life.

Website: Legal Helper Corp. Email:

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