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LawBiz® TIPS – Week of September 2, 2014

LawBiz(r) newsletter

I continue to receive calls from lawyers who want to retire and are looking for ways to monetize their law practice, by selling, merging or otherwise (see our special CD offer below which can help you).

As I note in my book, Life After Law: What Will You Do With the Next 6000 Days?, you must first look to your history. What is it that you enjoy doing? In what type of endeavor were you successful during your law practice? What type of activity did you enjoy the most? How can you incorporate those activities in your future? It's something to think about.

Hope you had a relaxing and regenerating Labor Day holiday.

Ed signature

Tasty Financial Lessons from Restaurants

If it's irked you that restaurants have told you that you must tip - and tip a certain percent - when you are with parties of six or more, then you can feel grateful to the Internal Revenue Service for a change.

The IRS has decided that such automatic tips should not count as tips but instead as service charges, meaning that many restaurants are doing away with automatic tips.

The IRS ruled that a tip involves a person having the independence to choose - not only whether to tip but also the amount of the tip - and automatic tips do not allow any such independence for the customer. Under the ruling, automatic tips now are taxed as wages, and payroll tax withholding comes into play. This means extra paperwork for restaurants, among other things. (The ruling was actually made in 2012 but is only now being implemented.)

Many restaurants have decided not to go that route, so many are dispensing with the automatic tips. Instead, you will notice that at many restaurants, the bill comes preprinted with "suggestions" for tip amounts. Those amounts are already figured for you at the bottom of your bill.

You may think that the only thing that restaurants and lawyers have in common is that lawyers like to eat and restaurants serve food that lawyers like to eat. But, in reality, the true commonality is that both are businesses. And because both are businesses, both must respond to whatever new regulations affect them.

New regulations affecting lawyers are implemented often. Sometimes the choices regarding incorporating those regulations are few; other times, as in the case of automatic tips, there are two or more diverse routes that legally fulfill the new mandates.

The important takeaway from all of this is that things won't always stay the same. When faced with new regulations affecting your firm, you will have to evolve - and you should evolve in such a way that you optimize your business.

Law Firm for Sale

The Complete Audio Guide to Selling Your Practice

Law Firm for Sale

until Oct 1
(reg. $247)

To Order:

or order online at

4 CD Set:
Reveals insider information that is sure to go a long way to help achieve optimal results while transitioning out of the practice of law.

Throughout these 4 CDs, presented by Ed Poll, JD, MBA, CMC, listeners will learn about:

  • valuing and pricing a firm

  • marketing its sale

  • other post-sale considerations

Listen to an audio excerpt.


Tasty Financial Lessons from Restaurants

Law Firm for Sale (4 CD Set) - 40% OFF!

Video: Why Marketing Matters for Lawyers,
Part 2

(Click image to view)

Ed Poll on YouTube

Video: Why Marketing Matters for Lawyers, Part 2 

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New Life After Law Coaching Program



"Ed Poll created and presented your three-day workshop "Starting, Operating, Growing and Profiting from the Practice of Law" for our Law School, the Continuing Legal Education Committee and the Washington Law School Foundation. Ed's professional management skills and presentation talents provided our alumni and students with an outstanding program. The evaluations, both oral and written, were excellent and demonstrated that his audience agreed. One evaluator was particularly appreciative of the thought-provoking and interesting new concepts. Another said, "I have a much better understanding of what I'm to do -- I'm energized. Thank you!" Ed had a major impact on the future of our attendees; this is a unique quality and we are most appreciative of his efforts to create such an interesting and informative program. I enjoyed working with him and look forward to doing so again."

John F. Rapp
Director, CLE
Univ of Washington

"Ed Poll's efforts resulted in the success of our Mid Year CLE Program event. During the planning stages of this Mid Year Program, the Section's leadership indicated that if 75 lawyers attended the program, it would be considered a success. With our program attendance at over 100 attendees, the leadership clearly is very pleased with our efforts and want to continue bringing programs to the solo and small firm practitioner. We look forward to this challenge of making the Mid Year Program a regular event."

Lee S. Kolczun, Chair
Sole Practitioners and Small Firms Committee
American Bar Association


Ed Poll, LawBiz® Management   |   |   |   |


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