MASTERS RETREAT FOR "SMALLER LAW FIRM SURVIVAL"

Cassandra Townsend, Lawyer

On 7 July, 2013, I had the pleasure of leaving the Melbourne cold for the warmer climate of Coffs Harbour. The purpose of my trip was to spend my Sunday attending a legal conference, CLE by the Sea.

CLE by the Sea focussed on the unique challenges facing smaller law firms and the ways small law firms can be 'winners' in the changing legal landscape. The conference attracted expert speakers from varying backgrounds.

There were 12 speakers in the Sunday session who presented in 2 different streams on interesting and stimulating topics such as:

·         areas for growth and opportunity;

·         issues of profitability and cash flow;

·         effective marketing;

·         trends in regional practice; and

·         taking advantage of legal outsourcing.

The conference was an excellent forum for sole practitioners and practitioners in small law firms to meet with others in similar roles, share their experiences and obtain some tips for successfully managing their practice.

We hope to use the Masters Retreat learnings, information and insights to help develop products in line with small law requirements.

A remarkably helpful ATO

Danni Kirwan, Marketing Executive

While researching a topic for my blog this week, I stumbled across a new page on the ATO website – Small business support.

Now I’m sure that when many of us think of the tax office, our thoughts are less than complimentary... But after a peek around this new section of the site, I must say I was pleasantly surprised by what’s on offer.

On the Cleardocs helpline, we regularly get calls from customers registering new companies, excited about the prospect of starting their own business and pursuing their passion. But whether your passion is painting houses, baking cakes or grooming dogs, chances are you’ll be paying tax.

So although you’re almost certainly an expert at what your business does, you may not be quite on top of the tax obligations you will have to consider as a small business owner. Even if you employ an accountant to take care of these issues, it’s still a good idea to know the basics about what’s required of you.

The Small business support page, which can be found here, links to a number of pages with useful information about the types of things you will need to consider as a small business owner. Topics covered include “starting your small business”, “complying with your tax obligations” and “reporting and paying tax”. Each topic covers issues that you may come across as a business owner, why they may affect you, and additional information to help you find out more.

So wether you’re thinking about starting your own business, or you’re about to wind one up (there’s info about that too) you may find something on the site that’s useful to you. Cleardocs is proud to be a part of your journey as a business owner, but we also recognise the fact that what we help you with is just the beginning of a long path – so remember there’s tools and resources out there that can help you along the way.

The importance of the relationship between professionals and their clients

 
Cameron Hemming, Business Development Manager
From my experience in business banking, at Cleardocs and in my own life, it seems that the most critical element to making decisions and getting them right is not necessarily having the best professional — accountant, financial advisor, lawyer — you can find. Rather, it is more about working with the person that will understand and guide you through your particular financial or commercial situation — both now and in the future. 
To some extent, the professional you choose is a life coach in that they provide the financial support that enables you to reach the next stage of your life.  A simple example is the major assets and decisions that most people encounter along the way: First Job — First Car — First Investment — First House.  Because these financial decisions play such an important part in our life, it makes sense that your relationship with your adviser is paramount.
For a professional to provide you with the best possible advice and support, they have to be intimate with your background, what drives you and most importantly where you want to be in 1 year, 5 years ... This is only found through building a relationship with you.
If you look hard enough, you can generally find the answers you are looking for about buying that property or getting into that business. However, the question is whether it is the right choice for you at this stage in your life, both financial and personally?  This is where the professional who knows you and who you trust is the key.
The best advice I have received in terms of finding the right financial advice is to speak to as many people as possible, from all sides of life. This way you can learn about how other people make their decisions and why they choose a particular financial advisor, accountant or lawyer.
When you speak to your accountant, financial advisor or lawyer make a mental note to see if they are asking questions about you and what you want OR are they just providing you with a technical answer to your question?