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Luxury Law Offices Without the High Price Tag

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Many small law firms are feeling the squeeze right now. You’re probably noticing it too—the tension between keeping overhead low while growing and scaling. This can be even higher if you’re locked into long-term leases or office contracts that don’t give you any wiggle room. 

 

That’s where flexible leases can become a game-changer for your firm. They offer you the ability to expand or contract your operations depending on your workload, without the financial commitment of a traditional lease.

 

With flexible leases, you can stay lean while still offering your clients the high-touch experience they deserve. Here are 5 reasons why this could be a great move for your firm.

 

1. Professional Look Without the Low Margins

 

Office space is expensive. In fact, leasing office space is usually the biggest expense for small law firms, just followed by payroll. This can quickly become a burden, especially if your work fluctuates throughout the year.

 

With flexible leases, you only pay for what you need, when you need it. Imagine not having to worry about paying for a space during slow months or scaling up when you take on new clients.

 

This flexibility frees up resources and provides peace of mind, allowing you to invest in other areas of your business like marketing, technology, or hiring. You get the benefit of reducing your overhead without sacrificing the professional look and feel your clients expect.

 

2. Adaptability for Growth and Expansion

 

Most small law firms struggle to create the infrastructure necessary for growth. When your case load increases or you bring on new attorneys, you might need more office space, but committing to a long-term lease for that larger space can be risky—especially if the additional work isn’t permanent.

 

Scalable office spaces allow you to expand your workspace as needed. Whether you need a few extra desks for new team members, a meeting room for a high-profile case, or temporary space to accommodate an influx of work, you can scale up without long-term risk. And if things slow down, you can easily scale back, avoiding unnecessary costs.

 

This kind of adaptability is critical for small firms navigating the ups and downs of client demand.

 

3. Enhancing the Client Experience

 

Your office speaks louder than you realize. Clients seek confirmation that they’re working with a professional, reputable firm.

 

Imagine greeting clients in a sleek, modern office with professional reception services, spacious meeting rooms, and cutting-edge technology. Scalable office spaces often come with shared amenities that elevate your client experience, making your firm look and feel as polished as a large corporate practice, even if you’re operating on a smaller budget.

 

With flexible and scalable office spaces, you can deliver the high-quality experience your clients expect without the hefty price tag. 

 

4. Focusing on Legal Work, Not Office Management

 

As a lawyer and business owner, the last thing you want to spend your time on is office management. With Amata’s flexible office solutions, many of the day-to-day responsibilities like reception services, IT management, and mail handling are taken care of.

 

This allows you to focus on the work that really matters—serving your clients and building your practice!

 

5. Mitigating Risks in Uncertain Times

 

The legal industry is constantly shifting—changing client needs, economic downturns, or even natural disasters can change your firm’s trajectory overnight. Flexible leases allow you to adapt to these changes quickly and effectively.

 

Scalable office space allows you to pivot. Need to downsize during a slow period? No problem. Seeing a surge in new clients? You can expand your space to accommodate that growth.

 

Flexible office space provides the peace of mind that, no matter what comes your way, your firm is prepared.

 

How Amata Can Help

 

At Amata, we understand the unique needs of your firm. We offer flexible, scalable office solutions that allow you to grow and adapt as your firm evolves.

 

Whether you need virtual office services, short-term leases, or full office space with all the amenities, Amata has the solution that fits your needs without tying you down.

 

Reach out to Amata today and see how our flexible leases and scalable office options can support your firm’s growth while keeping costs in check.

Amata Partners with Clio to Empower Small Law Firms

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We are thrilled to announce Amata’s new partnership with Clio, the leading legal practice management software. This collaboration is set to benefit the entire legal industry, especially small law firm owners. Together, we aim to simplify law firm operations, enhance client service, and drive efficiency across the legal landscape.

 

Clio offers a comprehensive platform designed to meet the evolving needs of modern law firms, including:

 

  • Client Intake and CRM: Streamline client onboarding and relationship management.
  • Time Tracking: Capture billable hours accurately to boost profitability.
  • Document Management: Access and organize files effortlessly, from anywhere.
  • Billing and Invoicing: Simplify financial processes with integrated tools.
  • Online Payments: Provide clients with secure, convenient payment options.
  • Calendar Management: Stay on top of deadlines and schedule with ease.
  • Secure Client Communications: Protect sensitive information with encrypted messaging.

