A Lawyer’s Guide to Bonds and Interest Rates
July 26, 2022
What in the world is going on with bonds? That is one of the most common questions I hear these days. Interest rates have gone up considerably in a very short period of time. When that happens, bond prices go down considerably so halfway through 2022, the bond market is off to its worst start […]
How to Gracefully Say “No” to Private Investment Opportunities
May 17, 2022
It seems like a couple of times per month; I’m asked by one of my lawyer clients to review a “PPM” (private placement memorandum) for a new “co-investment” opportunity. It’s extremely common for law firm partners to get asked to invest alongside their clients, especially if their practice involves any type of private equity or […]
New Year’s Financial Resolutions for Lawyers
January 25, 2022
It’s hard to believe that we’re at the beginning of another new year. Since ‘tis the season for making resolutions, I thought I would provide some ideas for helpful New Year’s financial resolutions for attorneys. Putting these tips into practice should help you get 2022 off to a strong start from a financial perspective. 1. […]
Reducing Year-End Taxes on Your Investments
November 24, 2021
Nobody wants additional taxes for the holidays, so throughout the year, we look for ways to minimize them. With year-end approaching, it’s a good time to review a few strategies that can potentially reduce your tax bill. Tax-Loss Harvesting The goal of tax loss harvesting is to stay in the market while capturing the current […]
Retiring Law Partner’s Checklist
October 26, 2021
Congratulations, Counselor, you’ve decided to retire! After a long and distinguished career, it’s time to ride off into the sunset and start enjoying life after the law. So, as a parting gift, we’ve put together this short checklist of things you should do as you prepare for your retirement and separation from your firm. I […]
RainCatching™ Revisited
August 10, 2021
As the economy continues to get back to normal, lawyers are busier than ever. With private equity firms and public company balance sheets brimming with cash, there continues to be historically high M&A and other activities that require the work of lawyers. Given how well many law firms are performing, I thought it would make […]
How Do I Gift My Carried Interest?
June 22, 2021
After meeting with your personal CFO and financial team, you have determined, as a private equity professional, that gifting carried interest fits within the scope of your long-term financial goals. You have reviewed future cash flows, potential income and estate tax savings, and the amount of estimated growth you are shifting to future generations. The […]
Counselor Cobbler, Do Your Children Have Shoes?
May 18, 2021
There is an old (very old, I think) saying that goes something like this… “the cobbler’s children have no shoes.” The idea, of course, is that the cobbler is so busy making shoes for other people that he doesn’t take time to make sure his children have shoes. In my experience, lawyers can quite often […]
Gifting of Carried Interest – A Strategy To Save Estate Taxes
March 30, 2021
One of the common pain points for financial professionals (private equity professionals, investment bankers, and asset managers) that we hear is “I pay too much in taxes.” Most professionals typically are talking about income taxes; however, estate taxes often get overlooked. If you are a private equity professional, one of the great tactics unique to […]
Cash Balance Plans – What’s in It for Me?
February 23, 2021
Now that the political picture has come into sharper focus, many investors wonder what they should be thinking about in terms of tax planning. While the Biden administration has yet to roll out specific tax-related priorities, most observers believe that some tax reform is forthcoming. With that in mind, what should attorneys be thinking about […]
Top 3 Year-End Planning Tips for Lawyers
December 29, 2020
As I’ve spoken with many lawyers throughout 2020, I’ve been impressed by how resilient most law firms have been. Most lawyers have seen their firms hold steady, and some have even seen growth in 2020. I consider that an amazing testament to the long-established truth that nothing of any importance gets done without the input […]
Retirement Benefits for Lawyers
October 20, 2020
I have the privilege of working with many law firm partners as clients. In my experience, law firms often have some of the best benefits for their partners and associates. I have also found that many times lawyers don’t take the time to fully comprehend all of their firm-provided benefits and how those benefits impact […]