Entity Formation: How to Run a Law Firm in 2025
Episode description
Attorneys Lauren Lester and Mathew Kerbis 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, they emphasize that while the entity choice is important, new lawyers shouldn’t let perfect be the enemy of good enough when starting out. 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).
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