 

Amata’s role in this partnership ensures that small law firms not only access Clio’s powerful tools but also receive ongoing support to maximize their benefits. Our team of administrative assistants will assist firms with onboarding, troubleshooting, and day-to-day management of Clio, allowing law firm owners to focus on practicing law and growing their businesses.

 

This partnership is a meaningful step toward leveling the playing field for small law firms, giving them the same cutting-edge tools and support typically available to larger firms. Together, Amata and Clio are empowering small law firms to thrive in a competitive legal market.

 

Celebrating Collaboration: Clio Launch Event Recap

 

To celebrate this exciting partnership, Amata recently hosted an exclusive event for the Chicago legal community at the iconic O’Callaghan’s Pub. The event was a fantastic opportunity for legal professionals to network, learn, and connect over great food, drinks, and a complimentary whiskey tasting.

Co-hosted by Bridgepoint Technologies and Clio, the event showcased live demonstrations of Clio’s practice management software. Current Clio users shared real-world insights on how the platform boosts efficiency and revenue. Attendees also engaged directly with Clio representatives, learning practical tips to maximize the software’s features.

 

The event underscored the shared commitment between Amata, Clio, and Bridgepoint to support law firm growth through innovative solutions. From learning how to streamline client intake to discussing strategies for improving billable hours, the evening was filled with actionable takeaways for all attendees.

Join the Future of Legal Practice Management

 

Ready to transform your practice? Learn more about how Amata and Clio can simplify your operations, enhance client service, and help your law firm thrive. Explore the benefits of our partnership and see how we can elevate your firm’s efficiency today.

 

Contact us today.

Amata’s Chesterton Office Grand Opening: A Celebration of Community and Legal Partnerships

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On October 23, Amata welcomed legal professionals and community leaders to celebrate the grand opening of our new office in Chesterton, Indiana. The event was a great success, filled with networking, exciting opportunities, and a shared vision of growth for local law firms.

 

Amata’s Chesterton Office Grand Opening: A Celebration of Community and Legal Partnerships

 

The highlight of the afternoon was the ribbon-cutting ceremony, led by the Duneland Chamber of Commerce. Known for their dedication to business growth and community building, the Chamber’s involvement underscored just how impactful this office will be for professionals in the area. It was a moment of pride for everyone involved, as the office is set to become a key resource for law firms looking to establish a presence in Northwest Indiana.

 

One of the most exciting announcements at the event came from our partner, Ken Allen Law Group. As part of a unique partnership, Ken Allen, one of Indiana’s most renowned personal injury attorneys, is offering a lead-sharing agreement to Amata clients working out of the new Chesterton office. This gives small firms a golden opportunity—receiving client referrals directly from a nationally recognized law firm. This collaboration is designed to help small and growing firms expand their client base while working in a fully supported office environment tailored to their needs.

 

Ken Allen Law’s involvement doesn’t stop there. Ken Allen played an integral role in designing and building this office with the specific needs of law firms in mind. From the layout to the available services, the space reflects a deep understanding of what it takes to run a successful legal practice.

 

The grand opening was more than just an introduction to the new office—it was a reminder of how powerful collaboration can be in helping law firms grow. With partners like Ken Allen Law and the support of the Duneland Chamber of Commerce, this new space is set to become a vital hub for legal professionals in the region. The energy and enthusiasm from attendees at the event made it clear: the Chesterton office is ready to play a key role in the success of the firms that call it home.

 

With its welcoming office environment, strong partnerships, and key resources, Amata’s Chesterton office is set to become a home base for local law firms—a place where they can truly grow and thrive in the community.

 

Want to See More?

Explore everything Amata’s Chesterton office has to offer! Visit our Brand New Office Space for Professionals | 501 Allen Ct. page to view photos, see all the available amenities, and reserve your spot in this welcoming new space for legal professionals. Join us in building a hub for growth, collaboration, and success.

