Tag: Exit Planning

FEATURE
How We Serve Law Firm Owners as Chief Wealth Counsel (Ep. 52)

How We Serve Law Firm Owners as Chief Wealth Counsel (Ep. 52)

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Are you a law firm owner tirelessly chiseling away at the bedrock of your practice, feeling the weight of financial complexity bearing down on you?

On this episode of The Lawyer Millionaire Podcast, host Darren Wurz explores the rugged terrain of wealth management and business expansion, Darren breaks down how meticulous financial planning is not just a service, but a transformative experience for your practice and personal prosperity.

Darren exposes the reality that many law firm owners face – a landscape riddled with financial convolutions and missed opportunities.

Darren provides a powerful in-depth analysis of how his role as a Chief Wealth Counsel can provide clarity and growth to both your personal finances and business endeavors.

Darren discusses:

  • The importance of demystifying your financial positions, both personal and business, to make informed decisions for your future.
  • How to utilize passive income streams that allow you to earn you while you sleep and diversify your earnings beyond billable hours.
  • Proactive tax planning and cash flow optimization to ensure every dollar is working its hardest for you.
  • How to transcend the traditional plateau of law practice growth, and build a roadmap toward selling your firm as a significant wealth asset.
  • The distinctive financial planning model Wurz financial services adopts, which contrasts sharply with generic advisors and offers a flat, transparent fee structure.

 

Resources:

 

Connect with Darren Wurz:

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Unraveling Insurance: Protecting Your Law Firm’s Success with Brad Barkin (Ep. 29)

Unraveling Insurance: Protecting Your Law Firm’s Success with Brad Barkin (Ep. 29)

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Have you ever wondered how to protect your law firm from financial risks, or perhaps, how to select the insurance coverage that’s just right for your needs? In this episode, we’ll uncover the veil from the world of insurance and risk management for law firms, so you can set the stage for a future of financial confidence and security.

 

In this exciting episode of The Lawyer Millionaire Podcast, host, Darren Wurz is joined by Brad Barkin, the VP of Law & Accounting Practice at Embroker which is an insurance company committed to transforming insurance purchasing with transparency, efficiency, and intelligence.

Brad Barkin, our guest and seasoned professional on the frontline of insurance coverage for law firms explores the common reasons lawyers get sued, the annual cost of a business owners policy, disability insurance and the rise of key person insurance adoption by technology companies.
Brad also highlights how Embroker is adopting a lean organizational structure and reducing their overhead cost through technology.

Brad discusses:

  • The major risk management concerns law firms are facing today
  • The types of insurance coverage that are critical for law firms
  • Why small law firms are vulnerable to Cyber liability risks
  • How malpractice insurance works
  • The importance of a business owner policy
  • Why law firms in California need to be vigilant about employment related issues
  • Future trends in the insurance industry law firms need to be aware of

Resources:

Connect with Darren Wurz:

Connect with Brad Barkin:

 

About our guest:

Brad Barkin is the current VP of the Law & Accounting Practice at Embroker. Brad has over 15 years of experience in the insurance industry, specializing in professional liability and other professional insurance lines.

Previously, Brad was with Integro Insurance Brokers, where they served as Sr. Vice President from July 2015 to October 2016. In this role, Brad worked closely with mid and large sized law and CPA firms across the country on their insurance needs.

Prior to Integro, Brad was with Lemme, a Division of Integro USA, Inc., where they served as Vice President from October 2005 to October 2016.

Before their career in insurance, Brad worked as a Sr. Business Analyst at ConAgra Foods from August 2004 to October 2005 and as a Sr. Consultant at Manugistics from May 2001 to August 2004.

Brad Barkin has a Bachelor’s degree in Business from Indiana University Bloomington and a Bachelor’s degree in Business from the Kelley School of Business at Indiana University. Brad is also certified as a Registered Professional Liability Underwriter (RPLU) from the Professional Liability Underwriting Society (PLUS).

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Unleashing The Power of Non-financial Wealth in Estate Planning with Stan Miller (Ep. 28)

Unleashing The Power of Non-financial Wealth in Estate Planning with Stan Miller (Ep. 28)

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As a law firm owner, the world of estate planning may seem familiar, but have you truly tapped into its potential? In this episode, Stan Miller shares his expertise on estate planning and delves into the invaluable opportunities and solutions it offers including the importance of asking the right questions, understanding clients’ unique needs, and leaving a non-financial legacy. 

