Why Profitable Law Firms Still Feel Broke And How to Fix It (Ep. 148)
Ever looked at your firm’s bank account and wondered, “Where did it all go?” You’re not alone. Many successful law firm owners find themselves working hard, growing business, and bringing in impressive revenue yet they’re still anxiously watching cash flow or worrying about how to make payroll next month. If you’re tired of feeling like you should be richer (even when your numbers say otherwise), this episode of The Lawyer Millionaire Podcast is for you.
On this episode, host Darren Wurz welcomes law firm cash flow expert Leah Miller for a refreshingly candid conversation about why so many profitable law firms still struggle with feeling broke. Together, they share stories from their own firms and clients, break down the Profit First system in practical terms, and reveal why it’s not enough to hope your bank balance will always be there when you need it.
Leah discusses:
- The biggest cash flow mistakes law firm owners make.
- How the profit first system works.
- How to ditch the bank balance guessing game.
- Actionable strategies for setting owner compensation.
- Why paying yourself a regular salary even in lean quarters?
- The importance of determining baseline personal salary to build business planning.
Resources:
- Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
- Book: Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire by Dan Martell
Connect with Leah Miller:
- Email – leah@lnmfinancial.com
- Website – Firmly Profits
- LinkedIn – Leah (Reid) Miller
- Youtube – Firmly Profits
Connect with Darren Wurz:
- Want to work with our team? Schedule an Intro Call
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
- Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List
About Leah Miller:
Leah Miller is the founder and CEO of Firmly Profits.
She started as a paralegal and worked her way up the law firm ranks becoming a firm administrator and CFO of a personal injury law firm in Fort Myers Florida. After 11 years working at the same firm, she realized law firm owners needed additional guidance when it came to their firm finances.
Leah decided to leave her position in a law firm so she could expand her reach and help many law firm owners. Her mission is to help law firm owners have confidence in their law firm finances. Her awesome team helps her provide fractional CFO and bookkeeping services to firms of all sizes.
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