 

Protecting Your Greatest Asset: The Lifesaving Power of Employee Benefits

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Protecting Your Greatest Asset: The Lifesaving Power of Employee Benefits


Your company performs when your people do. A competitive benefits package can not only be good for your employees, but also a lifesaver for your law firm. In this article we’ll explore two out of many examples where putting employees first is paramount, and why you should think of insurance and benefits as an investment, not an expense.

September is National Life Insurance Awareness Month, so we invited insurance expert and our good friend Shannon Hahn to lend her expertise on this subject. Let’s dive right in!

 

A Benefits Package To Protect Your Greatest Asset: People

For years, I didn’t give much thought to short-and long-term disability. Amata was young and so were most of our employees, including myself.

After a key employee suffered a heart attack and went through a very lengthy recovery process, my mindset changed and I can’t express how thankful I am that Shannon helped me understand the advantages of providing these benefits to employees. Without them, Amata would not have been able to support this employee during the recovery, causing severe hardship for the employee and their family.

As business owners, it is normal to want to protect our profitability and think of disability benefits as just another bill to pay. But what we don’t realize is that, as the saying goes, “insurance is like a parachute. The time to get one is before you need it.”

When unforeseen illness or accident strikes, proactively speaking with Shannon helps me prevent financial hardships from affecting our employees and bottom line. This year alone, three of our employees experienced a major illness forcing them to go on short-term disability. Our program covers 60% of their salary for 13-weeks and then, if needed, activates our long-term policy.

Once again, these were long-term employees that our clients rely on and trust will be there to support them year in and year out. Without the benefits of a comprehensive benefits package that supports employees when they are forced to miss work for extended periods of time, Amata would not be able to provide the employee stability our clients require. 

Attracting and retaining great talent today is no small feat. According to Shannon, for specialized service businesses such as Amata and professional service firms, employee retention is the single greatest investment in their long-term success. Providing benefits employees can count on can make all the difference between cultivating 15-year employees and having a revolving door of employees who stay with your firm for less than two years.

The latter situation keeps you, your clients, and your bottom line stuck in neutral or constant decline.’

We value our employees above all else. This means providing them with the best benefits package the company can.

Can You Afford Not to Buy Insurance?

Offering dependable benefits can mean the world to your employees, and cost less than you would think. Core benefits start with medical insurance and income replacement benefits, which provide monthly income when a person cannot physically work. This becomes invaluable during a crisis or life event like the delivery of a baby.

After working with 100’s of employees, Shannon sees how acutely aware employees are of the need for both medical and financial protections. That is why additional supplemental benefits have been created: to cover expenses like accident, critical illness, and hospital indemnity not provided by traditional medical insurance. 

Purchasing these voluntary benefits through an employer can offer some significant discounts and provide coverage in cases where employees may not qualify independently. Employees can select which benefits suit their situation, and employers can choose whether voluntary benefits are fully employee-funded or a shared expense between the employer and employee.

Insurance buys protection against life’s unforeseen events, and provides peace of mind in times of need. Taking a fresh look at your benefits program is also critical to employee retention and may be more cost-effective than you think.

Amata knows its greatest asset is its people. That is why we recommend Shannon Hahn’s expertise to prepare your company for the unexpected by offering a curated menu of life and health benefits. Take your firm to the next level and contact Shannon Hahn at [email protected] or (312) 415-6107 for a complimentary benefit analysis today.

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Law Firm Valuation Process and Considerations

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By Katherine A. Puffer, CPA/ABV, CPCU, MBA

Even if you’re not in the market to sell your law firm, there are several reasons to value your firm such as a possible firm merger, securing loan financing, the addition of new partners, and other business and personal matters such as your succession/exit strategy. It is not only important to know the value of your firm, but also the process analysts take to come to an estimated value. Several valuation approaches are used, and depending on your firm’s circumstances, valuation analysts may use a combination of the income, asset, and market approaches to estimate the value of the firm. 

