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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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Five Things to Look for in Shared Office Space (Revised)

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By Ron Bockstahler

Recent events in the shared office space realm compel me to update this article with a couple of very important points that were not mentioned originally. Today I met with an attorney who was originally introduced to me more than three years ago when he was considering changing his office space. At the time, my company didn’t win his business because he wasn’t unhappy with his space and the perceived hassle of changing addresses for active cases just didn’t seem like it was worth it at that time. Two days ago, the shared office this attorney runs his law firm out of, a large international shared office company, provided a 13-day notice that they are closing the center and all tenants will have to relocate to one of their other locations or find new office space on their own. Now anyone that has ever looked for new office space knows that 13 days is hardly enough time to secure new office space and coordinate a move, especially if your firm has a large active caseload.

Last night I was reminded of another operator that closed their offices and gave their tenants less than two weeks notice to vacate. Many tenants believe that there is little chance of this happening if they join a large national or international co-working company or hared office provider. But almost all the large providers set up each of their locations as individual LLC’s, making it very easy for them to close the non-performing centers with little to no recourse to their parent company. When they do close a center, they provide a very short notice to force their clients to move to another one of their centers that are remaining open.

It’s impossible to eliminate the risk of a center closing, but here are a few questions to ask that will help minimize the risk of going through this very difficult experience. First, inquire about the remaining lease term at the center you are considering. If the co-working operator owns the building, ask them about future plans, what their building-hold strategy is and if the co-working operation has a lease with the building, even if both have the same owners. The next question is to find out what the current occupancy of the center is. We use 85% as a measure of full occupancy and anything under 70% is a red flag that the center could be on the block to close soon. The obvious exception to this is if the center opened less than a year ago and is in the early stages of leasing. To that point, a new center is generally a safe bet that it will remain open for the next 1-2 years, regardless of occupancy. Finally, make sure you understand if the operator is a local, regional, or national operator.

There’s no question that from time to time, offices will close for various reasons, many reasons that are out of the control of the operator. The issue is when operators do not provide adequate notice for tenants to research options and make an educated decision on a new office space. If an operator only has one center, that should be a red flag and you need to scrutinize the deal they are offering very closely. Regional operators usually have several centers, are privately owned, and generally go to extreme lengths to protect their reputation. Even if they do close a center, chances are they will handle it in a professional manner, providing as much notice to clients as possible to protect their reputation in the industry and in their areas they operate.

The last point I will make is regarding taking an office with another law firm. For example, I have worked with several lawyers that have taken an office with a law firm that has a direct lease. The comments I hear most often when a lawyer is electing this option, is the cost is cheaper than a professional co-working operator and they do not need to sign a lease. It is true that the cost is generally cheaper because the lessor law firm is looking to offset a small portion of their fixed expenses for a short period of time. However, the benefit of not signing a lease, often, becomes a liability when the law firm provides a very short notice, generally less than two weeks, that the lawyer must move out because the law firm has hired new staff and will need the office. This almost always leaves the renting attorney in a difficult position at the most inopportune time.

You still want to focus on paralegal support, professional atmosphere and amenities, private office options, the legal network opportunities, and location. But even before you consider these things, make sure you are working with a reputable operator and that the location you are considering checks all the boxes highlighted above. Doing due diligence prior to selecting your next office will save you time and money in the long run.

Looking to get the most out of your office space? We can help you find the right fit – start a conversation with us here.

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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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Five Things to Look for in Shared Office Space

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By Ron Bockstahler

In the past, law firms were known for sprawling offices, where even the most junior associates had their own private workspace. That changed as larger firms adopted standard-size offices, open floor plans and clustered workstations, and a growing cadre of lawyers — particularly solo practitioners — moved to shared offices. Prior to the pandemic, demand swelled for co-working spaces — including office centers designed specifically for the legal community.

With the pandemic, space needs shifted again. As law firms reconsider their space and hybrid and full-time remote work becomes the norm, the demand for shared office space is rising.

Here’s what you should expect if you’re shopping for legal-only shared office space.

