- The Sinner
- The Handmaid's Tale
Apple TV +:
- All Creatures Great and Small
The Value in Strategic Relationships with Business Partners
By: Tara Kim Eberhart, Practice and Docketing Director, Dentons US LLP
Karen Tuschak, Canada Director of Paraprofessional Services, Dentons LLP
Almost every stage of my professional career has been intertwined with key outside vendor relationships or as we like to call them here at IPMA, our Business Partners. Early on, as a Paralegal trying to learn my craft, I (Tara) was fortunate enough to meet many highly knowledgeable people working in Electronic Discovery companies. As we were all trying to figure out the difference between a gigabyte and a megabyte, what steps we needed to follow to preserve chain of custody and how to capture data from a laptop with a proprietary software application, in Japanese, I quickly came to rely on a core group of experts working at companies who were pioneers in the field. I was able to reach out, ask questions and then go into team meetings with practical answers to very complicated questions, all thanks to those ongoing relationships. From the corporate perspective, our business partners were truly partners in not only the services that they provided but in the training of our more junior paralegals. They often had senior paralegals on their staff that would both coach and mentor our team and there was always a voice on the other end of the phone to meet our needs and help us grow.
As I continued my career into management and became more involved in professional associations, we quickly realized that the relationships with my circle of Business Partners were even more critical. In addition to offering very important technical information, our networks provided us with options when we were asked to:
- Quickly restructure a team/bringing in multiple new hires - Thank you Beacon Hill and Trustpoint.One or
- Take on managing a new department like Docketing - Thank you American LegalNet, or
- I needed an innovative solution to a very common business problem - Thank you ECFX and LegalInc or
- A Partner called me on short notice to get a referral for a Court Reporter in the middle of nowhere - Thank you TSG or
- One of the Paralegals on my team needed translation services - Thank you Lango and Divergent.
- When we needed a partner in moving to a national corporate services database – Thank you Athennian
- Trying to obtain multiple corporate searches across jurisdictions – Thank you Dye and Durham and ESC
In addition to helping me on a personal member level, our Business Partners are incredible resources for IPMA as an association. Our Business Partners make it possible for us to hold our Annual Conference, our New Manager Skills Workshops, our Master Class series and the many Chapter meetings that we have during the year. They volunteer to speak, participate in panels, sponsor sessions/meetings and invite our members to events that they are holding for the broader legal community. They know about emerging trends, which firms/organizations have exciting news and offer insight to us on the wide variety of topics that are of interest to our members. As a past president of the IPMA, we could not have provided the programming that we did without our Business Partners. On a more personal note, my year as President of IPMA was a difficult one as I (Karen) was diagnosed with breast cancer just as I was about to start my term. The support that I received from the Business Partners both personally and professionally was unbelievable and helped me lead during a difficult time. One Business Partner, at the time, Vision Legal Recruitment, even sponsored a team of us to walk in the Susan G. Komen Race for a Cure through Central Park and had my sisters, husband and I fly to New York to participate in the walk. IPMA Business Partners truly are the best!
So, the next time that you use the pen you picked up at conference from one of our Exhibitors, or someone calls you to catch up and see if their latest product, service or idea can help you make sure to return their call, set up a meeting, treat yourself to a great conversation with a subject matter expert in the legal field because they really are our Business Partners and you never know when you are going to be really glad that they are in your professional network and on your phone a friend list!
Corporate Business Partners:
American LegalNet (ALN)
Beacon Hill Staffing Group/DBA Beacon Hill Legal
Capitol Services, Inc.
Divergent Language Solutions
TSG Reporting, Inc.
Individual Business Partners:
All American Document Services
International Business Company Formation, Inc. (IBCF)
Paralegal Boot Camp
United Corporate Services, Inc.
Worldwide Corporate Advisors LLP
First-Generation Professionals Are Instrumental in Developing Second-Generation Professionals
By: Kimberly Barrett, Legal Professional and Paralegal Administrator, Latham & Watkins LLP
As a first-generation professional, you have embarked on a lifetime of “firsts.” This may be your first professional job. You’ve attended your first staff meeting in a professional environment. You’ve been invited to your first office holiday party. You got your first promotion. You’ve been assigned your first office. You’ve led your first team. You’ve completed your first performance review. For all of us, whether we are first-generation professionals or not, this is the first time that we’ve been ordered to stay home and work remotely. Luckily, we are in a position to be able to carry out our professional duties remotely. There are so many more firsts that you will experience over the course of your career. One of the things that you will also do is be a member of the group of firsts that creates a group of seconds. How can you help? Well, I’m glad you asked.