The Valuation Process: 

To begin, the asset approach presumes that the value of the firm is best determined by the sum of the value of all the firm’s tangible assets subtracted by the liabilities, leaving the net value of its tangible assets (“net tangible assets”). Many firms maintain financial records using cash-based accounting, thus for valuation purposes, their cash-based financials are adjusted to accrual-based financials. For example, accounts receivable, work-in-progress and accounts payable are added to the cash basis balance sheet to arrive at an accrual basis balance sheet. The next step in an asset-based valuation is to adjust the accounting asset values to their market value. For example, fixed assets such as computer equipment are adjusted to their estimated market value (likely close to zero). Asset-based valuations generally do not contain “goodwill” which is the value of a firm over and above the value of its net tangible assets. As a result, the asset approach is generally used to estimate value of real estate entities, holding companies and unprofitable firms. For profitable firms, it provides a minimum value for analysts to consider. 

The income approach values a firm based on cash that can be distributed to partners (“free cash flow”, “cash flow”). Free cash flow is not net income and for growing companies it is generally less than net income. Free cash flow takes into consideration the amount of income that must be held in the firm to fund accounts receivable, work-in-progress, purchases of equipment and other capital needs. For S corporations and LLC’s, distributions to owners to pay taxes are also deducted from net income to arrive at free cash flow. There are a number of methodologies that the valuation analyst can use under the income approach. The methodology chosen depends on whether future free cash flow is expected to grow steadily, vary from year to year or can be estimated based on prior year’s results. After future free cash flow is estimated or forecasted, it is discounted back to the valuation date based on the valuation analyst’s assessment of the risk of achieving future cash flows. For example, a lack of a firm succession plan adds to the risk of achieving future cash flows, increases the discount rate and results in decreased estimated value. Conversely, the existence of a repeating income stream generally reduces risk and the discount rate, resulting in increased estimated value. The final step in the income approach is to subtract firm debt. The income approach arguably provides the most theoretically accurate estimated value for a firm as it is based on the actual firm characteristics and results. 2 

However, the accuracy of this approach is dependent on estimates of future free cash flow and the discount rate. 

Finally, the market approach involves researching the sales of other law firms and utilizing information on the sale of firms with operating and financial characteristics similar to the subject firm to arrive at an estimated value. At a minimum, seven to ten comparable sales are needed to utilize this approach. Information provided on the sale of law practices and the nature of the practices involved is sometimes too incomplete to provide a basis for calculating a value indication. 

Other Considerations: 

Many law practices have buy-sell agreements in place to avoid fighting over value in the event that a buy-out must occur. Many of these agreements contain formulas that have nothing to do with the economic reality of the situation. This frequently causes fights among the owners. In certain jurisdictions, these types of agreements will not be considered indicative of value for a marital dissolution case. 

In a law practice, there tends to be much more dependence on the professional than in other types of businesses. During the valuation process, the attributes of the professional(s) must be considered. Unusual skills, long work hours, a large referral base, and other similar factors will certainly affect the valuation, whether it ends up as a part of reasonable compensation or built into the discount or capitalization rate. 

Probably one of the most difficult assets to value on the balance sheet of a law practice is work in progress. Unless the firm keeps really good records, this can be pretty tricky. This is particularly true for a contingent fee law firm.1 

When a professional practice is being valued for transaction or litigation purposes, it may be important to identify professional and practice goodwill separately and to discuss the likelihood that a portion of the professional goodwill can be transferred in a transaction. 

Consistently high earnings do not necessarily indicate a high practice value for a number of reasons. If earnings are highly volatile, as they can be for a law firm with large contingent-fee cases, value tends to be lower based on the risk of achieving future estimated cash flows. A professional with an outstanding reputation may attract many referrals, but the resulting high earnings in the practice reflect professional goodwill, not practice goodwill. A professional may work much longer than normal hours, but the resulting high earnings may not increase the value of the practice.2 

While, rules of thumb (formulaic: expressed in multiples of revenue or earnings) may provide insight on the value of a professional practice, it is usually only appropriate to use them for reasonableness tests of other valuation approaches. 

