Financial Management for the Legal Industry, with Chelsea Williams

Chelsea Williams is the founder of Core Solutions Group, a Financial Guru + Accounting for the Legal Industry & Speaker. Not your typical “no-man” stereotypical accountant, Chelsea is more of an entrepreneur who uses numbers to paint a financial picture. Shortly after she decided to serve law firms with her skills, something happened that really solidified her belief that she was in the right place at the right time.

She met a man who had been practicing law for over 30+ with no retirement in sight. Chelsea felt for him as she saw his head hang after he told her he will “die working in this office”. So she set out to keep other legalprenuers from having to feel this weight.

What you’ll learn about in this episode:

• How Chelsea recognized an inherent shortsightedness in the financial advisor industry, and why she chose to found Core Solutions Group to do things differently
• Why business owners often struggle with financial management, and what common mistakes firm owners make and myths they believe
• Why managing your cash flow is an important step you can take to benefit your firm, and why “you have to spend money to make money” is a major myth
• Chelsea outlines her top ten myths and misconceptions many of us hold about money, and she explains why each is false
• What steps a law firm can take to better manage their finances, including adapting a cash management strategy
• What a balance sheet is, why bankers are interested in it, and how it gives an overview of your finances over the life of your business
• What bank reconciliations are, and why they are periodically necessary to minimize inaccuracies and record transactions monthly
• Why you should comb through your expenses annually and “trim the fat” and then project necessary expenditures for the year
• Why there are two very distinct approaches to marketing: the “slot machine” method, and the “vending machine” method

Resources:

• Website: www.yourcoresolution.com
• YouTube: www.youtube.com/channel/UC80TT79FdeRwH2oNaSkqvQA/videos
• Email: chelsea@yourcoresolution.com
• LinkedIn: www.linkedin.com/in/chelsea-m-williams/

Additional Resources:

• Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/