Russel Morgan, the CEO and founder of NYC-based law firm Morgan Legal Group, came from humble beginnings. His family immigrated to the U.S. without a lot of money or knowledge on how to manage what little they did have. Where there was a gap for Russel’s family, he now aims to fill it for other people, which is what led him to a career in estate planning law. He is now in a position to educate his clients and the general public on the importance of financial literacy, particularly when starting a business and preserving the wealth that comes from it.
“Education has always been our priority as it provides you with the tools to be better and do better,” Russel says. “This is the driving force behind my career and focus on helping those with limited access to the necessary tools for asset preservation and protection.”
A desire to offer others the resources Russel did not always have has been a motivating factor in the trajectory of his career. He has taken on board the responsibilities that come with the law profession, assisting the public in knowing how to best position themselves when it comes to tax planning, generational wealth, and asset protection. Russel has spent notable time de-mystifying trusts and educating business owners on their benefits, even for those without a large net worth. He also sincerely stresses the importance of setting up a proper estate for one’s business before it really leaves the ground. When it comes to ensuring long-term success and mitigating potential future issues, there is more to each case than meets the eye.
Behind so many new businesses is a family trying to get by, and Russel goes into his work with a hyper-awareness of that fact, backed by his own personal experiences. This knowledge drives him to want to protect new business owners with fierceness from knowing that many of them have families relying on things working out. That’s why his personalized approach to each new client Morgan Legal Group takes on works in everyone’s favor — it’s borne of an authentic and personal experience-based outlook. Representation within the firm is uniquely tailored to each individual and their particular situation.
Russel places significant emphasis on developing relationships with his clients that go beyond the tenure of their time with Morgan Legal Group. “It all starts with a conversation,” he says. “Each client has their personal goals and fears about what the future can hold. Our goal is not just to educate and provide the tools our clients need for long-term success, but also to remain active and involved as they grow.” This method allows Russel and his team to truly go above and beyond with their clients.
For business owners, being set up for success early on can be make or break, and laying a solid foundation is integral to the business’s livelihood. There are principles by which many individuals planning their long-term financial future abide: a need for a lawyer, accountant, and financial advisor, and the same recipe should be used for businesses. “Each business must have the three pillars,” Russel says. “Corporate governance, tax planning, and diversification of investments.” These fundamental keys to success are part of Russel’s methodology when educating clients on topics like long-term estate planning and building generational wealth.
Russel’s passions for education and financial literacy guide everything he does when it comes to his work. In an age of widely accessible information via the internet, he encourages people to take advantage of the knowledge at their fingertips and, therefore, improve the likelihood of their own success. He also encourages people starting businesses to plan ahead as much as possible and avoid procrastination, setting up a proper estate plan early to help ensure their financial security. Russel’s lived experience and eagerness to educate fuels his passion for helping others.
