Is Your Law Business Set Up Right


As lawyers, we advise our clients on how to keep their assets safe from lawsuits. And yet so many of us are like the cobblers kids who wear no shoes and have not set up our own business in the right way to protect our own personal assets.

When I first opened the doors of my law firm, I asked around about whether I should incorporate my business and the universal response I got from other lawyers (!) was that there was no real benefit because I would be on the hook for my malpractice whether I was incorporated or not. I asked my CPA and she told me there was no real tax benefit, so I didn’t incorporate.

Unfortunately, what I later came to learn is that this is TERRIBLE advice.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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