Maximum Lawyer

The 6 Worst Financial Mistakes That You Can Make as a Lawyer

Jan 10, 2023

25:10

Let’s talk about running a law firm but instead of talking about running it the “right” way — let’s talk about what NOT to do and the mistakes that Jim and Tyson have made.

Here are six mistakes that cost them financially that they wish they could go back and fix. Hopefully you find this helpful and hopefully you can shortcut some of these mistakes to save yourself the financial headache.

Mistakes of:

➡️ Starting your own firm and not knowing your first hire

➡️ Riding a financial roller coaster ride of “rich” to “broke”

➡️ Confusing people with your marketing message

➡️ Hesitating with hiring a team

➡️ Being the #allthethingslawyer

2:57 Set up your books and hire a bookkeeper on day one … DO NOT WAIT!

5:48 Niche down as much as you can as early as possible

8:18 Let go of the niches that your heart is not in, it’s not worth hanging on and screws up your marketing with mixed messages about what you do

11:26 Waiting too long to hire a team of people to help move the firm forward

15:26 Know your numbers. What numbers are important? What numbers aren’t important? What do the important numbers mean to you and your firm, both in the short term and the long term?

18:16 Not paying yourself a salary

Jim’s Hack: Read a book called Stillness is the Key by Ryan Holiday.

Tyson’s Tip: Need a pump up of motivation? Go to YouTube and search “I Want More Levels with Kevin Hart.”

🎥 Watch the full video on YouTube.

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