Category: Financial Planning

FEATURE
Succession Planning Series, Part 5: Mastering Law Firm Mergers and Transitions with Margaret Burke (Ep. 24)

Succession Planning Series, Part 5: Mastering Law Firm Mergers and Transitions with Margaret Burke (Ep. 24)

By |

Are you a law firm owner looking to expand and take your firm to new heights? Or are you looking to merge with another firm as part of your retirement and succession plan?

In our latest episode of The Lawyer Millionaire Podcast, we sit down with Margaret Burke – founder of MB Law Consulting – to uncover the secrets of a successful law firm merger. If you’re eager to learn how to navigate the integration process, establish and maintain relationships, and grow your client base, this episode is a must-listen!

In this episode, Margaret Burke shares her expertise on law firm mergers and integration processes. She delves into the importance of practice theory and individual relationships, as well as the methods used to establish and maintain these relationships. From in-person meetings to PR marketing and business development, Margaret leaves no stone unturned when discussing the keys to a successful merger. She also emphasizes the value of communication in marketing and selling a law firm, as well as the challenges and strategies involved in integrating an acquired group into a new firm.

Margaret discusses:

  • The crucial role of relationships in the success of a law firm merger.
  • Practical methods to establish and maintain strong connections with acquired firms.
  • Key factors to consider during the integration process, such as technology, training, and culture.
  • Strategies to effectively communicate the benefits of a merger to clients.
  • Insights into selling a law firm and planning for succession.

 And more! 

Resources:

Connect with Darren Wurz:

Connect with Margaret:

About our guest:

Margaret Burke, President, and Founder of MB Law, has decades of experience consulting with lawyers, Partners, and small to midsize law firms. She specializes in managing operations, finance, HR, IT, and business development to improve law firm operations, streamline processes and scale revenue. She has advised and led acquisitions, relocations, succession planning, restructuring and start-ups. Prior to MB Law, she helped launch and build a startup providing consulting services to law firms. She also served as CEO and member of the Executive Committee at a Boston-based law firm.  

Margaret earned her MBA at Sawyer Business School at Suffolk University. She is a CLM Certified Legal Manager, Yellow Belt Legal Lean Sigma, and Certified Professional Coach. She is the recipient of the Excellence in the Law in Firm Administration and Operations Honoree. She is a proud member of the ALA, Association of Legal Administrators, and a current member of the ALA’s Program’s Committee. Margaret is truly passionate about partnering with Law Firm leaders to help each practice achieve their goals. She loves a challenge and, as a lifelong learner, prioritizes her professional development to ensure she brings the best to her clients and their firms. When not working, she can be found cooking fun and funky vegan cuisine, mastering her latest kitchen gadget, taking a barre class, on a day trip or travelling internationally with her husband.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
Succession Planning Series, Part 4: Creating a Pathway to Partnership with Camille Stell (Ep. 23)

Succession Planning Series, Part 4: Creating a Pathway to Partnership with Camille Stell (Ep. 23)

By |

As a law firm owner, staying ahead of the curve is crucial to the success of your practice. In a rapidly changing legal landscape, embracing modern technology, addressing succession planning, and creating clear pathways to partnership are essential to attracting the next generation of lawyers. In this episode of The Lawyer Millionaire Podcast, join host Darren Wurz and guest Camille Stell as they dive into the importance of time and billing software, navigating partnership transitions, and creating a forward-thinking law firm. Get ready to unlock the secrets to a thriving and sustainable practice.

In this captivating episode, Darren Wurz engages Camille Stell in a thought-provoking discussion on modernizing law firms and ensuring a prosperous future. From harnessing the full potential of time and billing software to strategically planning for partnership transitions, Camille offers valuable insights and actionable strategies.

Key takeaways from this episode:

  1. Discover the negative impact of inefficient time and billing practices and embrace the potential of software solutions.
  2. Understand the vital importance of creating a clear path to partnership for your associates, attracting the next generation of lawyers to your firm.
  3. Navigate the complexities of succession planning, including the challenges of unexpected disruptions and the advantage of exploring multiple options.
  4. Learn how to elegantly approach conversations about firm ownership, nurturing an environment that aligns with the aspirations of your associates.
  5. Embrace the power of modernization by investing in technology, engaging your team in the decision-making process, and making your law firm more attractive to potential successors.

Are you a law firm owner seeking ways to modernize and ensure long-term success? Don’t miss out on this insightful episode of The Lawyer Millionaire Podcast. Tune in now to gain valuable knowledge and practical strategies that will help you navigate the complexities of time and billing software utilization, partnership pathways, and seamless succession planning. Your firm’s future is within reach. Listen today!