  1. Paralegal support. Some centers offer paralegal staff who can assist with everything from basic administrative tasks to legal research. Some services come at an additional fee, but it saves you the expense of hiring a full-time legal assistant. Paralegals and support staff, typically employed by the shared office provider, can also help line up court reporters, file paperwork and serve subpoenas.
  2. Professional deposition rooms. While amenities like lounges and on-site gyms are common in most shared office suites, private deposition rooms don’t usually make the cut. In centers that cater to the legal community, look for access to private meeting rooms with videoconferencing capabilities to conduct depositions either remotely or in person. You can rent this space as needed, without having to cover the cost for the extra space every day.
  3. (Truly) private office space. Many co-working spaces have open floor plans that group tenants together in one large room or use glass partitions to wall off separate offices and meeting areas. This layout may appeal to startups and creative businesses that thrive on collaboration, but it’s not conducive to the day-to-day needs of most attorneys. Law-specific centers should provide access to lounges and other common areas where you can host guests and network with other legal professionals — without requiring you to give up a private office where you can have sensitive conversations with clients without them feeling like they’re in a fishbowl.
  4. Next-door expertise. Most people choose a collaborative environment so they can work alongside and network with people from different industries. In legal-only centers, you have an opportunity to tap into a built-in network of legal professionals who specialize in different areas of law.
  5. Location, location, location. Proximity to the courthouse is key for many lawyers, so most centers designed for the legal community are located in established legal districts close to the courthouse and other frequented buildings. If your office provider operates multiple locations — either in the same city or, in some cases, across the country — you may have the added benefit of working from whichever center is most convenient on a particular day, eliminating the need to commute back and forth.

The bottom line when evaluating any shared space is to make sure that you are able to reap the social and financial benefits of a collaborative environment without compromising either your professional responsibility or your image.

Looking to maximize your effectiveness in a shared office space? We can help you find the right fit – start a conversation with us here.

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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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Reception Services: Make Sure To Keep Your Phone Number

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While you may be looking to adopt a new feature like receptionist service to your operations in favor of growth, doing so while having to change your number can actually be counterproductive. There’s lots of reasons why keeping your company phone number the same is important to your business’ long-term operation and growth, the most important of which we  outline in this article.

Changing Your Number Can Reverse The Work You’ve Done To Establish It

Make Sure To Keep Your Phone Number

In many ways, your business’ phone number serves as a part of its overall identity. It’s an essential piece of information that serves as the gateway between your office and clients, and as such, making sure that it’s well established to the public is important. This is why many businesses will go to great lengths to ensure that their phone number is well advertised, whether through print media, online directories, or even word of mouth. If you change your phone number, you risk losing the connection that you’ve already established with your existing client base. Not only will they have a harder time getting in touch with you, but they may also be hesitant to do business with a company that seems to be in flux.

Changing Your Number Can Be Unnecessarily Difficult

If you have a business phone number that’s been around for a while, chances are that it’s already connected to your company name in some capacity. This alludes to the administrative headache that comes with having to change it. In addition to alerting your current client base of the change, you’ll also need to make sure that your new number is updated on all of your marketing materials, website, and any other online listings. This can be a time consuming and expensive process, particularly for small businesses who may not have the resources to spare.

Changing Your Number Can Disrupt Your Operations

During a time when many businesses are struggling, it’s important to make sure that you’re doing everything in your power to maintain the stability of your company. This includes ensuring that all aspects of your operation are running as smoothly as possible, and that any potential disruptions are kept to a minimum. Making a change to your phone number can disrupt the flow of your business and introduce unnecessary complications, which is why it’s best to avoid it if at all possible.

In short, there are a number of reasons why it’s important to keep your company phone number the same. If you’re looking to make changes to your operations, it’s best to do so in a way that doesn’t disrupt your business’ phone number.

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Ways Virtual Law Firms Can Improve Communication With Clients

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Virtual law firms have seen a rise in popularity over the last several years. But, due to the COVID-19 pandemic, there has been a bigger boost in the demand for virtual legal professionals.

