Episode Details

On this episode, host Darren Wurz outlines the ten most expensive mistakes law firm owners make and explains how avoiding them can save hundreds of thousands or even millions of dollars over the lifetime of a practice. Rather than focusing on doing more, he argues that long-term success comes from eliminating costly financial and operational mistakes.

Darren discusses:

• Why you need to separate your personal and business finances.
• The consequences of poorly managed trust accounts.
• Why more firms need to adopt flat-fee pricing instead of hourly pricing.
• How to significantly reduce tax liabilities.
• Using delegation to reduce administrative work so that you can focus on higher-value activities.
• How lead management can improve your marketing ROI.

Resources:

• Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
• Simple Numbers by Greg Crabtree (Book)
• Simple Numbers 2.0 by Greg Crabtree (Book)
• The Millionaire Next Door by Thomas J. Stanley Ph.D and William D. Danko Ph.D (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 
• Download Your PI Pipeline Forecaster!

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
• Subscribe to The Lawyer Millionaire Youtube Channel