Seat at the Table: Cash Flow Practices That Support Firm Growth

In this episode of the Un-Billable Hour’s Seat at the Table:

• Being a great lawyer is important, being able to afford to be a great lawyer also matters. Billing and collections are an important part of your firm.
• How much time do you spend understanding how you run your business vs. How much time you spend “working.” You’ve got to bill as well as produce results. Take control of how you’re paid and when.
  
• Cash crunches happen. But you can navigate them if you plan, prepare, and keep an eye on your bottom line, every day.

The money often shows up later than the work does. Nobody told you that. Practicing law and producing results that help real people with real problems are wonderful things. But you are also a business, and people depend on you, and cash flow matters. Here’s where it gets tough.

So how do you know from looking at the bottom line, how a firm – your firm – is really doing? Is it making money? What percent of revenue should go to payroll or marketing, where are your leaks? 

This episode of Seat at the Table features money experts Amira Hasenbush, Brooke Lively, and Joy Lutz as they share insights with Christopher T. Anderson and get into the nitty gritty of running a law firm that not only produces results for clients but also produces profits for the owners. 

Hear how a firm can look profitable on paper but still not produce profits. Taxes, expenses, debt, billing “slippage,” and collection slowdowns all add up. Are you seeing the big picture? Cash flow, payroll, unintended outflows, and bookkeeping are all vital to your bottom line. Learn how to train yourself for profit.

Special thanks to our sponsors CallRail, Wyzer Staffing, 8am, and Smith.ai.

Mentioned in This Episode