The $800,000 Leak Hiding in Your Law Firm with Elise Buie (Ep. 167)
On this episode, guest Elise Buie discusses how law firms can increase profitability not just by working harder or increasing revenue but by identifying and fixing hidden “leaky buckets” which are areas where firms lose money unknowingly.
Darren and Elise discuss:
- Why working harder doesn’t equal more profit.
- The revenue vs profit myth.
- The hidden costs of accounts receivable (AR).
- Why you need to optimize existing client funnels before increasing marketing spend.
- How data influences business strategy.
- How to effectively delegate personal and business tasks.
Resources:
- Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
- Simple Numbers, Straight Talk, Big Profits by Greg Crabtree (Book)
- Fireproof: A Five Step Model to Take Your Law Firm from Unprofitable to Wildly Profitable by Mike Morse with John Nachazel (Book)
- Law Firm Profitability Assessment
- How to Calculate Your Law Firm Tax Reserve
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
Connect with Elise Buie:
- Linkedin: Elise Buie
- Youtube: Elise Buie Family Law Group
- Website: Elise Buie Family Law Group
About our guest:
Elise began her legal career as a Federal Judicial Law Clerk to the Honorable Stanwood R. Duval, Jr. of the Eastern District of Louisiana. Elise then went on to join a litigation practice at Blue Williams in New Orleans. Hurricane Katrina swept through New Orleans forcing the evacuation of Elise and her family initially to Georgia, then to Minnesota and finally landing in Seattle. After undergoing her own divorce and multiple relocations due to Hurricane Katrina and truly understanding what it meant to put the “best interest of the kids” ahead of her own, Elise decided to focus her practice on family law and serving as a Guardian ad Litem advocating for children’s best interest in high-conflict divorce and dependency matters.
In Seattle, Elise has grown her law firm from 3 to 40. Elise co-authored Tiger Tactics CEO Edition with some of her favorite law firm owners around the country. In addition to being CEO of EBFLG, Elise is now doing 1:1 consulting with law firm owners as their strategic partner learning how to get the needed data, read the story it tells and pull the needed levers in order to create the firm you want to support the life you envision. Elise and her husband, Doug Russell, raised a blended modern day Brady Bunch – 3 girls and 3 boys. Elise understands the art and need for effective delegation. Elise is passionate about leadership and data.
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