Remember, the key to a thriving law practice lies in adapting to change, embracing technology, and actively planning for the future. Don’t miss out on this opportunity to unlock the secrets to running a successful law firm. Listen to the episode now and take your firm to new heights.

Resources:

Connect with Darren Wurz:

Connect with Camille Stell:

About our Camille:

What does it take to create a first-of-its-kind consulting company that helps law firms evolve and thrive? For Camille Stell, it took years of helping lawyers navigate the most difficult challenges of their professional lives.

Camille is the founder, president and CEO of Lawyers Mutual Consulting & Services. She is a nationally recognized speaker, writer and thought leader on building modern law firms, succession planning, and Life After Law. She counsels law firms on next-level solutions, and she coaches individual lawyers on real-time problems.

After graduating from Meredith College and its paralegal program, Camille worked at top law firms in North Carolina and managed Client Services for the state’s largest legal malpractice insurance provider. She has chaired the Law Practice Management Section of the North Carolina Bar Association and the Legal Marketing Association Raleigh City Group. She has served on the North Carolina State Bar Committee to Study Regulatory Reform, the Duke Law Tech Lab Advisory Group, and the North Carolina Pro Bono Resource Center Advisory Board.

Camille is a Fellow in the College of Law Practice Management. She was honored by the Triangle Business Journal with its 2016 “Women in Business” award and by North Carolina Lawyers Weekly in its 2011 inaugural class of “Leaders in the Law.” In the process of winning these and many other accolades, Camille gained a unique perspective into why some lawyers thrive while others merely survive. She discovered that successful careers don’t just happen. They have to be created. A happy, fulfilling Life After Law doesn’t simply materialize from thin air. It has to be designed. Learn more at www.lawyersmutualconsulting.com

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
Succession Planning for Law Firm Owners Series, Part 3 – How To Sell Your Law Practice with Tom Lenfestey (Ep. 22)

Succession Planning for Law Firm Owners Series, Part 3 – How To Sell Your Law Practice with Tom Lenfestey (Ep. 22)

By |

Owners of law firms often face unique challenges as they transition out of their practices.

Whether due to retirement, a career change, or other reasons, the decision to sell your firm requires careful consideration and guidance. 

In part three of the Succession Planning for Law Firm Owners mini-series, Darren Wurz sits down with Tom Lenfestey, Founder of The Law Practice Exchange, LLC. Tom shares his journey from being a practicing attorney to founding The Law Practice Exchange, a company that provides services for selling or buying a law practice through an internal transition or in the marketplace.

Tom discusses:

  • How his company identifies good matches between buyers and sellers
  • The challenges in selling and buying a law firm
  • The importance of personal and operational readiness when considering growth through acquisition
  • The types of buyers interested in acquiring law firms
  • The trends in non-attorney ownership and private equity in the legal industry
  • And more!

Resources:

Connect with Darren Wurz:

 

Connect with Tom Lenfestey: 

About our guest:

Tom Lenfestey is the Founder of The Law Practice Exchange, LLC as well as a practicing North Carolina attorney, licensed CPA and Accredited Business Intermediary. Tom founded The Law Practice Exchange in 2013 to fill a void in the legal profession by creating a platform and service model to help lawyers sell their law practices and create continuation and succession plans for when they were ready to exit.

Tom spends much of his time as a frequent speaker on law firm valuation, the buying and selling of law firms, law firm mergers and lawyer succession planning as a regular guest speaker at legal associations, CLEs, podcasts and others. Tom also is a frequent author for legal articles and publications and has authored the book Designing a Succession Plan for Your Law Practice with LPE team member Camille Stell. Tom was appointed and served on the Transitioning Lawyers Commission and Professional Vitality Committee with the North Carolina Bar Association and serves as advisor and contributor to legal insurers, law firm lending institutions and others in regards to the law firm buying/selling/succession marketplace.

Tom is a NC State Wolfpack fan and a past Michigander (who still believes in the Lions). However, his true passion in life is his family, including his wife and two young boys, coastal living and their travel adventures.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
Succession Planning for Law Firm Owners Series, Part 2 with Jeremy E. Poock, Esq. (Ep. 21)

Succession Planning for Law Firm Owners Series, Part 2 with Jeremy E. Poock, Esq. (Ep. 21)

By |

A law practice sale as part of your retirement plan is not only possible, it’s highly achievable, and there are several benefits that you might not know about… and we are here to show you how you can make it happen! 

In part two of the Succession Planning for Law Firm Owners mini-series, Darren Wurz speaks with Jeremy E. Poock, Esq., founder and president of Senior Attorney Match, focused on designing and implementing law firm sales for attorneys who have practiced for over 30 years. Jeremy also elaborates on his experience working with buyers and sellers and gives us some incredible tips on successful succession planning.