You can be a mentor to a second generation professional, and IPMA can help you be a better mentor. IPMA provides many opportunities for peer mentorship to help provide the support necessary to be better mentors to new professionals. You can reach out to someone in the next generation to let them know what it’s like to get that promotion and to be assigned that office. Be the mentor to a second generation professional that you wish you had as a first generation professional. For those of us who are first generation professionals, we didn’t know what to expect or how to digest the experiences we would encounter. However, I can attest that through my professional connections at IPMA, I have learned how to be a better professional and to help new professionals grow into their best professional selves.
Second generation professionals are looking to us to show them the way because we’ve been there, we’ve done that. But, if we are being honest with ourselves we know that we are all still figuring it out. We are still learning what being a professional is. We are still making the connections that our colleagues who come from a long line of professionals already have. We are still learning what it’s like to work a networking event when we are still unfamiliar with the rest of the audience. We are still navigating our way through conversations that include others talking about their parents’, grandparents’, and great-grandparents’ careers in the professional world as doctors, lawyers, and business executives. We are going to pave the way so that the second generation of professionals can talk about how we taught them to be professionals in the business environment. We need to band together and hold each other to that.
Most of us had to learn by trial and error how to navigate our way through the complex and stressful college application process. Our next battle was the process of searching for and securing a job that would be the gateway to our professional careers. We had to figure out which books to read to help us learn even outside of the classroom. The more we share our stories, the more we can create a safe space for that second generation to come to us with their questions when they are unsure or nervous.
Let’s not be the only person in our family to be professionals. As IPMA members, let’s live up to what it means to be a first-generation professional and begin the line-up so that we create that second-generation professional, and so on.
Book Review: How to Say Anything to Anyone: A Guide to Making Business Relationships that Really Work, Shari Harley
The Communications Committee and Inspired Leadership
are bringing back Book Reviews. Any member of the association is eligible to submit a book report for publication in our e-magazine. Thematically, we are looking for reviews of books proposed books will primarily focus on the work we do, whether it’s managerial, legal or something closely related to the field. Of course, we will also consider a review of any fiction or nonfiction that one of our members found particularly compelling and appropriate for this audience. We hope you will enjoy these book reviews and will consider submitting one yourself! Here is JUST ONE THING that you can do for our association.
Review Written By: Brian Bernhard, Office Administrator, Dentons US LLP
Raise your hand if you attended the IPMA Annual Conference in Vancouver in 2012! If you did, I’m certain you remember our closing keynote speaker, Shari Harley. If you didn’t, I would recommend definitely seeing her speak if you ever get the chance. Shari gets to the point quickly, is very direct (aka candid) and will make you laugh throughout the presentation. Her book, “How to Say Anything to Anyone…” is no different. Shari does not dilly-dally as she tells you exactly how, what and when to say things to your direct reports. Even in writing, she will keep you entertained throughout this quick read. Since Shari is from Denver, I’ve seen her speak and have read her book several times. Each and every time, I realize that no matter how good of a job I think I am doing at the time, I can always learn to communicate better with my team.
The two most important things Harley discusses in this book is why candor is so important in our conversations at work and how building candid relationships at the office ESPECIALLY as managers is part of the key to our success. When we hear the word “candor” with regard to our workplace, we often go to a not-so-pretty place. Harley explains to us how using candor isn’t only a way to present bad news or a way to have hard discussions. “Candor is stating expectations rather than expecting employees and vendors to read our mind.” According to the author, developing a candid work environment is a way of taking the guess work out finding out what people want and need to be successful and that we should all be working toward creating relationships where all parties can speak their minds openly and without concern.
Harley walks us through setting up agreements with our people that define how you will work with your employees and/or clients and how they can most effectively work with you. Teaching your team how best to work with you is brilliant! Why should your team be guessing where your boundaries that shouldn’t be crossed are? Harley states that forming candid relationships with your team will keep people out of your danger zone!
What I most appreciate about Harley’s guide to working more effectively with the team is the number of examples she provides. She practically walks us right through handling some of the more challenging situations we face. For those that she does not specifically map out, she makes it easy enough to apply her theories to any other situation. She even provides for “preventions,” which take into account that people are people and mistakes will happen, and “fallbacks,” the consequence for a violation to the agreement, which the team has previously decided on. She really covers it all!
I highly recommend this quick read to anyone and everyone who manages people whether you struggle how to establish those initial relationships with their team or not. Even if you consider yourself an old pro at working with people, it will certainly be refreshing to read Harley’s tales and to make us not feel so alone in the issues that I face managing a team on a day-to-day basis.
