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New Lawyers Practice of Law Starting a Law Practice

3 Tips Before Starting a Law Practice

Particularly in solo and small law practices, income growth typically is irregular and for the most part slow in the first year of practice. Before you decide to go solo or join a new practice, do some financial planning and consider these three tips.

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New Lawyers Practice of Law Starting a Law Practice

How to Delegate Better

ThinkstockPhotos-499742164Have you ever delegated work to a contract or associate attorney and been disappointed with the result? It may be that you need to improve your delegating skills. Here are some tips to help you get the results you want.

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New Lawyers Practice of Law Starting a Law Practice

10 Tips to Working Better with Your Paralegal

467003973Attorneys spend a lot of time working with support staff, particularly paralegals, but get no training in law school on how to successfully navigate this important relationship. Here are some tips to help you get the most effective assistance from your support staff.

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Employment Law Practice of Law Starting a Law Practice Tax Law

Opening a Law Practice? Pay Attention to Tax Issues

460413025Updated 2/2/18: Under new IRC §199A, owners of passthrough entities including a law practice organized as a partnership or professional corporation may deduct 20 percent of qualified business income, excluding reasonable compensation for the business owner. No deduction is allowed for passthrough income from personal services, including legal services, and the deduction is limited to 50 percent of wages paid to employees, but these limitations are phased in above an individual income threshold ($157,500 for single taxpayers, $315,000 for married taxpayers filing jointly). Taxpayers below the income threshold may deduct 20 percent of law practice income derived from the services of paralegals, associates, and other employees.

You’ve decided to open your own law office and are ready for your clients’ cases, but are you also ready to handle the tax issues that go hand-in-hand with running your own business?

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New Lawyers Practice of Law Starting a Law Practice

Should You Go Solo?

Before taking the plunge and opening your own law practice, there are some initial considerations you should ponder. Your success may depend on your personality, resources, and ability to get up to speed fast.