Lawyer – Page 2 – The Lawyer Millionaire

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

By TheLawyerMillionaire | June 19, 2023

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

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

By TheLawyerMillionaire | June 5, 2023

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:

Wurz Financial Services

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.

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

By TheLawyerMillionaire | April 3, 2023

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:

Wurz Financial Services

Connect with Darren Wurz:

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Law Firm Succession With Thomas Cuni (Ep.12)

By TheLawyerMillionaire | January 9, 2023

As a business owner, growing your law firm is one of your priorities. However, what happens when you’re ready to retire or sell your business, do you have a succession plan?

In this episode, Darren Wurz talks with Thomas Cuni from Cuni, Ferguson & LeVay Co., L.P.A. He discusses the importance of having a succession plan and why money isn’t everything when it comes to lawyers deciding when the right time to retire is.

Thomas discusses:

The importance of having a succession plan in place
Why most firms might not survive after their founder leaves the business
How retirement planning and succession planning go hand in hand
Why selling your practice isn’t a retirement plan
And more

Connect With Darren Wurz:

Connect With Thomas Cuni:

About Our Guest:

Thomas L. Cuni earned his law degree from the University of Cincinnati, College of Law. He was one of the founding partners of Cuni, Ferguson & Levay Co., LPA, where he currently serves as of counsel. His primary focus throughout most of his career has been the representation of small businesses, especially the formation of companies and purchase and sale of businesses. He has organized several hundred business entities and represented clients in the purchase and sale of more than 200 significant commercial real estate holdings. These skills and experiences led to his current work—helping law firm owners develop succession plans and successfully sell their practices.

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The Biggest Financial Challenges in the Legal Profession (Ep.3)

By TheLawyerMillionaire | April 12, 2022

In the legal profession, there are some financial potholes that can trip up your planning. Do you set time aside to focus on you and your money?

In this episode of The Lawyer Millionaire, Darren Wurz discusses the challenges that people working in the legal profession experience when managing their money. He also provides tips on how to effectively manage your money.

Darren discusses:

The importance of investing and saving money early in your career
How debt can hamper one’s ability to save money
The earning potential in the legal profession
The importance of having a financial advisor
And more