Episode Details

On this episode of the Lawyer Millionaire Podcast, host Darren Wurz explains why forecasting rather than budgeting is the key to building a consistently profitable law firm. He argues that too many firm owners only discover whether they hit their profit goals after the quarter has ended, when it’s too late to make meaningful changes.

Darren discusses:

• Why forecasting is more valuable than budgeting?
• Major insights from Clio’s legal trends report.
• The financial metrics law firms must monitor regularly.
• The differences between profit and cash flow.
• How to start forecasting with a simple spreadsheet instead of waiting for expensive software or a CFO.

Resources:

• Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
• Law Firm Financial Reporting Template Pack (Exclusive content)
• Law Firm Profitability Assessment
• How to Calculate Your Law Firm Tax Reserve
• Get your Free Law Firm Audit 

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
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• Subscribe to The Lawyer Millionaire Youtube Channel