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

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

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!

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

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

Answering your business, tax & accounting related questions live on Thursday afternoons.
Leave your question under the Comments!

http://LawBusinessPodcast.com

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 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

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.

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 with lawyers? In Rochelle’s experience business people are buying based on value. The first question they ask is “how much will it cost, and what am I getting for my money?”

Building on her experience from the business community, Rochelle made the decision to price her legal services based on the value she provides. Clients responded positively to the flat fee arrangements.

Flat fee pricing is more complicated than one might think. A lot of effort goes into assessing the scope of the project before a price is given. Rochelle takes the time to assess the scope of the projects and to write very detailed engagement letters.

Great SEO and outstanding resume pages are a vital part of acquiring new clients. The Walk Law Firm works with clients from all over the world, so being visible online is a major source of new business.

Tips about work-life balance: “Hire a wonderful assistant and invest in virtual systems that are safe and accessible from anywhere.”

Business advice: “Put yourself out there and define what you do well. Do writing and speaking engagements. Pick something that you are passionate about and get engaged in your community.”

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 her work. She is the lawyer, but she is NOT the financier of her own work.

Hiring employees and being responsible for staff also helped Kristin to be more firm on billing issues.

Business tip: “Pay yourself first! Have a holistic view of your clients' situation, but don’t try to control everything your clients do.”

Book recommendation: Open to Debate: How William F. Buckley Put Liberal America on the Firing Line – by Heather Hendershot

The greatest advantage of building a law firm is that the firm’s culture can be customized to fit the owner’s personality. Kristin being a self-described “introvert’s introvert” built a firm that allows her to serve her clients and provide them a space to open up and ask for help.

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