Mar 14

This blog post is contributed by Sheila May, CPA.  She has a masters of taxation and performs forensic accounting and litigation support services.  You can find more about Sheila at www.thetruthisinthenumbers.com and read her blog at www.thetruthisinthenumbers.wordpress.com

If you are reading this article, you have taken the crucial first step. You are facing the fact that you need to look at the situation, your reduced income, straight on. The most important thing you can do always, but certainly when your means of income has been reduced, is face the situation. Ignoring, running from, or putting off facing reduced means will only make matters worse. So, congratulations, just by thinking of how to handle this time makes you leaps and bounds more prepared than a lot of people. Below are the big questions to consider and resources to assist.

1. What money do you have now?  Take a look at possible sources of money you available to bring you through this time.  A. Cash in bank accounts is the most ideal.  B. Stocks and mutual funds in individual investment accounts that can be sold are an option, but doing so has tax consequences – a capital gain if there has been an increase in value and a capital loss if there has been a decrease. Liquidating stocks and mutual funds in retirement accounts have high penalties and tax consequences. Please check with a tax person before choosing these options. C. Available credit limits on credit cards are even less ideal as the interest rates are high. Think about if you can use your credit card for expenses that you will be able to pay back within the month with unemployment benefits or money from a part-time job. D. Borrowing is an option. There may be someone in the position to help you through this temporary situation, but consider this option carefully. Paying back what you borrow will be crucial to the relationship.

2. What money can you save? Look at what you can save such as cheaper food bills, cutting cable plans, or taking public transportation. You may have auto-payments or auto-saving plans set up that you can no longer afford such as monthly amounts put into a bank account. It may be a good idea at this time to remove auto payments of bills so you will have greater control of when you pay certain bills.

While you are trying to reduce your spending, remember one expense will increase, the money you spend looking for a job. It takes money to drive, park, print necessary paperwork, dress for a job interview, and attend networking events.

3.  Time your inflows and outflows of cash. While you are culling through your expenses, create a monthly budget of expenses. I like to make my budget not just with amounts, but showing days I pay for items. Think of paying bills as outflow and any money receive as an inflow. By showing which days there are inflows and outflows you can see if you need to delay the payment of bills to a certain day.

Call the customer service number found on bills and ask to rearrange amounts owed to lesser amounts and/or different days of the month. Remember it is always an option to ask for different payment dates. Also, you may be able to change the payment amount.

4.   Enjoy your life, even without spending money.  Remember this time, although it is a trying time, is part of your life so try to think of inexpensive ways to still do what you like to do. Perhaps it is the time to try cooking because eating out is expensive. Universities, libraries, and bookstores have free speaking events. Museums have free days and evenings. Free concerts are held in all sorts of venues. You can check out DVD’s at the library. A content person with interests will likely interview well.

5.  Resources for dealing with limited finances

http://www.usa.gov/citizen/topics/family/help-for-difficult-financial-times.shtml

http://www.nfcc.org

 

Feb 21

Don’t go it alone!  Dealing with unemployment (or underemployment) and the job hunting process warrants as much information and support as you can get.  That’s why  LCL and your Mass. Bar Association are teaming up once again to offer this free 8-session twice monthly series for lawyers immersed in the trials and tribulations of looking for work.  The series begins 2/27 and continues on the 2nd and 4th Wednesdays of the months through 6/12/13.  It is held from 10:00 to 12:00 at the Mass Bar Headquarters, 20 West Street, Boston, and provides valuable information, mutual support, and accountability.  Pre-registration is required.  Use this link to the MBA for more information and registration: http://www.massbar.org/publications/e-journal/2013/february/02-21/work-search   or contact Nancy Brown at nancyb@lclma.org or call 617-482-5004.

Feb 21

Volvo is, of course, the car to have if you truly care about safety.  But Mercedes means you have style and deserve luxury, and BMW means you’re oh so exacting about the machinery you drive.

Progressive Insurance is the one that provides warm, friendly help (from Flo) while AllState is the reliable authoritative father figure of insurance (Dennis Haysbert) and GEICO is the cute insurance (gecko).

