When starting a new estate planning law practice, it’s crucial to establish strong financial systems right from the beginning. Join Ali as she coaches Brooke on the best practices for managing finances, bookkeeping, and securing client payments for budding a practice.
You’ll learn:
If you’re an estate planning lawyer ready to build a prosperous practice, this episode is for you. Walk away with actionable strategies to foster financial health, and implement the critical foundations that position your new firm for sustainability, scalability, and success.
00:58 Ali emphasizes the necessity of hiring a bookkeeper from the outset instead of attempting to handle it oneself, outlining the critical role of regular financial reviews with a bookkeeper.
02:23 Ali discusses the importance of categorizing incomes by type to better understand and manage the law practice's financial standing.
06:19 Ali illustrates how investing in a good bookkeeping service is crucial, even at the early stages of law practice, to ensure proper payroll and expense management to minimize taxes.
08:39 Ali shares how to handle client payments efficiently, discussing various payment options, and ensuring that the practice covers its costs upfront.
12:23 Ali and Brooke discuss the technical aspects of setting up systems to accept payments and ensuring clients are invoiced and receipts are issued promptly.
