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Profit First Pt 5: 7 Problems with Profit First That Drain Law Firm Cash Flow and Growth (Ep. 153)

Profit First Pt 5: 7 Problems with Profit First That Drain Law Firm Cash Flow and Growth (Ep. 153)

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Profit First is hailed as a brilliant cash management tool, splitting every dollar into accounts for profit, owner’s pay, taxes, and operating expenses. On this episode, host Darren Wurz explains why too many law firm owners treat Profit First like a total business strategy rather than a behavioral tool. The result? Fake profit, growing debt, and a business running on fumes.

You’ll hear stories (like Sarah, whose “profit” hid a mountain of credit card debt), clear explanations of where Profit First goes wrong, and practical fixes that will help you avoid the pitfalls. Whether you’re just starting to use Profit First, or you’ve been following it for years, this episode will help you get real about your finances and build a system that truly works for your firm.

Darren discusses:

  • Fake profit is a real danger.
  • Financial clarity beats financial discipline alone.
  • Why law firm owners need to start with a business audit before implementing profit first?
  • Seven ways profit first can go wrong in your firm.
  • Why law firm owners need to fix business spending problems?

 

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Profit First Pt 4: The Behavioral Science of Profit First – And Why You Haven’t Done it Yet (Ep. 152)

Profit First Pt 4: The Behavioral Science of Profit First – And Why You Haven’t Done it Yet (Ep. 152)

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You know Profit First could transform your law firm’s finances but something keeps you from diving in. Maybe it feels too complicated. Maybe you’re stuck in old habits, or you’re just not convinced it’ll actually work for you. If any of this sounds familiar, you’re in good company. Many ambitious law firm owners struggle to bridge the gap between knowing about better systems and actually putting them into practice.

This week on the podcast, Darren Wurz delivers the nudge you need to stop waiting and start building a more profitable practice. Darren uncovers the real reasons Profit First works and hint: it’s not about crunching numbers. It’s about how our brains work under stress, and how you can harness psychology to outsmart your worst financial habits.

Darren discusses:

  • How your spending habits may be sabotaging your firm’s growth
  • The behavioral psychology behind the Profit First System.
  • The powerful impact of setting up separate bank accounts for profit, taxes, and expenses.
  • How mental accounting makes saving effortless.
  • Nobel laureate Richard Thaler’s work on mental buckets.
  • Why people fear losses more than they value equivalent gains?

 

Resources:

 

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Profit First Pt 3: How to Set Up Profit First in Your Law Firm for Better Cash Flow (Ep. 151)

Profit First Pt 3: How to Set Up Profit First in Your Law Firm for Better Cash Flow (Ep. 151)

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If you’re a law firm owner, chances are you’ve stared at your revenue numbers and wondered, “Why am I still stressed about cash flow even when business is booming?” Maybe you’re chasing top-line growth, hoping that more cases and bigger settlements will magically lead to personal wealth, ease, and a guilt-free mortgage payment. Sound familiar?

Here’s the truth: revenue isn’t profit. And if you want your firm to start serving your life not just your clients, it’s time for a fundamental shift.

This week on The Lawyer Millionaire Podcast, Darren Wurz breaks down the game-changing “Profit First” system. He’s been using it for years and swears by how it delivers peace of mind, real bankable profits, and an end to that nagging, never-enough feeling so common in law firm life.

 

Darren discusses:

  • How to setup the Profit first system in your law firm.
  • Why profit matters more than revenue for law firms.
  • 5 changes you should make to your cash flow to reduce stress and boost profits.
  • Why business should have an emergency fund.
  • Why you need to setup multiple dedicated bank accounts.
  • The potential consequences of not having a dedicated tax account.

 

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Profit First Pt 2: The Mental Traps Sabotaging Law Firm Owners’ Cash Flow (Ep. 150)

Profit First Pt 2: The Mental Traps Sabotaging Law Firm Owners’ Cash Flow (Ep. 150)

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On this episode of The Lawyer Millionaire Podcast, Darren Wurz tackles a topic law firm owners can’t afford to ignore: The hidden mental traps that silently sabotage your profits. Drawing from real-life business mistakes and the experience of advising multi-million dollar firms, Darren reveals how even thriving firms can struggle to generate real wealth. You’ll hear about the five most common psychological pitfalls and, more importantly, how to spot and sidestep them before they drain your cash flow.

Darren discusses:

  • Why increasing revenue doesn’t guarantee higher profits.
  • The most common money mindsets that derail law firm owners.
  • The biggest secret to success in business.
  • How law firm owners can avoid the survival trap.
  • The critical question you need to ask to address mental traps.
  • The problem with easy money.

 

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Profit First Pt 1: The Growth Trap – Why Scaling Your Law Firm Is Killing Cash Flow (Ep. 149)

Profit First Pt 1: The Growth Trap – Why Scaling Your Law Firm Is Killing Cash Flow (Ep. 149)

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Are you chasing growth in your law firm but wondering if it’s actually making you poorer?  On the latest episode of  The Lawyer Millionaire Podcast, Darren Wurz breaks down “The Growth Trap” as he explores the hidden pitfalls of scaling and what every ambitious law firm owner needs to know to avoid financial stress.

Darren discusses:

  • Why bigger firms face bigger (and riskier) problems
  • How rapid growth can hurt your profits
  • The secret to finding your firm’s optimal size for wealth and stability
  • Why 43% of law firms fail?
  • Why revenue growth tends to come with increase in expenses and anxiety?