So, what’s your brand as a lawyer?  Why would a consumer choose to engage your services rather that someone else’s?

These are among the questions and issues to be faced by solo and small firm practitioners in the upcoming group “Your Law Firm is Your Business: Managing Your Solo Practice.”  It’s a free 6-session series starting soonclick here for more info!

Feb 11

When Ray Stevens’ so-titled hit was playing in 1968, offering its biting commentary on the plight of the business person, you never thought it applied to you.  Well, to be more accurate, most of you had not yet been born, but I remember it well.  Anyhow, when you were immersed in your law school curriculum, motivated perhaps by a love of the law, or a desire to do good, or to be a professional without having to take organic chemistry, you may never have pictured yourself worrying about budgeting, marketing, branding (unless you planned to represent ranchers), or networking.

But now you find yourself in a solo or small firm practice, and you discover that mere legal excellence, work ethic, and good intentions do not bring in the clients or pay the bills, at least not to the extent you would like.  With or without reluctance, you must face the fact that the lawyer who runs a present-day practice is running a business.  What’s a person to do?

Funny you should ask.  The same LOMAP-LCL partnership that brought the recent “Getting Things Done” group series to interested solo and small firm practitioners is now gearing up to present, Your Law Firm is Your Business:  Managing Your Solo Practice.  Like the previous series, this one will consist of 6 sessions meeting every other Friday at lunch time (12:30 pm to 2:00 pm), starting (beware) on March 15.  For more information, click here.

Jeff Fortgang, PhD

Jan 04

Getting the Job (of Finding a Job) Done (Part 6)

How refreshing it is to hear someone hit a hopeful note, especially at this time of year. At our 6th session of the Managing Your Work Search series, guest speaker Jim Toms, HR Director at Sullivan & Worcester, offered some welcome encouragement in the form of growing legal job opportunities. A survey of the various job posting sites suggested that there were currently 1500 legal job openings in Massachusetts. Although a quick review could not easily assign percentages to full-time vs. part-time, professional vs. paraprofessional, public vs. private, or identify legal specialty, the number was nevertheless heartening. In fielding questions put to him by participants seeking advice in the search and the interview process, Mr. Toms underscored the universal theme of the importance of networking in the job search process. “Simply submitting a resume and cover letter will never get you on the interview list,” said Mr. Toms. He encouraged participants to take advantage of the fact that most people are more than willing to meet you for coffee or lunch for an informational interview, and to follow up with periodic updates to keep yourself fresh in their minds. You just never know where you might find the winning lead, right combination of contacts, or tip of the scales in your favor, but probabilities serve the active networker. Beyond making and maintaining contacts, networking helps jobseekers to clarify their objectives, hone their interview skills, increase their knowledge of the current job market, and in general, become more interesting candidates.
Nancy L Brown, LICSW

Dec 20

On November 7th, we were delighted to welcome back to this series a former speaker, Steve Eichel, Esq., (Partner at Choate, Massachusetts Super Lawyer from 2004-2012, and member of Chambers USA Best Lawyers in America). Steve spoke on a hugely successful networking strategy that has proven very fruitful for him, and has also enabled him to help many colleagues and non-colleagues alike.
The strategy that Steve described and demonstrated for the group consists of 6 basic steps, the initial focus of which are to help you discover how you can help the other, and finally, to enlist their interest in helping you.
Step 1: Inquire of the other person what they are currently trying to accomplish, what is their “top priority.” In a networking event, it’s likely to be work-related, but elsewhere it could be anything.
Step 2: Ask the person what he/she is doing to achieve that goal?
Step 3: Then ask what challenges or problems he/she is having with those efforts.
Step 4: Next ask, “What would help you with that?” You’re trying to identify something very specific, some bite-sized task that you (or someone) could actually do to help.
Step 5: Finally, ask him/her, “What else?” And repeat the process. This increases your chance at being helpful to this person.
Step 6: This is where it is your turn. Ask the person if you can tell them what you are looking for. Be very specific and concrete, so the person can seriously consider how they can help you, or perhaps refer you to someone else.
This is, of course, a bare bones outline, and when fleshed out, could be a 15-minute conversation, or more. When you stay focused on your purpose, listen carefully, and make sure you understand what they are telling you, you demonstrate real interest in the other, and may enable them to think in new ways about what they want. Ideally, you also deliver useful help, whether in the form or an idea, a suggestion, or a contact. In so doing, you have created good will and earned their willingness to return the favor.
This is a strategy that takes preparation and practice, and is worth it. You prepare by making sure you can clearly and concisely answer for yourself the same questions you put to the other, and also clearly and concisely communicate what you want. Practice on a friend or family member, recasting it in your own personality and style.
Networking skills are vital when it comes to finding employment, or building a practice, or developing a career, and having an effective structure to guide you can make all the difference.
Nancy L. Brown, LICSW