Will virtual firms become the “new normal” for the legal industry? Perhaps. Multiple firms across the country are seeing the benefits, as they’re able to hire and work with top attorneys with different areas of expertise. Clients can benefit, too. If a client needs an attorney specializing in a particular type of law, a quick search within a virtual law form can connect them with the expert legal advice they need.

But, as with any other type of virtual service, there are some potential drawbacks to virtual legal help. One of the biggest challenges is communication. Law firms need to adapt to improve client satisfaction remotely, and that’s often easier said than done.

But, it’s not impossible.

Whether you’re part of a larger firm or run your own, understanding how to improve communication with your clients will make a big difference in your success and trustworthiness. Let’s look at a few strategies that put communication at the forefront of your client-attorney relationship, even if you never meet each other in person.

Digitize Your Documentation

Ways Virtual Law Firms Can Improve

One of the best things you can do to improve your client communication is to stay organized. In addition to working with clients virtually, many attorneys are shifting their documents to cloud-based services. It’s a great way to “go green” and keep important files in one convenient location.

But, like any other filing system, it’s crucial to have some kind of organizational operation in place. Keeping things organized will make it easier to find information on your clients for meetings, or when they call or e-mail to ask a question. It will also make it easier to present information to your clients digitally, in an easy-to-understand format that will make communication stronger for both of you. Plus, staying organized will help you to avoid information silos and miscommunication within your firm.

Consider digitizing your documents through PDFs and creating a virtual library for all client documentation. You can store digital files by case numbers, last names, or however you see fit. In a matter of seconds, you’ll be able to search for files and pull them up, rather than scrambling for information at the last minute before your next virtual meeting.

If you create a cloud-based library, you can also choose to have it password protected. This allows you to directly share all files and information about a client’s case with them, so they can see changes and additions in real-time. It’s a small gesture, but when your client feels well-informed and updated, they’re more likely to trust the process.

Additionally, multi-factor authentication (MFA) or, at the very least, two-factor authentication (2FA) is advised. If your password is considered one form of authenticating or verifying your identity, then another form might be a text message or an email with an additional log-in code, or even the last four digits of your SSN. By protecting your clients’ documents with more than one form of authentication, you’re doing more than the bare minimum — consider MFA for all your clients’ files and data to keep them truly secure.

Set Up Multiple Communication Avenues

No matter how many clients you have, it’s important to make each one feel comfortable and heard. Not everyone will want to talk on the phone, so consider offering several virtual communication options, including:

  • One-on-one video chats
  • Email
  • Instant messaging
  • Conference calls

You can even host live streams within your office when you have to meet with more than one person. Live streaming is a great way to communicate a lot of information at once, especially when you’re working with multiple attorneys or your client wants other individuals involved. If you decide to go that route (or do any video conferencing, for that matter), it’s crucial to have the right setup. Choose your live streaming space carefully in a low-traffic area, especially if you’re working from home. Your background should be clean and free from distractions, but it’s never a bad idea to have your degrees hanging behind you.

It’s also okay to add a touch of personality to every avenue you offer. Whether you’re chatting on the phone or hosting a video conference call, be yourself. Have a few personal items in the background of your video, or connect with your client by finding a few interests you have in common. While remaining professional should be your top priority, your client will feel more comfortable and willing to open up if they see the actual person behind the attorney title.

Invest in the Right Software

With many firms across the country going virtual, keeping up with communication efforts will ensure you stay competitive. Consider developing your own online portal for clients. This has become increasingly popular in the healthcare industry for doctors and patients, but it can work just as well for attorneys. A digital portal will give your clients full access to the information they need, and they can set up meetings with you directly.

If you don’t want to build your own online portal, there are plenty of existing companies that have developed communication software. Practice management software like Clio, Practice Panther, and Smokeball can assist with things like:

  • Document management
  • Billing assistance
  • Scheduling
  • Case management

The more secure your clients feel when utilizing your virtual services, the better. Strong communication will help with that, so don’t be afraid to invest your time, money, and resources into improving your communication efforts. Virtual law firms are here to stay, and yours can continue to grow if you focus on building professional relationships with your clients, even if you’re in completely different time zones.

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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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