What's the point of building wealth if you never have time to enjoy it? This question gets to the heart of why so many successful law firm owners find themselves trapped in practices that demand everything but deliver frustratingly little freedom.
Adam Koós, President of Libertas Wealth and Investopedia Top 100 Advisor, shares powerful insights on how attorneys can break the cycle by rethinking their practice approach. With experience guiding clients through four market crashes since 2001, he explains why law firm owners need a true fiduciary for unbiased financial advice.
Adam reveals that 80% of business owners’ net worth is tied to their companies, yet 80% never sell—they simply dissolve. This eye-opening stat underscores the need for attorneys to start exit planning early. With the right continuity plans, buy-sell agreements, and succession strategies, law firm owners can protect their biggest asset while boosting profitability and work-life balance.
For attorneys behind on retirement planning, Adam shares tax-saving strategies like cash balance plans allowing $150K+ in annual pre-tax savings. He also urges successful firms to replace SEP and SIMPLE IRAs with 401(k) plans and profit-sharing to cut taxes and build wealth faster.
The most surprising insight? Starting exit planning now—whether selling in three or thirteen years—brings immediate benefits: happier teams, smoother operations, higher profits, and the freedom to seize unexpected opportunities. As Adam says, "You do it now so you can be ready to sell anytime."
Reach Adam here:
https://libertaswealth.com/ and https://elevateandexit.com/
https://www.linkedin.com/in/adamkoos/
https://www.facebook.com/LibertasWealth/
https://www.instagram.com/adamdkoos/
https://www.tiktok.com/@theretirementfidu
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