298. How Can Lawyers Transform Their Practices into Successful Businesses?

In this episode of "The Free Lawyer," host Gary converses with Emil Abedian, a CPA specializing in accounting and tax services for solo and small law firms. Emil shares his journey from Sweden to California and emphasizes the importance of understanding financial management in legal practices. He discusses common financial challenges, such as cash flow issues and inefficient billing practices, and offers solutions like regular financial reviews and prompt invoicing. Emil also highlights the significance of viewing a law practice as a business, embracing technology, and engaging in effective tax planning to ensure sustainable growth and success.

Emil Abedian is the CEO and Founder of Counsel CPAs, an accounting firm dedicated exclusively to supporting solo and small law firms across the United States. With 20 years of experience, beginning in Sweden and advancing in Los Angeles, Emil has gained an in-depth understanding of the distinct financial challenges that law firms face—challenges that extend beyond conventional accounting solutions. Emil identified a gap in the industry early on, realizing that many law firms were missing out on valuable billable hours and strategic financial guidance due to traditional compliance-only accounting approaches. He established Counsel CPAs to fill that gap, offering not just tax services but a proactive, year-round advisory model tailored specifically to the law firm sector.
Counsel CPAs is designed to relieve law firm owners of the financial burdens that can stifle growth and profitability. Emil and his team provide comprehensive services, including tax planning, CFO-level financial guidance, and operational insights, enabling their clients to focus on delivering legal expertise rather than managing financial complexities. Emil’s approach emphasizes the role of the CPA as a strategic business ally, committed to understanding each client’s unique goals and partnering with them to achieve sustainable success. This collaborative, hands-on model underscores Emil’s dedication to fostering long-term client relationships and delivering value that extends beyond annual tax returns.

Mindset Shift for Lawyers (00:04:13)
Common Financial Pitfalls (00:05:31)
Billing Practices (00:07:48)
Engagement with Clients (00:08:56)
Breaking the Overwhelm (00:09:58)
Key Financial Metrics (00:11:06)
Partner-Like Relationship (00:12:42)
Financial Blind Spots (00:13:58)
Improving Cash Flow Systems (00:16:22)
Financial Habits of Successful Firms (00:17:48)
Starting a Law Practice (00:19:15)
Understanding Investment in Systems (00:20:52)
Seeing Your Firm as a Business (00:21:55)
The Importance of Investing (00:22:14)
Technology and Automation Benefits (00:24:45)
Utilizing Practice Management Software (00:25:06)

Would you like to learn more about Breaking Free or order your copy? https://www.garymiles.net/break-free

 Would you like to schedule a complimentary discovery call? You can do so here: https://calendly.com/garymiles-successcoach/one-one-discovery-call