This is the first post in our series talking about the billable hour, specifically: The words “lawyers” and “hourly billing” have almost become synonymous over the past 50 years, to the point that someone hiring a lawyer may just assume they will have to pay an hourly rate and might not even be aware that […]
None of this is legal advice for you, so it’s important to note that these strategies may or may not be the best option in your situation and it’s always recommended you speak with a qualified tax professional to determine the best course of action for your individual circumstances. Taxes are often the last thing […]
As the year ends and the new year begins, many of us take some time to reflect on our current situation and make resolutions to improve ourselves and our lives. It’s a time many people use to assess where we are and where we want to be, and to make the necessary changes to get […]
One of the biggest problems with hourly billing is it assumes that time spent equals value, but that assumption is incorrect. In fact, the opposite is usually true – it is almost always more valuable to have the results faster. Imagine you hire a kid to cut the lawn at your house and you agree […]
If you’re deciding between two lawyers and one bills by the hour while the other bills fixed fees, it can be like comparing apples to oranges. With fixed fees, the price quoted is the price you pay, whereas the hourly lawyer’s estimate on fees is only a guess as to what the total hourly fees […]
One of the biggest differences in our firm is that we quote fixed fees on all matters. Most other lawyers bill hourly, which means the fee estimate they give you is only their best guess as to what the total hourly fees will be at the end of your legal project, but that estimate is […]
There are generally three categories of people to consider transferring your business to. First, you might consider transition the business to a family member. You might have a child that you want to take over the business. Second, you might consider selling the business to an employee or group of employees. You might have some […]
It’s difficult to come up with a good business succession plan on your own. Instead, you should involve your professional advisors. Use a lawyer (big surprise, I know) and involve your financial advisor and your accountant. You might be able to think of other advisors who should also be included in planning discussions. Your advisor […]
If you’re starting to think about transitioning your business, it’s a really great idea to come up with a written business succession plan. The plan should outline the actions that need to be taken and the timeline for taking those actions. That timeline can be anywhere from a several months to several years, depending on […]
Most shareholder agreements for closely-held corporations will restrict the sale or transfer of shares. The purpose of these restrictions are to ensure that you don’t unwillingly end up in business with someone you don’t know and/or with whom you would not have gone into business in the first place. For example, if you’re in business […]