 

For more information contact:

Katherine A. Puffer, CPA/ABV, CPCU, MBA
312-235-2866 (O)
847-477-1954 (M) [email protected]

 

1 Understanding Business Valuation, Fourth Edition, Gary R. Trugman, Copyright 2012
2 Financial Valuation, Second Edition, James R. Hitcher, Copyright 2006

 

Sources:

https://www.mondaq.com/unitedstates/strategic-planning/890134/what39s-your-firm-worth- understanding-law-firm-valuations https://www.olmsteadassoc.com/resource-center/law-firm-succession-exit-strategies-valuing-the- firm/

http://www.firmvaluation.net/asset-based-valuation-methods.html https://articles.bplans.com/rules-of-thumb-business-valuation-explained/ https://www.uschamber.com/co/good-company/ask-the-board/how-to-prepare-your-business-for- sale

Understanding Business Valuation, Fourth Edition, Gary R. Trugman, Copyright 2012 Financial Valuation, Second Edition, James R. Hitcher, Copyright 2006

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Amata Socials Now Available For Amata Client Sponsorship

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Thank you to everybody who came out to Amata’s return to in-person networking with Amata Socials! Our next get together is June 9th and will be held at 180 N LaSalle.

We are also excited to extend an opportunity – now you’ll be able to sponsor an Amata Social!

Sponsor an Amata Social

Each month we are providing up to two firms the opportunity to sponsor the social. Amata will continue to pay for food and beverages at these socials and the sponsors will be responsible for getting the word out and making sure they are well attended. In return for sponsoring, Amata will promote the sponsors firm in weekly posts, publications and announcements leading up to the social.

Up to 2 Law Firms will have the opportunity to sponsor each Amata social.

  • The sponsoring law firms will be responsible for attendance at the event. This will include sending out invitations and making sure each event is well attended (25+ participants at each event is the goal).
  • Amata will also promote each event through email distributions to all Amata clients, that will include the logo/name of the sponsoring law firm and signs at every Amata location.
  • Members of the sponsoring firm will greet guests upon their arrival and direct them as appropriate.
  • The sponsoring firm(s) will provide an overview of their firm and the type of work they are able to handle at the beginning of each social.

Amata’s Obligation

  • Amata will provide beverages (both alcohol and non-alcohol) and lite snacks at each social.
  • The sponsoring firms will be featured in Amata’s weekly watercooler email and featured on the flyers distributed at each Amata location.
    Amata will provide a list of all registered participants to the sponsoring firms to allow for follow up.
    Guidelines

Additional Considerations

  • Sponsorship will be on a first come, first serve basis by contacting [email protected]
  • Firms with the same practice areas will not be allowed to sponsor the same event.
  • Attendance by the sponsoring firms is mandatory.

Are you interested in sponsoring an Amata Social?

Reach out to [email protected] today! Each social has two spots and they will be filled on a first come first serve basis.

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Marketing for Lawyers: How to Create a Pipeline of New Clients Without Referrals

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Amata is kicking off a new series to help lawyers better understand how to navigate the challenges of marketing for law firms. In partnership with Constellation Marketing, our first episode covers an in-depth overview to create something every business owner wants: a steady pipeline of clients.

Watch Here

Do you want to add 3-5 new cases every single month?

 

Learn Constellation Marketing’s methods for increasing your monthly revenue by 300% – without relying on inconsistent or low-quality referral leads. With these exact strategies, we’ve helped over 50 law firms attract the right type of clients and increase their monthly revenue 3x on average.

Trusted by 50+ Law Firms and Rated 5.0 on Google

We’re excited to partner with Constellation Marketing on this first episode of our series to explore marketing topics directly applicable to growing law firms. In our effort to provide opportunity to our clientele, we look to Constellation Marketing’s experience to help educate on what law professionals need to know in order to grow their marketing the right way.

Watch Here

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Patrick Carver: Law Firm Marketing Simplified | THE 1958 LAWYER Podcast

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Patrick Carver is the Owner of Constellation Marketing, a digital marketing company that focuses on driving growth for law firms using web design, advertising and other tools. In this episode, Ron and Patrick talked about how you can take advantage of the many facets of digital marketing today.

Patrick shared how a law firm can attract clients by doing sustainable and organic practices like making articles that are tailored for the client you serve, by designing your website to have relevant information and by working on technical aspects such as google advertising, search engine optimization, backlinking and other strategies.

