Law Firm Budgeting That Actually Works (With a Fractional CFO)

Budgeting is one of the most overlooked and most critical skills for law firm owners. In this episode, Kevin Daisey is joined by Leah Miller, a fractional CFO who specializes in law firms, to break down how lawyers can finally get clarity around cash flow, expenses, marketing spend, and profitability. They discuss why so many firms struggle with budgeting, especially contingency and personal injury practices, and how simply reviewing your financial statements monthly can transform decision-making. Leah Miller shares practical frameworks for building a realistic budget, determining your true breakeven point, managing uneven cash flow, and avoiding common financial traps. You’ll also learn how budgeting impacts marketing, hiring, tax planning, and long-term growth, and why having the right financial conversations early can save years of stress later. Today’s episode is sponsored by The Managing Partners Mastermind. Click here to schedule an interview to see if we’re a fit. If you’re a law firm owner who wants to stop guessing and start leading with confidence, this episode is a must-listen. Chapters (00:00:00) - The Best Lawyers: Managing Partners Podcast(00:00:37) - Budgeting for Law Firm Executives(00:01:47) - How to Manage a Law Firm(00:05:49) - Law Firm Business Financials(00:10:35) - Budgeting for Marketing(00:13:39) - How to Manage Cash Flow in the Firm(00:16:38) - How many months of cash should a firm have on hand?(00:21:31) - How to Run a Business with a Roth IRA(00:27:34) - CFO vs Law Firm CFO: Making Smart Decisions(00:30:54) - Leah on Connecting With People