 

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Why Profitable Law Firms Still Feel Broke And How to Fix It (Ep. 148)

Why Profitable Law Firms Still Feel Broke And How to Fix It (Ep. 148)

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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:

 

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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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4 Books To Create Consistent, Sustainable Profit in Your Law Firm (Ep. 147)

4 Books To Create Consistent, Sustainable Profit in Your Law Firm (Ep. 147)

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On this episode, Darren Wurz flips the script on the traditional law firm success story. He argues that the biggest ethical failure isn’t overbilling but failing to run a profitable business. Why? Because profitability is the backbone of a law firm’s stability for you, your team, and your clients.

Darren reveals the 4 books that the Lawyer Millionaire community will be reading together in 2026, essential reads designed to help you drive intentional, reliable profits in your law practice. Whether you’re tired of “expensive chaos” or just ready for a smarter, more sustainable way to build wealth, this episode will show you the roadmap—and invite you to a supportive community that’s doing it together.

Darren discusses:

  • Why he describes unprofitability as the ‘biggest ethical failure’ in most law firms?
  • Why profit isn’t a dirty word and focusing on profit isn’t greedy?
  • Four book recommendations and practical tools to install profit-first systems for good.
  • Why involving your whole team can finally end the cycle of burnout and razor thin margins.
  • How to make profitability a priority in your practice.
  • The value of involving the whole team in the profitability mission.

 

Resources:

 

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How Entrepreneurial Law Firm Owners Think Differently About Exit & Succession (Ep. 146)

How Entrepreneurial Law Firm Owners Think Differently About Exit & Succession (Ep. 146)

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On this episode, Darren Wurz sits down with veteran law firm owner Thomas Tona of Tona Law Firm to talk about the mindset and systems that separate entrepreneurial lawyers from those who end up trapped by their own success. Thomas Tona shares why he’s always built his business with an exit in mind and why every law firm owner, no matter their plans, needs to think seriously about succession even while they’re in their prime.

Their conversation covers not just the how-to’s of building a sellable firm, but also common myths, mindset shifts, and the real-life stories (both cautionary and inspiring) from the front lines. You’ll get hard-earned advice about scaling your team, investing wisely, and sidestepping the lifestyle traps that can keep you chained to your desk.

Thomas discusses:

  • The biggest myth about succession planning
  • Why scaling your team and letting go of owner dependence is your ticket to freedom.
  • How to avoid ‘golden handcuffs’ and creates a firm that supports your life, not one that consumes it.
  • Fostering motivation and avoiding lawyer burnout

 

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About Thomas Tona:

Thomas Tona is the Founder & CEO of Tonalaw. He has over 30 years of experience as a New York State trial attorney, with a career concentration in Plaintiff’s Personal Injury & No-Fault Collections. For the last 23 years, he has cemented his firm’s culture and reputation for excellence, with the consistent pursuit of the firm’s vision of “Fighting for Injured New Yorkers and the Healthcare Providers Who Treat Them”. In addition, he personally manages all of the high-stakes Personal Injury cases involving traumatic brain injuries, wrongful death, catastrophic injuries, falls, trucking accidents, and automobile accidents.

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5 Investing Mistakes Lawyers Make (And How to Dodge Them) (Ep. 145)

5 Investing Mistakes Lawyers Make (And How to Dodge Them) (Ep. 145)

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You’ve conquered law school, built a thriving practice, and learned how to win arguments in court. But when it comes to investing your hard-earned money, do you ever feel like the rules are always changing and the risks seem higher than they should be?

On this episode, host Darren Wurz dives into why our own minds not the stock market itself are often our biggest financial obstacles. Drawing insights from the book “A Random Walk Down Wall Street” and real-world stories (including a jaw-dropping tale of a $20 billion fortune disappearing almost overnight), Darren unpacks five common behavioral biases that sabotage your results. Whether you’re overconfident in picking stocks, chasing hot tips, or hanging onto investments (or business strategies) that just aren’t working, this episode is packed with relatable advice for high-income law firm owners who want more than just market returns, they want freedom.

Darren discusses:

  • Why your own psychology is the greatest threat to your investment portfolio.
  • How market bubbles, herd mentality, and overconfidence derail even the smartest investors.
  • The efficient market hypothesis.
  • The connection between your financial biases and the way you lead your law firm.
  • How pride and regrets keeps us holding on to poor decisions.
  • How to stick to a long-term investment strategy even during market volatility.

 

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The Most Overlooked Power Move in Family Law (Ep. 144)

The Most Overlooked Power Move in Family Law (Ep. 144)

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On this week’s episode of The Lawyer Millionaire Podcast, host Darren Wurz sits down with subpoena specialist Becky Sampson, who shares her incredible story and the game-changing tactics firms are missing when it comes to leveraging subpoenas.

Becky reveals how her own legal struggles led to a discovery that transformed her business and could do the same for your firm. Becky’s expertise isn’t just in knowing how subpoenas work; it’s in handling the details, follow-up, and strategy that ensure they actually get accepted (and don’t get rejected for tiny errors that most firms overlook).

Becky discusses:

  • Why subpoenas are a powerful, yet underutilized, tool in family law and beyond?
  • The defining divorce that rocked her world.
  • How subpoenas can serve as a leverage tool for fair and equitable settlements.
  • Why one out of three subpoenas get rejected?
  • Creation of a niche business focused on subpoena support for law firms.

 

Resources:

 

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Connect with Becky Sampson:

 

About Becky Sampson:

Becky is the Founder of ONLY Subpoenas™. After 21 hearings, 21 subpoenas, and 3½ years in the Hawaii Family Court system facing five attorneys and representing myself for most of it she won. Not just any win, but a fair and equitable outcome for both parties while keeping an open heart. Since then, she has been affectionately known as “Becky Brockovich.” Now, she helps other women navigate the legal system with strength and clarity, so they too can stand up for what’s fair and walk away empowered.

 

 

 

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