Monday Mentors with Houston Estate Planning Lawyer Jovana Popovich
Jovana Popovich, Shareholder and Estate Planning Lawyer at Fizer Beck in Houston, joins us on today's show! Jovana talks about getting into estate planning, not sacrificing quality for speed, and the need for small firms to find a good fit.
Her Firm/Practice
- Estate planning boutique. Estate planning/estate administration for high net worth individuals. The firm also has a real estate group, M&A/corporate group, and non-profit group.
- She fell into the practice. In law school realized she didn't want to do litigation or Big Law. She wanted to interact more with people. Thought at first she might do family law. But later had coffee with a friend of friend who did estate planning. That friend happened to be at Fizer Beck and led to a research internship while in law school. She then took the estate planning classes at UT and wound up clerking and then ultimately getting hired by Fizer Beck.
- Estate tax exemption amount is always in flux, which means there is always new planning to do. And the question is always when the exemption is going to change and by how much.
- This also yields more income tax planning.
- Reminder that in 2010 we had zero estate tax! Check out George Steinbrenner.
- For those interested in estate planning, think about whether you like tax work, because estate planning is very tax-heavy. Then find a place to gain experience in tax if you can't get immediately into estate planning. Even corporate work can translate.
COVID Update (as of 3/4/21)
- In the beginning, couldn't execute estate plans since it requires original ink signature, witnesses, notary, etc. all in line of sight. So how to do that while keeping everyone safe?
- Major difference is that all questions have to be answered before the execution ceremony. Pre-covid there would be a pre-execution meeting that could last 30-45 minutes and could lead to tweaks/changes in the plan. But now that all has to be done in advance of the ceremony.
- When it comes to wills and financial powers of attorney, no appetite from legislature to move to e-signatures.
Advice for lawyers in practice:
- If you send a document to a client, they aren't going to know whether the law is right/wrong, but they are going to notice if their name is misspelled or there is a typo. So attention to detail is really important.
- Know your own faults and figure out how to fix them
- Hard for high achievers to fail, but you will. And that's okay. You don't have to be perfect. Job in the first three years is to learn, and give a work product to the partner who can make some minor changes and then send it on to the client.
- Don't be in such a hurry that you turn in a sloppy product. Go as fast as you can while still turning in an error-free product.
- Write an issues list and then ask your partner which should be explored.
- Be a self-starter. May not know something but will go and try to figure it out and get as far as they can before asking for help. This helps give them context for a more productive conversation with the partner. Take the initiative to learn.
- Don't come in and ask "how does this work?" instead say "I think this is how this works; is that right? Am I missing something?"
Advice for lawyers interviewing for jobs
- Don't have any typos in your documents
- For them, having tax experience looks good
- They are a small firm (18 lawyers), so you need to be sociable and able to get along with people. They are friendly and collaborative. Interests/hobbies/etc. are important. Want to see you are a good fit.
- Also want to see the person has a connection/strong desire to be in Houston long term. It takes effort to train
- "My boyfriend is getting a job in Houston so I want to be in Houston"...is not a great answer. What if the guy moves to another city?
- There can be a big firm (don't really care) / small firm (do really care) dynamic here.
On Business Development
- Work at a firm with a long history where the clients are built in!
- Find out who your best referral sources are and build those relationships (for them it is CPAs and financial advisors)
- Speak at CLEs; get on webcasts with referral sources
Rapid Fire Questions
- Name one trait/characteristic you most want to see in an associate: detail oriented
- What habit has been key to your success: keep your time as you go
- Favorite app/productivity tool: timekeeping software
- Favorite social distancing activity: socially distanced picnic in the park with dog/friends
- Favorite legal movie: Paper Chase and Legally Blonde
Thanks again to Jovana Popovich for joining us on the show!