Nov 26

Peer support comes in many forms, and one of them is on a professional/career level.  Those lawyers who work in law firms have a kind of built-in professional support – if they’re stuck on a case, out of action because of a medical problem, falling down on the job, etc. – there are partners/associates around to notice and to fill in.  Those in solo practice have no such back-up unless they find it on their own, and it’s generally a really good idea for them to “buddy up” with one or more colleagues.

Some of the potentially useful functions of your buddy (and of course, these functions are mutual and flow in both directions) are:  ▪ someone with whom to brainstorm around business and career challenges;  ▪ someone to offer an additional perspective on cases or tasks that present you with a sense of uncertainty; ▪ someone to take over for you in the event of illness or even death (see BBO article on this topic); ▪ someone to hold you accountable for following up on goals for improving your practice.

This last function for a buddy arises in LCL’s Solo Practitioners Group, for which we are about to have the last of six sessions on the subject of “Getting Things Done.”  [We do plan another 6-session round of groups in the near future, probably on a different but related set of issues facing solo practitioners, and will likely return to getting-things-done at a later point; if interested, email me at DrJeff@LCLMA.org.]

Jeff Fortgang, PhD

Nov 19

Naturally, we believe that psychologists and other therapists are key resources for lawyers who are having problems with mood or behavior, but in their new book, Psychology for Lawyers: Understanding the Human Factors in negotiation, Litigation, and Decision Making, psychologists Jennifer Robbennolt (of Universerity of Illinois College of Law) and Jean Sternlight (University of Nevada Boyd School of Law) make a case that “lawyers should not simply rely on received wisdom or experience, but think about how the findings of psychological research might have implications for how they go about their work.”  In an interview for the November issues of Monitor on Psychology, Robbennolt notes that psychological findings such as those reviewed in the book can offer tips, for example, on how to handle cases better by identifying and assessing clients’ emotions and how to help witnesses provide effective narratives.  Lawyering, after all, involves much more than accomplishing tasks; a key aspect of the work is managing relationships.