Key moments:

  • Key things to do for organic growth (7:38)
  • Backlinking and how it can help your website (11:27)
  • What is Google My Business? (28:20)
  • Other marketing channels that law firms should be considering (35:16)

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MEMORABLE QUOTES

Patrick Carver

“Take advantage of the digital real estate that’s out there that exists for attorneys.” – Patrick Carver

ABOUT PATRICK CARVER

Patrick Carver, Owner of Constellation Marketing

Digital Marketing for Law Firms

Patrick Carver is a Missouri native who has spent over a decade working in digital marketing. Before devoting his work full-time to Constellation Marketing, Patrick served as Digital Marketing Manager at Fortune 500 company DICK’S Sporting Goods. He has successful experience across a variety of industries and business sizes.

Patrick received his B.S. in political science from Emory University in Atlanta, Georgia. His long history of success is anchored by a strong work ethic and a creative problem-solving approach. In high school, he was an all-state soccer player, a national champion debater, president of the student body, and an entrepreneur. In college, he was a two-time first-team NSCAA all-American soccer player at Emory University as well as team captain and continued his entrepreneurial interests while maintaining a full-time academic load.

Now, as CEO of Constellation Marketing, Patrick leads a talented team of legal marketing professionals who work together to achieve a shared goal of driving growth at law firms. From web design to advertising, we have the skill, experience, and drive to build, manage, and maintain the entire spectrum of your digital marketing needs.

Connect with Patrick Carver:

Website: https://goconstellation.com

LinkedIn: https://www.linkedin.com/in/patrickacarver/

Have comments, questions, or concerns? Contact us at [email protected]

“The 1958 Lawyer and his 1938 Dollar” still defines the business of law…
It’s time for a change.

If you’re a lawyer, you’re familiar with the ABA article “The 1958 Lawyer and his 1938 Dollar” which gives our podcast its title, and its inspiration. That article was the start of the billable hour for law firms…And the last major change to the business of law, 70+ years ago now. Well, it’s past time for another change.

This podcast is all about bucking the status quo of the business of law. Your host Ron Bockstahler runs Amata Law Office Suites, providing law firms an alternative to the traditional fixed-cost business model that places unwanted stress on attorneys to work long hours that often-times lead to burn out, broken relationships and in many cases substance abuse. Each week he’ll discuss alternatives to the 12 hours days, endless rotation of clerks and paralegals, and the expensive offices leased to impress clients who rarely show up in person anymore. He’ll interview successful lawyers who are doing law differently, and finding a work-life balance while still running a successful firm.

Do you want to find a better way to run your law firm? It’s time for the next big change in the business of law, and you’ll get it here on The 1958 Lawyer.

More episodes of The 1958 Lawyer podcast

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Nate Dinger: Signature Bank | THE 1958 LAWYER Podcast

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Nate Dinger is the Senior Vice President of Commercial Banking at Signature Bank – he helps small, mid sized businesses, and law firms in Chicago manage their finances. Often times lawyers don’t have any time to take care of their own firm’s financial concerns so Nate, along with Signature Bank, helps them through financial advise, management and even through giving out loans for cases – which is uncommon since banks usually see court cases as high risk situations.

Nate also talks about their company vision and focus of being a relationship-based bank. He discusses the big difference between knowing a guy or a gal and calling a generic phone number since people feel more valued when talking to a legitimate person than a service line.

Key moments:

  • How lawyers can benefit from commercial banks (3:10)
  • Relationship-focused banking (10:41)
  • Financing cases through commercial banks (16:01)
  • Character as the most important of the four C’s (20:16)

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MEMORABLE QUOTES

Nate Dinger

“When the suns shining and everything’s going fine, you might not need them. But on a rainy day, when things get shaken up a bit, it certainly helps to have a warm body to call.” Nate Dinger.

ABOUT NATE DINGER

Nate Dinger, Senior Vice President, Division Head – Commercial Banking at Signature Bank

Commercial Banking

Nate Dinger is the Senior Vice President of Commercial Banking at Signature Bank – he helps small, mid sized businesses, and law firms in Chicago manage their finances.

Website: http://www.signature-bank.com/index.cfm

LinkedIn: https://www.linkedin.com/in/dinger/

Have comments, questions, or concerns? Contact us at [email protected]

“The 1958 Lawyer and his 1938 Dollar” still defines the business of law…
It’s time for a change.

