April 5, 2023 – Some law firms are still recovering from the pandemic – which has impacted each law firm differently.
In September 2021, I spoke with Courtney Searles, senior vice president and private banking regional manager for Johnson Financial Group, who offered “Six Tips for Developing a Business Plan for Uncertain Financial Times” to help lawyers better understand the best practices for navigating the uncertainties created by the pandemic.
Since that time, the State Bar’s Insurance & Member Benefits Committee identified more favorable financing options for lawyers as a priority and explored it as a member benefit.
As a result of the committee’s work, the State Bar of Wisconsin has entered a newly expanded partnership with Johnson Financial Group. Johnson Financial Group, in addition to offering property and casualty insurance as in the past, now also offers personalized financial solutions exclusively for lawyers, such as managing cash flows, customized lending, and home financing solutions.
A Refresher: 6 Tips
This new affinity partnership presents the perfect opportunity for a refresher on the best practices for developing a business plan. We previously recommended that lawyers:
consider creating a reserve fund to cover at least 3 to 6 months of monthly salaries and expenses, which can provide a comfortable financial cushion until additional funds can be received;
work with banks during good financial times to obtain favorable credit lines, which is the most optimal time to establish a positive lending relationship;
establish a good working business partnership with financial institutions to help identify the best financing solutions for various scenarios;
create a business plan to serve as a roadmap for your firm’s success, including key components regarding strategic objectives, resource utilization, marketing goals, financial management, and action items that support the overall mission;
build partnerships with a knowledgeable banker, accountant, insurance agent, and financial advisor to help reach goals faster and optimize resources; and
explore additional protections outside of business plans and loan options, such as business insurance, retirement plans and savings, and fraud prevention services to help protect financial resources when issues arise.
Financial Solutions for State Bar Members from Johnson Financial Group
In its new affinity partnership with the State Bar of Wisconsin, Johnson Financial Group can provide State Bar members with personalized financial solutions for personal and professional banking, says Atty. Kelly Mould, senior vice president for Johnson Financial Group.
Christopher C. Shattuck, Univ. of La Verne College of Law 2009, M.B.A. U.W.-Oshkosh 2015, is manager of
Practice411™, the State Bar’s law practice assistance program. If you have questions about the business aspects of your practice, call (800) 957-4670.
"Our expanded partnership with the State Bar will help us provide even more personalized financial solutions to legal professionals,” Mould said.
Through this partnership, Johnson Financial Group offers a wide range of services, including managing cash flow, customized lending solutions, and home financing, all designed to help lawyers better manage their finances and achieve their long-term financial goals.
The partnership will help younger lawyers receive financing as they start their practices, assist established lawyers in expanding their practice areas or growing their firms, and offer specialized financing rates for members beyond their business needs.
Johnson Financial Group will also provide financial education to members and serve as a resource to help members improve their overall financial circumstances before making important decisions.
This expanded partnership fills the Insurance & Member Benefits Committee's overall goal of providing State Bar members with reliable and respected financing options to help them address their individual challenges and opportunities. With Johnson Financial Group as an affinity partner, members can explore additional options that are available to them based on their profession.
Conclusion: Don’t Wait
Do not wait until it’s too late to explore your financial options. Whether you are looking for personal financing or seeking to expand your practice area, consider taking advantage of the expanded affinity partnership with Johnson Financial Group.
To learn more, visit
Financial Solutions for Lawyers and Firms on the Johnson Financial Group website.
Learn More About Future Planning at Wispact Update 2023
Learn from experienced practitioners and trust professionals from across the U.S. with
Wispact Update 2023 from State Bar of Wisconsin PINNACLE. This full-day CLE program gets you up to speed on a wide range of topics that every attorney working with Special Needs Trusts (SNTs) needs to know.
Attend the in-person seminar on Friday, April 28, 2023, from 8:30 a.m. to 4:15 p.m. Central time at the State Bar Center in Madison, or attend the Webcast Replay on select dates in April, May, June, July, October, and November 2023.
With Wispact Update 2023, you’ll examine:
recent national and regional court decisions involving SNTs;
the ins-and-outs of structured settlements, annuities, and trusts; and
tax considerations, asset protection, and impacts of the SECURE Act 2.0 for wealthy clients.
Plus, you’ll receive best practices when planning for the interests of clients with special needs and ways to navigate ethical issues that come up along the way.
Don’t miss the important information you need to effectively provide for your clients –
reserve your spot today.
