Tips for Starting a Successful Law Practice - They Don't Teach You That In Law School

Lawyer Talk: Off the Record

Steve Palmer welcomes Glenn Harper from Harper & Co CPA Plus and get into the practical aspects of launching and managing your own law firm with valuable insights. Whether you're fresh out of law school or considering branching out on your own, this episode is packed with essential advice you won't want to miss.

Key Takeaways:

Build Strong Professional Relationships:

• Invest in a supportive financial team to navigate both personal and business challenges. Glenn underscores the importance of consulting this team before making significant financial decisions to manage funds effectively.

Focus on Ethical Financial Management:

• Steve Palmer emphasizes the discipline required for financial management, emphasizing the risks of financial desperation and the temptations to mishandle trust accounts. Remember, long-term financial stability hinges on maintaining transparent and honest practices.

Prioritize Building Your Network Over Traditional Marketing:

• Creating long-term relationships and becoming a trusted resource within your network can outweigh traditional marketing strategies. Both Glenn and Steve agree that genuinely helping others fosters referrals and opportunities, often leading to sustained success.

Key Moments

00:00 Business operations and tax efficiency planning advice.

09:23 Create a budget and reinvest earnings.

12:11 Set minimum withdrawals; let the company grow.

19:18 Deductible expense vs. nondeductible debt payment.

24:39 Different business strategies: Income flow vs. startup needs.

27:56 Early career attorneys accept lower-value cases initially.

35:53 Avoid debt; manage business expenses responsibly.

38:57 Funds held in trust, transferred as work completes.

42:08 Maintain detailed trust account records for compliance.

49:48 Discipline leads to big profit and success.

53:13 Develop relationships with key professional contacts.

01:00:11 Cash misuse leads to financial instability and guilt.

01:04:27 Build right; avoid financial trouble and pitfalls.

Submit your questions to www.lawyertalkpodcast.com.

Recorded at Channel 511.

Stephen E. Palmer, Esq. has been practicing criminal defense almost exclusively since 1995. He has represented people in federal, state, and local courts in Ohio and elsewhere.

Though he focuses on all areas of criminal defense, he particularly enjoys complex cases in state and federal courts.

He has unique experience handling and assembling top defense teams of attorneys and experts in cases involving allegations of child abuse (false sexual allegations, false physical abuse allegations), complex scientific cases involving allegations of DUI and vehicular homicide cases with blood alcohol tests, and any other criminal cases that demand jury trial experience.

Steve has unique experience handling numerous high publicity cases that have garnered national attention.

For more information about Steve and his law firm, visit Palmer Legal Defense.

Copyright 2025 Stephen E. Palmer - Attorney At Law