Corporate Transparency Act: United Corporate Services, Inc.
By: Jim Nash, Business Development and New York City Operations Manager, United Corporate Services, Inc.
Keith Sheppard, Marketing/Business Development Manager, United Corporate Services, Inc.
Until recently, the United States did not require corporations or limited liability companies that are formed to provide information on beneficial owners. This gave people with bad intentions an opportunity to conceal ownership of these entities and use their anonymity to conduct illegal activities such as money laundering, terrorist financing, tax, and drug trafficking.
On January 1, the National Defense Authorization Act for Fiscal Year 2021 was enacted into law. The bill includes the Corporate Transparency Act (the "CTA") which creates a beneficial ownership registry within the U.S. Department of the Treasury’s Financial Crimes Enforcement Network ("FinCEN"), requiring certain corporations and limited liability companies to report information on their “beneficial owners” to FinCEN. This act will force law firms to collect and store more data on clients who come to them to set-up entities in the United States.
What information is required be reported?
Beneficial owners and companies must report a list of beneficial owners as well as the following for each beneficial owner: 1) legal name, 2) date of birth, 3) current residential or business address and 4) Government issued identification number.
What are the requirements of the CTA?
The CTA requires corporations and limited liability companies to disclose to law enforcement and others with legally mandated anti-money laundering responsibilities (for e.g., financial institutions) information on who is the real, natural person (a.k.a. beneficial owner) who owns and controls an entity at the point of formation and update such information upon any change. This rule reflects a growing international trend to require disclosure of beneficial ownership and creates a compliance regime like that of many other countries.
Who is FinCEN?
FinCEN is a government bureau that works to prevent and punish money laundering and related financial crimes of criminals and terrorists’ networks. They also track suspicious persons and activity by researching mandatory disclosures for financial institutions.
FinCEN receives its duties from the United States Congress and the director of the bureau is appointed by the Treasury Secretary.
What is a Beneficial Owner?
The CTA defines a beneficial owner as an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise 1) Exercises substantial control over an entity or 2) Owns or controls at least 25% of the ownership interests in an entity and 3) Receives substantial economic benefits from the assets of a corporation or limited liability company. A “beneficial owner” does not include:
Who will have access to this information?
- a minor child (the information of the parent or guardian must be reported instead);
- an individual acting as a nominee, intermediary, custodian, or agent on behalf of another individual;
- an individual acting solely as an employee of a reporting company;
- an individual whose only interest in the reporting company is through inheritance; or
- a creditor of a reporting company.
Federal, state, local and tribal law enforcement would have access to the information for use in authorized investigations as would financial institutions (with customer consent) that have legally mandated anti-money laundering obligations. Note, the CTA will not require states to maintain a separate beneficial ownership information registry.
Are There Exemptions?
The CTA explicitly exempts:
What will be the responsibilities of states on handling the new reporting requirement?
- Companies that employ more than 20 people, report revenues of more than $5 million on tax returns, and have a physical presence in the United States;
- Most financial services institutions, including investment and accounting firms, securities trading firms, banks, and credit unions that report to and are regulated by government agencies such as the Securities and Exchange Commission, the Office of the Comptroller of the Currency, or the FDIC; and
- Churches, charities, and other nonprofit organizations.
The CTA will require states to notify filers upon initial formation or registration of the federal requirement to provide beneficial ownership to FinCEN. States will have two years after the effective date of the regulations governing the CTA to begin providing such notice. States must also provide filers with the reporting company form created by the secretary of the Treasury and must also update their websites to notify filers of the federal requirements under the CTA.
When is the reporting requirement expected to take effect?
The U.S. Treasury must pass and put rules into effect by December 31, 2021, at which time reports will commence being required.
What is the grace period for existing companies to submit their information?
Starting in 2022, existing companies will have two years to submit initial reports while individuals forming or registering new companies will be required to submit reports at the time of formation or registration.
Is there a penalty for non-compliance?
Any party that intentionally fails to comply with the reporting requirements of the CTA may be liable for fines of no more than $500 for each day that there is a willful failure to report complete beneficial ownership information and such parties may be subject to aggregate fines of up to $10,000 or a prison term of up to two years.
How does this change how annual reports are filed?
Companies will be required to submit annual reports that identify the company’s beneficial owners and changes in beneficial ownership.
What should companies prepare for?
Consult with your attorney on the impact of the new laws and evaluate how your company can remain in compliance.