Introduction: Setting Up a Smooth Transition Selling a law firm is a significant step that requires careful planning and consideration. Besides the legal and logistical aspects, it's essential to strategize for a tax efficient sale. By doing so, you can minimize your tax liability and maximize the value of your sale. In this blog post, we will discuss some tax efficient ways to sell a law firm, … [Read more...]
10 Exit Planning Mistakes for Law Firm Owners to Avoid
10 Exit Planning Mistakes for Law Firm Owners to Avoid
Are you a law firm owner contemplating your business's transition? Avoiding these top 10 exit planning mistakes can save you from financial losses and legal difficulties. In this blog post, we will discuss the importance of exit planning, common mistakes to avoid, and provide practical tips to ensure a smooth transition. Exit planning is crucial for law firm owners looking to transition out of … [Read more...]
How Do You Sell a Law Practice?
How Do You Sell a Law Practice?
By Darren Wurz When you’ve dedicated years to building a successful law practice, the decision to sell your firm isn’t made lightly. Your clients have come to trust and depend on you, and you’ve built a culture and reputation worth preserving. As you open the door to new opportunities and new wealth for yourself and your family, it’s important to consider all the aspects of a sale to … [Read more...]
Starting Your Own Law Firm: 5 Keys to Financial Success
Starting Your Own Law Firm: 5 Keys to Financial Success
By Darren Wurz Starting your own law firm can be simultaneously exciting and terrifying. It’s thrilling to finally be your own boss after working for years or decades as part of someone else’s firm, but the logistics can be nerve-wracking, especially if you’ve never had to consider the financial side of running a law firm. We get it. At Wurz Financial Services, we think starting your own lawn … [Read more...]
Managing Your Tax Payments When Your Monthly Income Varies
Managing Your Tax Payments When Your Monthly Income Varies
By Darren Wurz Most people only think about taxes when it’s time to file their annual returns. But as an attorney or law firm owner, you cannot afford to put your taxes on the back burner. From self-employment taxes to employee taxes and quarterly estimated taxes, there’s a lot to keep track of, especially if your monthly income varies. To make the most of your irregular income, … [Read more...]
Attorneys and Student Loans: 5 Tips for Repayment
Attorneys and Student Loans: 5 Tips for Repayment
It’s no secret that going to law school is expensive. Law degrees, like other forms of higher education, are getting more expensive each year. (1) In fact, the average cost of tuition alone is over $45,000 per year. (2) And that’s on top of the cost of an undergraduate degree. This means most attorneys are saddled with an average of $130,000 in student loan debt by the time they pass the … [Read more...]