Jeff Fortgang, PhD

Oct 31

Understatement: involuntary unemployment can cast a pall over things. Even if a sense of relief accompanied the loss of a job that had felt like a daily root canal, confronting a dried up revenue stream and a wilted economy is no walk in the park either. The bills find your mailbox, the refrigerator needs reloading, and the hard work of job-hunting is not cost-free. It is a time when one’s sense of control over one’s life takes a major hit; if you don’t at times feel really stressed, check your pulse.
When caught in the throes of high-stress, high-anxiety events such as unemployment, our thoughts can become our enemies; fear, self-doubt, worry, despair, and anger can get the upper hand. Although it’s necessary to embrace the realities of one’s situation, managing one’s thoughts to stay positive and proactive becomes essential. Hence, the relevance of the fourth meeting of the Managing Your Work Search series: Mental Self-management, or how to make that reciprocal relationship between thought and emotional state work for you, and not against you.
As anyone who’s tried to keep their thoughts on a positive track during hard times can tell you, it’s not easy; mental patterns are as resistant to change as any other habit, but staying positive keeps the energy and creative juices flowing. It can and is being done by increasing numbers of people through the practice of mindfulness meditation, one of the most effective ways to take charge of your mind. The field of mindfulness has gained great traction of late, its benefits extensively researched, measured and documented by neuroscientific, medical, and psychiatric researchers, with books abounding on the subject.
Given the many emotional (reduces symptoms of depression, anxiety, enhances well-being and calmness), mental (improves memory, mental clarity, productivity, decision-making, perspective, creativity, intuition, insight), and physical (strengthens the immune system, reduces blood pressure, may help reduce cholesterol) benefits, it is no wonder that the use of mindfulness is promoted in medicine, mental health, the professions (e.g., Google “mindfulness and lawyers”), business, education, the military, and even corrections.
Mindfulness is a very simple (but not easy) practice of intentional mental and physical stillness that will begin to produce these self-reinforcing benefits within the first week of daily practice. And you will likely find that it supports other valuable disciplines of self-care, e.g., good nutrition, adequate exercise, volunteer work, social contacts, and the enjoyment of nature, music or other favorite leisure activities.
It’s hard to argue with any activity that offers so many payoffs, although some take issue with its “religious” origins. Various forms of contemplation and meditation did, in fact, originate in the context of religious practice. While it is not religious, per se, it is spiritual in that it offers personal foundational support (Talbot & Love call it spiritual development) that involves:
(1) an internal process of seeking personal authenticity, genuineness, and wholeness as an aspect of identity development;
(2) the process of continually transcending one’s current locus of centricity;
(3) developing a greater connectedness to self and others through relationships and union with community;
(4) deriving meaning, purpose, and direction in one’s life;
(5) an increasing openness to exploring a relationship with an intangible and pervasive power or essence that exists beyond human knowing. (See Talbot & Love, Defining Spiritual Development, 1999, NASPA Journal, pp. 364-367.)
The use of mindfulness meditation helps you remember that your life doesn’t end when the paychecks stop. It changes. And when you roll with it, staying mentally strong, committed, positive, and determined, you will ultimately create the best possible outcome.
Nancy Brown, LICSW

Oct 24

Getting the Job (of finding a job) Done (Part 3)

Our most recent speaker, Phil Segaloff, Esq. at the LCL, Inc./MBA “Managing Your Work Search”, session three, held the group in rapt attention as he spoke about how to successfully network during your job search to not only find job opportunities, but also to become more aware of one’s skills and desires, and thus target appropriate employment opportunities.
The most important job hunting activity, by far, is networking – or to spin it more elegantly, “strategic outreach.” This is one of those activities that powerfully evoke the urge to procrastinate. Drawing from his own experience when a lay-off landed him “between jobs” nearly 4 years ago, Phil Segaloff, Esq., now happily employed in-house as an Associate General Counsel, could identify with the struggle to leave a comfy warm house in the depths of winter to meet a total stranger for an “informational interview.” And he could speak to the angst of those initial meetings where he felt anxious, awkward, and inarticulate.
In the course of those countless interviews, however, he became increasingly clear about what he wanted, what he had to offer, and how he would be of value to a prospective employer. He quickly improved his interactive skills to the point that he actually enjoyed those encounters, all the while, acquiring new information, building his professional network, clarifying the area of legal interest he would pursue, and preparing himself to speak knowledgeably, cogently, and confidently at interview time.
Familiar as he was with that understandable fear of “imposing” on a busy lawyer when requesting an interview, he urged group members to recall that most folks are gratified by the opportunity to help another person, enjoy the chance to talk about themselves and their experience, and usually welcome that time-out for a coffee break that you are offering them.
In order to capitalize on the contacts he made, Phil mastered the art and science of recording (on Excel) and tracking everyone he met, noting the date of each contact, company/firm, position, contact information, additional networking contacts offered by that person, and useful personal data. By doing so, he followed up at reasonable intervals, updating that individual on his recent activities, and again expressing his appreciation for their interest.
No, it didn’t happen overnight. It was an on-going one-foot-in-front-of-the-other effort. Not everyone will find, as Phil did, the ultimate payoff of a “perfect fit” job that was conveniently situated at the end of a painless 10-minute commute, but it is certainly reasonable to hope for a position that is a distinct improvement over the status quo.
(If you are interested in participating in the next Managing Your Work Search series, please watch at this site or at www.MassBar.org for start date and registration information.)
Nancy L. Brown, LICSW

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