033: Live Q&A Replay - March 1st, 2019
Law Business Podcast
Questions discussed in this episode: Issues with leasehold improvement asset classification Who needs to issue a 1099, when can I expect to receive one? International taxation issues Tax issues international students face
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032: Live Q&A Replay - February 15th, 2019
Law Business Podcast
Questions discussed in this episode: Scam IRS calls Issues with assets and depreciation Filing status and appropriate withholding levels Business management, expenses and overhead Look out for business networking opportunities
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031: Live Q&A Replay - February 8th, 2019
Law Business Podcast
Questions discussed in this episode: Various tax strategies, and keeping more of the money you earned Reasonable and customary business expenses How account systems work together Education expenses and 529 plans More tax notice questions Happy Chinese New Year!
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030: Live Q&A Replay - January 31st, 2019
Law Business Podcast
Questions discussed in this episode: Do I need an accounting software, or using an excel file good enough? Subcontractors vs. Employees: why is workers comp involved? US tax issues when selling a house or property located in a different country Hiring your first employee Tax questions when selling your primary residence
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029: Live Q&A Replay - January 24th, 2019
Law Business Podcast
Questions discussed in this episode: 529 Plan question; employee tuition reimbusement LLC taxation question. What is an S-Corp Does it make sense to put assets into a trust? How to find a good lawyer? What are the risks? What to do if a client uses questionable bookkeeping practices? Property value question; Accounting for rental income and expenses Completing a W-9 form. Why do contractors ask for this form? IRS payment plan issues Estimated tax payments, penalties and interest
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028: Live Q&A Replay - January 17th, 2019
Law Business Podcast
Answering your business, tax & accounting related questions live on Thursday afternoons. Leave your question under the Comments! Questions discussed in this episode: Bookkeeping and best practices Relying on tax advice found on random websites 1099s received that contain mistakes or wrong information W-2 withholding question, and updating W-4s throughout the year Out of pocket medical expenses, and HSA question Can you employ your kids, and give them a W-2? Questions about retirement plans
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027: Best Practices for Financial Management
Law Business Podcast
Build a law firm that serves you! Freedom to pursue what inspires you and makes you happy! Profits to accomplish the things you want! Peace of mind, so that you don’t stay up at night worrying about the future of your law firm. Joy and fulfillment of serving clients that you enjoy working with. Balance. Remember, your firm needs to serve YOU, and not the other way around.
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026: A lawyer’s insight into how business people purchase legal services. Rochelle Friedman Walk, Esq.
Law Business Podcast
This week we had the pleasure of interviewing Rochelle Friedman Walk Esq. She is the president and owner of the successful Walk Law Firm, PA in Tampa, Florida. Rochelle started her career at a major Cleveland law firm and then moved on to become in-house attorney for large corporations. As general counsel she helped companies reorganize, turn around and succeed in business. Rochelle was in a unique position because she was on the purchasing side of legal services. This gave her a great insight into what companies are looking for when hiring outside counsel. How do businesses want to work...
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025: A Safe Space for Clients. Kristin Wilkinson, Esq.
Law Business Podcast
Kristin represents clients in the area of civil litigation and business law, estates, and family law. What sets her apart from her competitors is that she strives to create a safe space for her clients and connect with them on a personal level. Because clients tend to cross personal boundaries, maintaining a healthy distance while showing empathy is a skill Kristin had to master. Kristin’s empathy and warm personality also influences how she runs her law business. She works with clients to provide flexible payment options and prepayment discounts, but she stands firm on getting paid for...
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024: Happy Holidays
Law Business Podcast
I wanted to take a minute to wish you and your beloved ones a Merry Christmas, Happy Hanukkah and a Happy New Year! I wanted to leave you with three short tips for 2017: 1. Choose yourself - give yourself permission to be successful 2. Surround yourself with people who inspire you 3. Prioritize your daily activities and focus on the ones that lead to business growth
info_outlineWhere the Rubber Meets the Road
How to be the "Chief Ecosystem Officer" of your law business.
1.Understand that you’re an Entrepreneur Selling Legal Services – Mindset Shift From What You Learned in Law School
2.Recognize That as a CEO Your Job is Multi-Fold:
•Vision & Strategy (Choose a niche and define what differentiates you from other firms.)
•Rainmaking (Cultivate relationships, become a networking & marketing expert to attract new business.)
•Operations (Manage the office and the staff, set systems, policies and procedures.)
•Financial Management (Utilize your financial data to make informed business decisions. Implement a system to track and project cash-flow, as this has the biggest effect on the day-to-day operations, but represents the #1 problem small law firms struggle with. Develop financial goals, spending plans. Have a basis understanding of your key performance indicators.)
3.What Is Your Excuse for Not Acting like the CEO of Your Business?
•Managing partners of big Law Firms have the advantage of working with various dedicated professionals, company CEO’s have a board of advisors.
•Good News: Solo & small law firm owners have a myriad of resources when it comes to building their own successful businesses: - Practice management books & coaches, outsourced CFO services, technology tools/apps, VAs, etc.
•How to build your own unofficial board of advisers/accountability partners
4.Building Your Successful Solo Practice Starts with “Reverse Engineering” Your Financial Goals:
•Your branding/marketing, visibility, lead generation, pricing structure, staffing level, all have to be aligned with your financial goals. Know how much you want to make and build the “enterprise-machine” that will get you there.
5.Knowing & Understanding Your Numbers Is the Only Way to Build a Legitimate Business
Examples of your Important Numbers & Key Performance Indicators:
•Income and Spending Budget (the Plan/Goal)
•Actual Income and Expense figures (the Reality) (per month & year-to-date)
•Budget Variances: When you compare the actual numbers to the plan. This gives you the insights into what’s working and what needs more attention.
•Profit Percentage Benchmark for Small Law Firms: 1/3rd of revenues go to staff salaries, 1/3rd to general & marketing expenses, 1/3rd is partner’s profit. This should be taken into consideration when you price your services
•Successful small law firms spend at least 5-10% of their revenues on marketing
•Your monthly “nut” or how much fees you have to bill & collect to pay for all regular monthly expenses, including your take home pay
•Number of new clients each month
•ROI (return on investment) of each type of marketing activity (long term)
6.These numbers have to be looked at & interpreted REGULARLY (at least monthly, but weekly is preferred)
•Financial numbers are not just to give to your tax person on April 13th (Ort Oct 13th)
•They help you make better and more profitable business decisions during the year
•Online programs like QBO revolutionized and made this affordable for everyone. You can create your budget in an online accounting software, then you can track variances & profitability in it
•Ask your CPA to be your outsourced CFO / business adviser / accountability partner
•Schedule regular (at least quarterly) meetings with them to review your progress & get insight into what your numbers & KPIs mean