Maximum Lawyer

Watch the YouTube version of this episode HERE

In this episode of the Maximum Lawyer Podcast, co-hosts Jim and Tyson engage with tax attorney and CPA Daniel Rowe. Daniel, licensed in multiple states, shares his expertise on crucial tax considerations for law firms. Key highlights to this episode include: the importance of selecting the right business structure (LLC, S Corporation), tax treatment of legal settlements, and common mistakes by new law firm owners, such as poor record-keeping and inadequate tax compliance.

Daniel stresses the value of education, collaboration with advisors, and maintaining mental and physical health for overall success in managing a law firm. As well as, Daniel shares about how he manages his two separate firms!

Listen in for more details.

Jim’s Hack: Read the book “Stay Sane in an Insane World: How to Control the Controllables and Thrive” by Greg Harden.

Daniels’s Tips: Two key tips: Maintaining good records and seeking knowledgeable advisors for your business.

Tyson’s Tip: Your health matters! There is a connection of physical activity to mental health, so make a plan for the colder months ahead!

03:06 Tax Considerations for Law Firms

04:42 Law Firm Setup and Structure

08:07 Common Mistakes by New Law Firm Owners

11:04 Independent Contractors vs. Employees

13:04 Managing Two Separate Firms

Tune in to today’s episode and checkout the full show notes here.

Connect with Daniel:

• [email protected]

Watch the YouTube version of this episode HERE

Are you a firm owner who is looking for a way to calculate the success of your firm? In this insightful episode, host Tyson Mutrux delves into the crucial metric of revenue per employee within law firms.

Revenue per employee can be measured in a few different ways. Some include dividing the revenue of a business by the profit generating employees. It can also be calculated by dividing revenue by all employees. Either way you decide to do it will determine if your firm is understaffed or overstaffed. Tyson shares the importance of having a balanced revenue because if not, it means the success of your firm relies on a select few great employees.

As firm owners, it is crucial to consider factors that can increase or decrease revenue. For example, if you spend a lot of money on marketing for the firm, you may see an increase in revenue because of that prioritization. This will eventually decrease after a few months, so be prepared to see a fluctuation of revenue.

Take a listen to learn more!

• 00:23 The importance of revenue per employee for law firms
• 01:07 Different ways to calculate revenue per employee
• 04:10 How various factors, such as marketing campaigns and other projects, can affect revenue per employee

Tune in to today’s episode and checkout the full show notes here.

Watch the YouTube version of this episode HERE

Are you a lawyer who is hoping to run their own firm in the future? In this episode of the Maximum Lawyer Podcast, Tyson Mutrux delves into the often overlooked realities of being a law firm owner.

Running a law firm is not an easy task and it is not made clear in law school or in the early years of being a lawyer. One of the realities is making and abiding by the boundaries of being a boss. In general, you should not be friends with your employees to avoid heartbreak and not making good decisions because of feelings.

Another reality is to know how to lead people. It is one thing to start a law firm and be the boss. It is another thing to actually lead a team effectively and be successful. Leading a team also involves hiring the right people to take control of certain aspects of a firm. This comes in handy when you want to take some time off. You need to be a good leader who builds staff up to take on important roles when you need it most.

Take a listen!

1:03 Importance of maintaining professionalism and boundaries with employees

3:08 Need for effective leadership to create a desirable workplace

5:13 Encouragement to keep processes simple

6:22 The isolating nature of being a law firm owner

8:08 The need for continuous learning and personal growth as a law firm leader

Tune in to today’s episode and checkout the full show notes here.

In this podcast episode, guest speaker Darcel Lobo shares her insights on how to effectively run a law firm in under 25 hours per week. She stresses the importance of gaining control over one's time and shares her own strategies for achieving work-life balance.

Darcel discusses the importance of delegating tasks that are not the best use of your time and setting boundaries with staff, clients, and family. She also suggests easy wins like managing email notifications and sticking to a set schedule.

Overall, Darcel's approach offers valuable tips for lawyers to become more efficient and reclaim control over their time.

00:40 Darcel strategies for running a law firm in under 25 hours per week

03:03 How she plans her workweek, including non-negotiable time off on Fridays

07:47 The benefits of transitioning her practice to flat fees

10:46 The importance of setting boundaries with staff, clients, and family

12:50 The need to respect the boundaries you set for yourself, such as work hours and client selection, to maintain work-life balance

14:34 Provides tips on managing email and phone calls to minimize distractions

🎥 Watch the full video on YouTube here.

Connect with Darcel:

• Website
• Free “Work Less Guide”
• Instagram

Resources:

• Join the Guild Membership
• Subscribe to the Maximum Lawyer Youtube Channel
• Follow us on Instagram
• Join the Facebook Group
• Follow the Facebook Page
• Follow us on LinkedIn

Resources:

• Join the Guild Membership
• Subscribe to the Maximum Lawyer Youtube Channel
• Follow us on Instagram
• Join the Facebook Group
• Follow the Facebook Page
• Follow us on LinkedIn

Going from shiny object to support and success, guild member and lawyer specializing in nursing home litigation Rob Schenk's journey is a testament to the power of resilience and determination.

In this episode, Rob shares his career journey, from working at an international business firm to starting his own firm and eventually focusing solely on nursing home cases.

Rob has navigated the legal field with a relentless solution-focused mindset that hasn’t always been there. His decision to specialize in nursing home litigation was driven by a desire to work on a meaningful cause, and he's been making a difference ever since.

There are the challenges he faced and how he overcame — including specializing in a niche area of law.

Listen in to hear:

➡️ The Power of Specialization

➡️ Overcoming Challenges

➡️ The Importance of Mindset

➡️ Efficient Systems

➡️ The Power of Networking

I invite you to listen to the full episode to dive deeper into these topics and gain more insights from our conversation with Rob.

Jim's Hack: Take a gratitude tour, for reconnecting with people in the past and expressing appreciation for their guidance. "Be Quick But Don't Hurry"

Rob's Hack: Have a commonplace book, a small book to jot down notes and synthesize learnings from books.

Tyson's Tip: Implementing office hours to reduce stress and improve communication within the firm. Taken from the book "The World of That Email" by Cal Newport and you don’t get messages all day.

01:05 Meet Rob, as he shares his decision to focus on nursing home litigation only

02:47 From working at an international business firm to starting his own firm, and the eventual dissolution of his partnership

07:18 Starting over after the dissolution of his partnership and the challenges and opportunities that come with it

09:23 The initial struggles with negative mindset, anxiety, and financial difficulties

10:52 Managing cases and tasks efficiently without automated processes

14:31 Overcoming self-doubt and the importance of perseverance

🎥 Watch the full video on YouTube here.

Connect with Rob:

• Website
• Podcast

Resources:

• Join the Guild Membership
• Subscribe to the Maximum Lawyer Youtube Channel
• Follow us on Instagram
• Join the Facebook Group
• Follow the Facebook Page
• Follow us on LinkedIn

Resources:

• Join the Guild Membership
• Subscribe to the Maximum Lawyer Youtube Channel
• Follow us on Instagram
• Join the Facebook Group
• Follow the Facebook Page
• Follow us on LinkedIn