Steve Mesirow is the Senior Managing Director in Mesirow Wealth Management and he has been providing expert investment advice and financial planning strategies to his clients for over 25 years. In this episode, Steve talks about how law businesses are at a disadvantage because they register their taxes at the highest rates. He discussed all the ways in which lawyers can build and protect their wealth in a tax-advantaged way. 

Through systems called Cash Balance Plan, Donor Advised Funds, Profit-sharing, or Roth IRA, lawyers can do their best at their career without losing any of their well-earned money. Steve also talks about all the ways in which his company helps people - lawyers or otherwise - worry about things that are impactful, helping them save money in ways that are meaningful in the big picture. 

Key moments:

  • Building and protecting wealth through a cash balance plan(2:07)

  • Deduction through donor advised funds (14:02)

  • The difference between fiduciary and non-fiduciary (23:22)

  • Saving money in meaningful ways  (26:41)

     

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MEMORABLE QUOTES

“The best use of your time is to work on your business and not be following down the rules of different financial planning aspects or chasing down a couple of stocks. That might not be the best utilization of your time.” - Steve Mesirow

Steve Mesirow

ABOUT STEVE MESIROW

Steve Mesirow, Senior Managing Director in Mesirow Financial

Wealth Management and Financial Planning

Steven Mesirow is a Senior Managing Director in Mesirow Wealth Management. He provides investment advice and financial planning strategies to individuals, business owners and charitable organizations that are designed to help accumulate, manage and preserve wealth.

Steven joined the firm in 1993 and has more than 25 years of financial services experience.

Steven serves on the Jewish United Fund Health and Human Services subcommittee. He has developed a social investment strategy; Mesirow Impact Management - a portfolio strategy that invests in companies with a positive corporate culture.

Steven earned a Bachelor of Arts degree in history/political science from the University of Michigan, a Master of Arts in history from the University of Maryland and a Management Aptitude Test in teaching from the American University. Steve is a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and a Certified Fund Specialist™ (CFS™).

 

LinkedIn: https://www.linkedin.com/in/stevenmesirow/

Website: http://www.mesirowfinancial.com/

 

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"The 1958 Lawyer and his 1938 Dollar" still defines the business of law...
It's time for a change.

If you’re a lawyer, you’re familiar with the ABA article “The 1958 Lawyer and his 1938 Dollar” which gives our podcast its title, and its inspiration. That article was the start of the billable hour for law firms...And the last major change to the business of law, 70+ years ago now. Well, it’s past time for another change.  

This podcast is all about bucking the status quo of the business of law. Your host Ron Bockstahler runs Amata Law Office Suites, providing law firms an alternative to the traditional fixed-cost business model that places unwanted stress on attorneys to work long hours that often-times lead to burn out, broken relationships and in many cases substance abuse. Each week he'll discuss alternatives to the 12 hours days, endless rotation of clerks and paralegals, and the expensive offices leased to impress clients who rarely show up in person anymore. He’ll interview successful lawyers who are doing law differently, and finding a work-life balance while still running a successful firm.  

Do you want to find a better way to run your law firm? It’s time for the next big change in the business of law, and you’ll get it here on The 1958 Lawyer.

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