Darren discusses:

  • His story; entrepreneurship, the unspoken pressure to pursue law and finding his niche
  • Common obstacles to selling a practice and how you can overcome them 
  • How to structure the sale of your law firm and why selling to a growing practice makes a lot of sense 
  • Best and worst case scenarios for selling a law practice and the biggest mistake you’ll want to avoid
  • Current trends in the law firm sales market 
  • And more

Resources:

Connect with Darren Wurz:

Connect with Jeremy:

About our guest:

Jeremy E. Poock, Esq. is the founder and President of Senior Attorney Match, Inc., which designs and implements law firm sales for attorneys who have practiced for 30+ years.

Jeremy founded Senior Attorney Match in 2013, having practiced as a Massachusetts business law attorney since 2000 with a focus on representing buyers and sellers in the sales of small Businesses.

Recognizing a market need for Senior Attorneys to sell their well-established law practices and the constant need for Growing Law Firms to generate new clients and referral sources, Jeremy founded Senior Attorney Match to address both of those needs.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
Succession Planning for Law Firm Owners Series, Part 1 (Ep. 20)

Succession Planning for Law Firm Owners Series, Part 1 (Ep. 20)

By |

Why do law firm owners need a succession plan? What makes succession planning difficult? Can I really sell my law firm? How much is it worth? What does a succession plan look like? How is selling a law firm different from selling other businesses? 

In this episode, part 1 of a mini-series on Succession Planning for Law Firm Owners, Darren Wurz answers these questions and more! Over the next several episodes, Darren and his guests will highlight the importance of succession planning for law firm owners and provide solutions to common challenges that prevent you from planning for the next phase of your career.

Darren discusses:

  • Biggest barriers to succession planning
  • How to align succession planning with your personal life goals
  • Options for exiting your law firm (internal transition, apprenticeship, merger, and more)
  • Tips for a smooth transition of leadership and ownership
  • And more

Connect with Darren Wurz:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
Building a Mass Torts Practice with Gregg Goldfarb (Ep. 19)

Building a Mass Torts Practice with Gregg Goldfarb (Ep. 19)

By |

Asbestos, tobacco & Agent Orange… What do all of these things have in common? 

If you guessed mass torts, you are correct! 

In this episode, Darren is joined by Gregg Goldfarb, a very successful Florida attorney with over 25 years of experience as a law firm owner handling tens of thousands of cases involving complicated mass torts. Mass tort litigation refers to a legal action where a large number of plaintiffs file individual lawsuits against a common defendant or a group of defendants, typically involving a defective product, harmful drug, or toxic substance that caused similar injuries or damages.

Gregg discusses:

  •  What exactly mass torts are and how they differ from class action lawsuits
  •  How he shifted his practice and what motivated him to dive into the world of mass torts
  •  Some anecdotes from recent cases he worked on and how he navigated fighting them
  • And more

Resources:

Connect with Darren Wurz:

Connect with Gregg Goldfarb:

About our guest:

Gregg Goldfarb of Gregg M. Goldfarb, LLP has over 25 years of experience representing clients, including individuals, small businesses, and medical professionals. His practice provides dedicated representation for clients in cases that include accidents, defective products, insurance claims, PIP insurance claims, civil rights, and whistleblower claims. Representation is focused on suiting your needs and using his knowledge and experience to help you pursue compensation for your injuries. Consultations are always free, and you pay nothing unless there is a settlement or victory that leads to a payout for your claim.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
A Conversation About Money and Emotions with Christine Luken (Ep. 18)

A Conversation About Money and Emotions with Christine Luken (Ep. 18)

By |

Why do our emotions have such a strong influence on our finances?

Many people struggle with managing their finances because they don’t fully understand their emotions about spending, or because they feel pressure to maintain a certain level of living.

In this episode, Darren Wurz sits down with Christine Luken, the founder of the Financial Dignity™ Movement and author of “Money is Emotional: Prevent Your Heart from Hijacking Your Wallet”, to talk about the connection between the way we control and spend our money and our emotions. Christine chats about certain factors that determine our financial decisions and also mentions what mentality we should have when it comes to our money.

Christine and Darren discuss:

  • How emotions can lead us to poor financial decisions and why making more money does not solve underlying issues  
  • How understanding and harnessing the power of emotions can help us achieve our financial goals
  • The power of creating a specific vision and goal with positive and negative emotions 
  • How professionals, such as attorneys and doctors, struggle with money management due to lack of time and disorganization, and pressure to maintain a certain lifestyle
  • The impact of money scripts and how they can unconsciously affect our financial behavior and decisions
  • Using money as a tool for good
  • Why budgeting isn’t the most healthy way of managing your finances
  • And more!

