For those that have clients and spend their days surrounded by real people, I have some advice about year-end planning. I don’t care if you do or do not do any of this stuff, I can only tell you that it’s what I do and have done for years. Obviously, if you are part of the (“man, I hope all these idiot consultants are right”) future of law, much of it won’t apply to you.
If you’ve made some money this year, meet with your accountant.
One of my recent posts here was about my relationship with my accountant. I hope you have one, and I hope you set a lunch or meeting in your office or coffee shop in the next two weeks to discuss year-end tax planning. Next spring is a bad time to learn that you could have done some things to save yourself having to pay Uncle Sam more money. (By the way, for those of you getting a refund, you have bigger problems.)
If you’re not desperate for cash and you have clients that owe you money, consider telling them to pay in January.
What lawyer does this? You Biglaw folks have to try and collect before year’s end, so that leaves us small guys to give early Christmas gifts to our clients by telling them, yes, you will have money for that flat-screen you can’t afford, just pay your bill by January 15. Trying to get money out of clients during the holidays (read: after Thanksgiving) just makes you the one that is crushing the client’s mellow. Plus, relevant to point one here, you’ll be able to decrease your income for 2012….