If you’re a lawyer, you’re familiar with the ABA article “The 1958 Lawyer and his 1938 Dollar” which gives our podcast its title, and its inspiration. That article was the start of the billable hour for law firms…And the last major change to the business of law, 70+ years ago now. Well, it’s past time for another change.

This podcast is all about bucking the status quo of the business of law. Your host Ron Bockstahler runs Amata Law Office Suites, providing law firms an alternative to the traditional fixed-cost business model that places unwanted stress on attorneys to work long hours that often-times lead to burn out, broken relationships and in many cases substance abuse. Each week he’ll discuss alternatives to the 12 hours days, endless rotation of clerks and paralegals, and the expensive offices leased to impress clients who rarely show up in person anymore. He’ll interview successful lawyers who are doing law differently, and finding a work-life balance while still running a successful firm.

Do you want to find a better way to run your law firm? It’s time for the next big change in the business of law, and you’ll get it here on The 1958 Lawyer.

More episodes of The 1958 Lawyer podcast

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Steve Mesirow: Mesirow Financial | THE 1958 LAWYER Podcast

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Steve Mesirow is the Senior Managing Director in Mesirow Wealth Management and he has been providing expert investment advice and financial planning strategies to his clients for over 25 years. In this episode, Steve talks about how law businesses are at a disadvantage because they register their taxes at the highest rates. He discussed all the ways in which lawyers can build and protect their wealth in a tax-advantaged way.

Through systems called Cash Balance Plan, Donor Advised Funds, Profit-sharing, or Roth IRA, lawyers can do their best at their career without losing any of their well-earned money. Steve also talks about all the ways in which his company helps people – lawyers or otherwise – worry about things that are impactful, helping them save money in ways that are meaningful in the big picture.

Key moments:

  • Building and protecting wealth through a cash balance plan(2:07)
  • Deduction through donor advised funds (14:02)
  • The difference between fiduciary and non-fiduciary (23:22)
  • Saving money in meaningful ways  (26:41)

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MEMORABLE QUOTES

Steve Mesirow

“The best use of your time is to work on your business and not be following down the rules of different financial planning aspects or chasing down a couple of stocks. That might not be the best utilization of your time.” – Steve Mesirow

ABOUT STEVE MESIROW

Steve Mesirow, Senior Managing Director in Mesirow Financial

Wealth Management and Financial Planning

Steven Mesirow is a Senior Managing Director in Mesirow Wealth Management. He provides investment advice and financial planning strategies to individuals, business owners and charitable organizations that are designed to help accumulate, manage and preserve wealth.

Steven joined the firm in 1993 and has more than 25 years of financial services experience.

Steven serves on the Jewish United Fund Health and Human Services subcommittee. He has developed a social investment strategy; Mesirow Impact Management – a portfolio strategy that invests in companies with a positive corporate culture.

Steven earned a Bachelor of Arts degree in history/political science from the University of Michigan, a Master of Arts in history from the University of Maryland and a Management Aptitude Test in teaching from the American University. Steve is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and a Certified Fund Specialist™ (CFS™).

LinkedIn: https://www.linkedin.com/in/stevenmesirow/

Website: http://www.mesirowfinancial.com/

Have comments, questions, or concerns? Contact us at [email protected]

“The 1958 Lawyer and his 1938 Dollar” still defines the business of law…
It’s time for a change.

If you’re a lawyer, you’re familiar with the ABA article “The 1958 Lawyer and his 1938 Dollar” which gives our podcast its title, and its inspiration. That article was the start of the billable hour for law firms…And the last major change to the business of law, 70+ years ago now. Well, it’s past time for another change.

This podcast is all about bucking the status quo of the business of law. Your host Ron Bockstahler runs Amata Law Office Suites, providing law firms an alternative to the traditional fixed-cost business model that places unwanted stress on attorneys to work long hours that often-times lead to burn out, broken relationships and in many cases substance abuse. Each week he’ll discuss alternatives to the 12 hours days, endless rotation of clerks and paralegals, and the expensive offices leased to impress clients who rarely show up in person anymore. He’ll interview successful lawyers who are doing law differently, and finding a work-life balance while still running a successful firm.

Do you want to find a better way to run your law firm? It’s time for the next big change in the business of law, and you’ll get it here on The 1958 Lawyer.

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