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(107) Entities: How to Run a Law Firm in 2025
Manage episode 460382056 series 3284066
Attorneys Mathew Kerbis and Lauren Lester kick off their joint series on How to Run a Law Firm in 2025!
In a candid discussion about choosing business entities for law firms, Mathew and Lauren share their experiences and insights for new lawyers starting or running their own practices. Both initially chose to form LLCs, with Lauren using Google for research nine years ago and Mathew following the example of previous firms where he worked and checking with his state’s Supreme Court. They emphasize that while the entity choice is important, new lawyers shouldn’t let perfect be the enemy of good enough when starting out. Both started as single-member LLCs with pass-through taxation. Lauren transitioned to S corporation taxation status years later while Mathew is planning to do so in the near future. They stress the importance of working with CPAs for tax matters, maintaining separate business and personal finances, and building up a financial cushion before taking regular payments from the business. The key takeaway is that lawyers don’t need to choose S corp status immediately when forming a LLC, as the entity taxation structure can be changed later when it makes financial sense (in consultation with a CPA).
__________________________
Check out my new show, the Law for Kids Podcast.
Get Connected with SixFifty, a business and employment legal document automation tool.
Sign up for Gavel, an automation platform for law firms.
Visit Law Subscribed to subscribe to the Substack newsletter to get notified about every episode, listen from your web browser, and for additional content.
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Sign up for the Subscription Seminar waitlist at subscriptionseminar.com.
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155 حلقات
Manage episode 460382056 series 3284066
Attorneys Mathew Kerbis and Lauren Lester kick off their joint series on How to Run a Law Firm in 2025!
In a candid discussion about choosing business entities for law firms, Mathew and Lauren share their experiences and insights for new lawyers starting or running their own practices. Both initially chose to form LLCs, with Lauren using Google for research nine years ago and Mathew following the example of previous firms where he worked and checking with his state’s Supreme Court. They emphasize that while the entity choice is important, new lawyers shouldn’t let perfect be the enemy of good enough when starting out. Both started as single-member LLCs with pass-through taxation. Lauren transitioned to S corporation taxation status years later while Mathew is planning to do so in the near future. They stress the importance of working with CPAs for tax matters, maintaining separate business and personal finances, and building up a financial cushion before taking regular payments from the business. The key takeaway is that lawyers don’t need to choose S corp status immediately when forming a LLC, as the entity taxation structure can be changed later when it makes financial sense (in consultation with a CPA).
__________________________
Check out my new show, the Law for Kids Podcast.
Get Connected with SixFifty, a business and employment legal document automation tool.
Sign up for Gavel, an automation platform for law firms.
Visit Law Subscribed to subscribe to the Substack newsletter to get notified about every episode, listen from your web browser, and for additional content.
Follow @lawsubscribed everywhere.
Sign up for the Subscription Seminar waitlist at subscriptionseminar.com.
Check out Mathew Kerbis' law firm Subscription Attorney LLC.
Get full access to Law Subscribed at www.lawsubscribed.com/subscribe
155 حلقات
Усі епізоди
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1 (115) Hardware Part 1: How to Run a Law Firm in 2025 24:36

1 (114) AI Agents + Subscriptions with Dazza Greenwood of law.MIT.edu CIVICS.com 22:34

1 (113) Technology: How to Run a Law Firm in 2025 34:30

1 (112.5) Special Promotion for Gavel Free Training Events 0:34

1 (112) Pitching: How to Run a Law Firm in 2025 30:43

1 (111) Marketing: How to Run a Law Firm in 2025 37:24

1 (110) Business and Employment Law + Subscriptions with Damien Weinstein and Brian Klein of Weinstein + Klein 53:49

1 (109) Learning: How to Run a Law Firm in 2025 29:25

1 (108) Branding: How to Run a Law Firm in 2025 33:41

1 (107) Entities: How to Run a Law Firm in 2025 26:41

1 (106) Trailer: How to Run a Law Firm in 2025 2:06

1 (105) Happy New Year, What's Next for Law Subscribed, and Welcome to New Subscribers 1:46

1 (104.5) Part 3: Is a Hotdog a Sandwich, and Why? 41:00

1 (104) Tax Law + Subscriptions with Attorney Steven Leahy 48:12

1 (103) Mergers and Acquisitions + Subscriptions and Flat Fees with Conrad Everhard of Flatiron Law Group 49:07
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