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LawBiz® TIPS – Week of August 19, 2014

LawBiz(r) newsletter

Are lawyers and clients really from different planets?

John Gray's work on the differences between men and women was the inspiration for a recent YouTube video, The Nothing Box.

Compare this with differences between lawyers and stressed clients. Perhaps if we take more time and effort with our communications to and with our clients, we''ll be better able to understand each other.

Ed signature

Banking with CDs: A No-Risk Gamble

Interested in gambling-but only if you can win and never, ever lose? What's the catch? There isn't one. You can bank on it. Literally.

"Save to Win" certificates of deposit are new savings accounts available at some credit unions in a handful of states. The CDs work like this: You invest $25 in a CD. Your name is entered in a drawing for a cash prize, some annual and some monthly. The larger prizes ranged in the thousands of dollars (up to six figures). You won't always win, but your investment money is never lost-unlike with traditional gambling, that money is always yours.

Thus far, the states that offer this type of savings account include Michigan, Nebraska, North Carolina, and Washington State. Currently, federal laws are such that banks and thrifts aren't allowed to have anything to do with lotteries or gambling.

A proposed law, the American Savings Promotion Act, would allow federally chartered financial institutions to offer the CDs. Supporters of the act believe that it is one way to inspire Americans to save money.

For anyone involved in business, these CDs are good business. Every businessperson-every person, in fact-should have money put away in case of an emergency. Unfortunately, a National Bureau of Economic Research study shows that only about half of all Americans could pull together $2,000 within a month's time if necessary, according to "Save Money, Draw Interest-And Maybe Hit a Jackpot," a McClatchy Washington Bureau article in a July 2014 issue of the Omaha World-Herald. The prize-linked CDs do tack on penalties for early withdrawal-but this is also true of many other types of CDs.

Although the possible prizes are far less than could be won in a traditional gambling venue, the risk is far less, too. In fact, the risk is virtually nonexistent. And if it becomes addictive, well, saving is not such a bad addiction at all.

Ed Poll's Life After Law

What Will You Do with the Next 6,000 Days?

Life After Law

until Sept 1
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With an eye on balancing the professional and personal fronts, Ed guides readers through the steps:

  • Choosing retirement on your own terms

  • Guarding clients' welfare in the event of disability or death

  • Transferring client and rainmaking responsibilities

  • Charting an exit from a multi-partner firm

  • Strategizing the sale or closure of a practice

Plus, you'll find essential counsel on how to guard your retirement nest egg and create a fulfilling post-practice life! Learn more.


Banking with CDs: A No-Risk Gamble

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Video: Tips for Increased Revenue

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Ed Poll on YouTube

Video: Tips for Increased Revenue 

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"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

Santa Monica, CA

"I decided to "go solo" and start my own practice after being a senior associate at a large national law firm. I started in temporary office space with a secretary and one associate attorney. I retained Ed Poll to provide comprehensive consulting and guidance in establishing my permanent office. He knew from day one how to re-shape my thinking from being a day-to-day lawyer into being in charge of a business. Ed knew the right questions to make me answer. Ed has taught me virtually everything I know about formation, planning, and now management of a successful law firm. I would enthusiastically recommend Ed Poll for retention as a consultant in connection with any aspect of law practice management."

Los Angeles, CA


Ed Poll, LawBiz® Management   |   |   |   |


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