In this episode, Darren Wurz is joined by Stan Miller, experienced estate planning attorney and author of “Your American Legacy.” Stan sheds light on the often overlooked power of estate planning tools and addresses common fears and concerns that clients may have. From protecting heirs’ inheritances to transferring non-financial wealth, Stan emphasizes the opportunities for attorneys to make a lasting impact. He also highlights the importance of crafting tailored solutions and shares valuable insights on helping clients navigate the estate planning process and building a thriving estate planning practice 

Stan discusses:

  1. The importance of creating trusts that support beneficiaries’ desired outcomes and recommends the use of trustee letters and parent-to-child letters
  2. How to uncover clients’ true objectives by asking diagnostic questions
  3. The importance of building rapport and trust through active listening
  4. The immense impact of estate planning on clients’ lives and future generations
  5. The incredible opportunities for attorneys in the $70 trillion wealth transfer happening in the next 20-25 years 

Resources:

Connect with Darren Wurz:

Connect with Stan Miller:

About our guest:

Stan Miller is the CEO and Principal Attorney at Pinnacle Legacy Law —a law firm with headquarters in Little Rock, Arkansas. Stan is passionate about the power of estate planning and the positive difference it makes in the lives of families. His trademark skill is the ability to listen, first. He then walks his clients through the development of a custom solution for their specific estate planning needs. 

His second trademark skill is the ability to explain your solution in simple understandable terms, you will know exactly what your plan does. Stan was an early pioneer in Living Trust planning in Arkansas- and at a time when most law firms were in favor of probating estates- a much more costly and time-consuming alternative to Living Trusts. He has established over 5,000 Living Trusts and helped protect more than $4.5 billion in assets.  

Those pioneering successes led him to emerge as a national leader in Estate Planning. He later helped found WealthCounsel, LLC, the leading provider of education and document-drafting software for Estate and Business Planning attorneys throughout the US. In 2008, he was instrumental in co-founding ElderCounsel, LLC, which is now the national leader in technology and education for Elder Law attorneys. He served on the board of both companies prior to their sale in late 2021. 

Stan is a sought-after speaker for professional audiences, individuals, families, colleagues, and contemporaries around the US. Speaking on topics including estate planning, business planning, wealth planning, and legacy planning. Stan previously served as an elected member of the Board of Directors for the City of Hot Springs, and as a member of the Board of St. Joseph’s Regional Health Center- now CHI St. Vincent.  

He and his wife Patrice are the proud parents of two sons.  Stan’s passion for helping his clients build powerful legacies led him to write the national bestselling book, Your American Legacy – Powerful Strategies That Instill Lasting Values for Generations. He founded The Legacy Leaders Network in 2022 and is training a national network of attorneys, financial advisors, CPAs, and realtors how to grow their business and help their clients build lasting legacies. 

Stan is also the co-host of the Your Life, Your Legacy Podcast and the Legacy Leaders Podcast that can be found on Apple and Spotify.

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Mastering Financial Success for Law Firm Owners with Chelsea Williams (Ep. 27)

Mastering Financial Success for Law Firm Owners with Chelsea Williams (Ep. 27)

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Are you a law firm owner looking to achieve financial success and create a thriving practice? Look no further! 

In this episode, Darren Wurz and guest Chelsea Williams explore the unique challenges faced by law firm owners when it comes to financial success. They discuss the importance of assessing the current situation, and delving into team KPIs, marketing KPIs, and profitability KPIs. Chelsea shares insights on building a successful mindset, understanding human psychology and neurobiology, and decoding the numbers of your law firm to drive positive change. From creating effective cash management systems to strategic decision-making and scaling, this episode provides invaluable advice for law firm owners seeking financial mastery.

Throughout this eye-opening conversation, you will: 

  1. Learn how to bridge the gap between human behavior and financial management by decoding the numbers of your law firm.
  2. Discover the importance of financial literacy for lawyers and attorneys and the steps needed to overcome any barriers in understanding.
  3. Gain insights on the significance of key performance indicators (KPIs) and metrics in monitoring your law firm’s growth and profitability.
  4. Understand the art of balancing business investments and personal wealth creation, as well as the role of mental well-being in achieving financial success.
  5. Uncover effective cash management systems and strategies tailored specifically for law firm owners, such as the Profit First system.

Resources:

Connect with Darren Wurz:

Connect with Chelsea Williams:

About our guest:

With over a decade of experience helping business owners understand their numbers, Chelsea has the knowledge to not just get your financial house order but set it up for long-term sustainability at a healthy profit.

For the past 6 years, she has been focusing her zone of genius on law firms. Why law firms? It’s a pretty cool story you can check out here.

It’s about the day she met a local lawyer who changed her life and showed her exactly what she can help law business owners avoid. It’s why she does what she does with such conviction. Learn how to get a grip on the numbers so you can continue the journey with clarity.

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Rethinking the Business of Law: Unveiling the Secrets to Law Firm Success with James Crawford (Ep 26.)

Rethinking the Business of Law: Unveiling the Secrets to Law Firm Success with James Crawford (Ep 26.)

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Are you a law firm owner looking to take your practice to new heights? Struggling to strike a balance between the practice of law and the business side of things? Look no further! In this eye-opening episode of The Lawyer Millionaire Podcast, host Darren Wurz sits down with James Crawford, a highly successful lawyer, to discuss the untapped potential within the legal industry. Prepare to rethink how law firms function and unlock the keys to maximizing services for clients.