Resources:

Connect with Darren Wurz:

Connect with Christine Luken:

About our guest:

Ready to master your money and become a financial success? Then you need Christine Luken, the Financial Dignity® Coach, in your corner! 

As the Founder of the Financial Dignity® Movement & a Certified Financial Counselor, Christine has coached hundreds of high-earning professionals to pay off staggering amounts of debt and massively increase their net worth over the past fourteen years. 

Christine’s three books, Money is Emotional, Manage Money Like a Boss, & Financial Dignity® After Divorce, have landed her over 100 podcasts, TV, and radio interviews, establishing her as the authority on money and emotions. 

When she’s not coaching clients from her office in Cincinnati, you can find this Certified Divorce Specialist & member of the Financial Therapy Association curled up with a good book, a fluffy cat, and a strong cup of coffee.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
4 Things Parents Can Do to Financially Empower Their Kids (Ep. 17)

4 Things Parents Can Do to Financially Empower Their Kids (Ep. 17)

By |

There is a lack of basic financial education in our schools, and that means you, as the adult in a child’s life, need to step up and fill the gap.

In this episode, Darren Wurz discusses the importance of financial literacy and shares a number of things his dad did that helped him start out on solid financial footing–things you can do for your kids too! These steps could make a huge impact on your children’s financial future.

Darren discusses:

  • Why it is important to help your kids start saving and investing early on
  • How adding your kids to your credit card can boost their credit score and help them as they start their careers 
  • Why law firm owners and business owners should hire their kids and the tax benefits they can reap
  • And more! 

Resources:

Connect with Darren Wurz:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
How Niching Down Can Boost Law Firm Marketing with Chris Dreyer (Ep. 16)

How Niching Down Can Boost Law Firm Marketing with Chris Dreyer (Ep. 16)

By |

Are you looking for ways to help your firm stand out from the competition and attract more clients through effective search engine optimization (SEO)? 

Look no further!

In this episode, Darren chats with Chris Dreyer, the CEO of Rankings.io, who shares his expert insights on achieving long-lasting and immediate results for law firms–especially personal injury firms. Together they explore winning strategies for boosting your online presence and positioning your firm as a leader in the industry. 

Chris discusses:

  • The importance of having a niche when targeting customers
  • How to identify your Total Addressable Market (TAM)
  • How you can connect with clients through Google Maps, Google Reviews and many more ranking systems
  • And more

Resources:

Connect with Darren Wurz:

Connect with Chris Dreyer:

About our guest:

Chris Dreyer is the CEO and Founder of Rankings.io, an SEO agency that helps elite personal injury law firms land serious injury and auto accident cases through Google’s organic search results. His company has the distinction of making the Inc. 5000 list five years in a row.

Chris’s journey in legal marketing has been a saga, to say the least. A world-ranked collectible card game player in his youth, Chris began his “grown up” career with a History Education degree and landed a job out of college as a detention room supervisor. The surplus of free time in that job allowed him to develop a side hustle in affiliate marketing, where (at his apex) he managed over 100 affiliate sites simultaneously, allowing him to turn his side gig into a full-time one. When his time in affiliate marketing came to an end, he segued into SEO for attorneys, while also having time to become a top-ranked online poker player.

Today, Chris is the CEO and founder of Rankings.io, an SEO agency specializing in elite personal injury law firms and 5x consecutive member of the Inc. 5000.

In addition to owning and operating Rankings, Chris is a real estate investor and podcast host, as well as a member of the Forbes Agency Council, the Rolling Stone Culture Council, Business Journals Leadership Trust, Fast Company Executive Board, and Newsweek Expert Forum.

Chris’s first book, Niching Up: The Narrower the Market, the Bigger the Prize is slated for release in late 2022.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

FEATURE
7 Common Money Mistakes For Attorneys and Law Firm Owners to Avoid (Ep. 15)

7 Common Money Mistakes For Attorneys and Law Firm Owners to Avoid (Ep. 15)

By |

One of the most important things you can do to ensure a secure financial future is to take proactive steps now to manage your finances. This involves making smart choices in the present that will set you up for long-term success and avoiding financial mistakes that can set you back. 

In this episode, Darren uncovers the most common mistakes attorneys can make that may negatively impact their retirement plans. He also discusses potential roadblocks and the steps you can take to avoid them.

Darren discusses:

  • Savings strategies when you own your own business 
  • What living too large looks like based on your personal circumstances
  • Making sure you don’t miss out on potential tax savings 
  • How to balance paying down debt and investing for your retirement 
  • And more

Resources:

Connect with Darren Wurz:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More