Ignorance Isn't Bliss: Facing the Financial Truths in Your Law Firm

As the owner of your law firm, are you satisfied with how much you make monthly? If the answer is no, would you like to fix that? In today's LAWsome episode, co-host Tanner Jones and Matt Smyers welcome Brooke Lively, author and founder of Cathedral Capital, to talk about the best practices for law firms looking to maximize profit and manage spending. Brooke began her career by managing her family's law firm. She soon realized that they needed help with the financial side of things and hired an agency to learn how to master their finances. After realizing other attorneys often faced the same issue, she opened her own business, Cathedral Capital, to help guide law firms through making better financial practices. Brooke shared many tools and useful mindsets with us. Some of them include: having a line of credit, no matter how big your last settlement was, and the importance of understanding your average case, so you can roughly estimate when you will be profitable and when you will not. Brooke also keeps her eye on not just the short-term finances but the long-term as well. These are just the highlights! Brooke has shared some amazing ideas with us, so listen to the latest episode today so you can be confident in understanding the finances of running a law firm.  You can connect with Brooke on her Website and on her LinkedIn. TLDR: In this episode, you will learn about The importance of a line of credit How to pay your employees while ensuring a lovely retirement for yourself  Understanding how your average case length impacts your revenue