In this episode, James Crawford, our guest, dives headfirst into the perennial challenge of running a law firm while shedding light on the positive and negative aspects of the old partnership model. James challenges the conventional notions by advocating for a results-driven approach that merges the worlds of law and business seamlessly. From sales techniques to system creation, this episode is a treasure trove of wisdom for law firm owners aiming to scale their practice.

In this episode, James discusses: 

  1. The power of reframing legal services as a sale: Discover how viewing legal services as a sale instead of a mere consultation can enhance the client’s understanding of the resolution process, leading to better outcomes for both parties involved.
  2. The importance of the business side of law: Gain invaluable insights into striking a harmonious balance between the practice of law and financial considerations, ultimately driving success and growth for your law firm.
  3. Mastering cash flow management: Learn how to anticipate and understand cash flow on a weekly basis, a skill crucial for law firm owners aiming to expand their practice and hire more lawyers.
  4. Marketing techniques beyond personal injury law: Explore how innovative marketing strategies, including media outreach and sales conversations during consultations, can be applied to various areas of law, revolutionizing how law firms attract and retain clients.
  5. Unshackling limiting beliefs: Discover the path to rising above mediocrity and reaching your desired level of success—an inspiring journey that requires sincere self-reflection and a willingness to challenge your own beliefs.
  6. Don’t miss out on this incredible opportunity to learn from one of the industry’s foremost trailblazers.

Resources:

Connect with Darren Wurz:

Connect with James Crawford:

About our guest:

After law school, Mr. Crawford immediately went into private practice in 1992 by opening a law office in Baltimore. At the time he was a young general practitioner who handled many different types of cases with a focus on criminal law. Gradually, over the years he established himself as a premier practitioner in the State of Maryland. In order to accomplish his mission of practicing law on an extremely high level, he realized that he must offer the type of services to the community that he would want if he needed legal representation himself. He gradually expanded the firm into the full-service law firm that exists today. Presently JC Law is viewed as a “go-to” firm for many Marylanders and businesses. With over seventeen lawyers and forty support staff, JC Law is well-equipped to take on any issue presented.

One of Mr. Crawford’s passions has always been politics. He comes from a family that believed service to the community and being involved in political life was a fundamental requirement as a productive member of society. Mr. Crawford’s political career ranges from being noted as one of the youngest elected officials in the State’s history to handling and running many state, local and judicial campaigns. Since entering private practice Mr. Crawford has handled many notable cases that appeared in the media. The type of clients he represents ranges from ordinary citizens to police officers, professional athletes, lawyers, doctors, politicians, and other persons of notoriety.

Jim is highly regarded by his clients, peers, and the judiciary. It is, without doubt, undisputed that to obtain a successful result you need a zealous and relentless trial lawyer. That’s Jim. He has also put his fingerprints on the firm as to how each lawyer represents their clients.

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Sales-Free Selling for Law Firm Owners: Secrets to Business Success (Ep. 25)

Sales-Free Selling for Law Firm Owners: Secrets to Business Success (Ep. 25)

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Are you a law firm owner looking to enhance your business development skills and build lasting client relationships? Embracing the art of ‘sales-free selling’ might be the secret weapon.

Join Darren Wurz as he chats with Steve Fretzin, a renowned author, podcast host, and advisor to lawyers. Get ready to discover proven methods and practical advice to revolutionize your law firm’s marketing efforts. In this power-packed episode, Steve unveils the essence of his ‘sales free selling’ technique, emphasizing the importance of authentic relationship-building over traditional hard sales. Through real-world examples and practical tips, he highlights the importance of developing soft skills, leveraging existing relationships, and adapting to the evolving legal industry. 

Throughout this episode, Darren and Steve discuss:

  • Unleashing the power of sales-free selling: Growing your law firm without feeling salesy by developing genuine relationships and focusing on client needs. 
  • Mastering the Art of Relationship Building: Techniques to strengthen rapport and trust through effective communication and understanding different personality types. 
  • Embracing Intentional Marketing: Insights into strategic marketing, time management, and business development to maximize your law firm’s growth potential. 
  • Navigating the Zoom World: Practical advice on optimizing virtual meetings, making eye contact, and preparing for successful Zoom interactions in the digital era. 
  • Adapting to the Changing Legal Landscape: Current challenges in the legal industry, new marketing platforms, and setting yourself apart from the competition. 
  • And more!

Resources:

Connect with Darren Wurz:

Connect with Steve Fretzin:

About Steve Fretzin:

Steve Fretzin is the “business development therapist” for lawyers. He teaches everything you never learned in law school.  As a bestselling author of three books on legal business development, Steve offers modern-day coaching, offering fresh ideas, precise tips, and actionable tasks that get results. He’s not just any coach; he’s the voice behind the “BE THAT LAWYER” podcast and a recognized figure in media, with features in the Chicago Tribune, Crain’s, and Entrepreneur.com, and appearances on NBC News and WGN Radio. Steve also contributes regularly to the Chicago Daily Law Bulletin and to prominent platforms like Attorney at Law magazine, the National Law Review, the American Bar Association, and the Illinois State Bar Association.

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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)

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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.

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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)

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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.

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

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

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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:

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