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Recent Editions
North America
Human Times
The Senate has failed to advance two partisan bills aimed at compensating federal workers during the ongoing government shutdown, which has now lasted 23 days, marking the second-longest in U.S. history. One bill, backed by Republicans, sought to ensure pay for essential employees, including troops and TSA agents, while the Democratic proposal aimed to pay all federal employees and prevent mass layoffs. "We certainly shouldn't set up a system where the president of the United States gets to decide what agencies to shut down," said Sen. Chris Van Hollen, (D-MD). The Republican measure did not secure the necessary 60 votes, and Democrats blocked a vote on their version. As the shutdown continues, both parties remain at an impasse, with no clear path to reopening the government.
Full Issue
UK
Human Times
Partners at London's prestigious law firms may face a £250m tax increase under proposed plans by Rachel Reeves. A new 15% tax on profits from limited liability partnerships (LLPs) could raise their total tax bill from £1.78bn to £2.04bn. Colin Passmore, chairman of the City of London Law Society, warned that this change could harm London's competitiveness as a legal hub. David McNeill, director of public affairs at The Law Society, stated that the tax could significantly impact the legal profession, potentially leading to job losses and "legal deserts" in rural areas. Analysis by UHY Hacker Young shows that applying a 15% employer's NICs rate would create an additional tax liability of around £46,000 per partner each year.
Full Issue
USA
Education Slice
At the Association of School Business Officials International's recent conference, school finance leaders expressed deep concern over future federal funding. Key programs like Title I, IDEA, and school lunch reimbursements are seen as vital, but the Trump administration has proposed slashing or eliminating Titles II, III, and McKinney-Vento. Some districts, like Parkrose in Oregon, are budgeting zero for vulnerable programs due to uncertainty. “It’s too risky for a district to budget something and then not get it. Especially if you have staffing associated with that federal funding, it's not fair to those staff,” said Sharie Lewis, the district's director of business services. Cuts could mean staff layoffs and canceled academic initiatives, forcing districts to rethink how they allocate limited funds. Other leaders said they are accustomed to finding solutions to financial problems; one chief financial officer told attendees her district generated revenue to cover a massive budget deficit with strategies like selling naming rights to buildings and stadiums, raising student parking fees for the first time in 15 years, and charging more for outside organizations to use district facilities. Another official suggested streamlining employee health-insurance costs by offering a stipend worth thousands of dollars to employees who opt out of district plans.
Full Issue
USA
Accountancy Slice
On October 22, 2025, a group of U.S. Senators, including Ron Wyden (D-OR) and Elizabeth Warren (D-MA), expressed serious concerns regarding reported plans to "politicize" the IRS. They highlighted that federal law prohibits political interference in tax investigations, adding: "IRS-CI cannot be the President's political attack dog." Reports suggest that the IRS is restructuring its criminal-investigative division to target left-leaning individuals and organizations, with a list of potential targets already drawn up. The senators demanded information on these changes by November 4th 2025, emphasizing the need for transparency and adherence to legal standards. They warned that any attempt to weaponize the IRS against political opponents undermines democratic integrity and could lead to severe legal consequences for those involved.
Full Issue
Scotland
Legal Matters Scotland
The Police Investigations and Review Commissioner (PIRC), is investigating police actions and decision-making prior to the death of 15-year-old Amen Teklay, who was killed in a sword attack in Glasgow on 5 March. Two boys, aged 15 and 16, deny his murder, which followed earlier clashes between Amen and one of the suspects. Court hearings revealed that the attack involved the suspects chasing Amen while wearing masks and using a sword and frying pan, and that an 'Osman' threat-to-life warning had been issued beforehand. Prosecutors also detailed prior incidents in February, including Amen being threatened and assaulted by the 15-year-old suspect and others. PIRC has confirmed it will submit a report to the Crown Office once its investigation concludes.
Full Issue
North America
Legal Slice
Despite 2025’s 7.4% worked rate increase — far outpacing inflation — law firms may be nearing a pricing ceiling, according to the Law Firm Rates Report 2026 from Thomson Reuters. Firms use varying rate and discount strategies but collect nearly identical per-hour revenues due to market forces, the report found. Client loyalty enables rate hikes, yet has minimal impact on winning new business. “Rates have never been stronger, but concerns are mounting,” the report notes. Long-term growth hinges not on perfect strategy, but on leaders’ ability to align pricing models with firm culture and adjust as conditions shift amid rising client cost sensitivity.
Full Issue
Europe
Risk Channel
Partners at London's prestigious law firms may face a £250m tax increase under proposed plans by Rachel Reeves. A new 15% tax on profits from limited liability partnerships (LLPs) could raise their total tax bill from £1.78bn to £2.04bn. Colin Passmore, chairman of the City of London Law Society, warned that this change could harm London's competitiveness as a legal hub. David McNeill, director of public affairs at The Law Society, stated that the tax could significantly impact the legal profession, potentially leading to job losses and "legal deserts" in rural areas. Analysis by UHY Hacker Young shows that applying a 15% employer's NICs rate would create an additional tax liability of around £46,000 per partner each year.
Full Issue
North America
CFO Slice
Nearly ten years after the introduction of its lease accounting standards, the FASB is concluding a formal review of the lessons learned. The review revealed that the costs of compliance were “significantly higher” than anticipated, with an average implementation cost of about $450,000 per company. Board member Christine Botosan emphasized the importance of considering ongoing costs, stating: “Implementation cost is a one-time thing, ongoing costs are forever.” Despite the challenges, Board Member Joyce Joseph noted benefits for investors, including improved comparability and transparency. The review also highlighted how the new rules have influenced business decisions, leading companies to adjust lease terms and payment structures. The FASB aims to apply these insights to future standards and transition processes.
Full Issue