EP072: Finding the Joy in Law Firm Finance with CFO Leah Miller

Get ahead of your Law Firm Finances!! In this episode, host Jay Berkowitz is joined by financial expert Leah Miller, Founder of LNM Financial Services, to discuss the importance of managing your law firm's finances through successful best practices. Uncover the most common financial mistakes you can make at your law firm, the top 3 core principles for managing your trust account, and the importance of forecasting cash flow. After listening to this episode, you’ll find the joy in accounting; tune in today!

Timestamps:

• 00:04 - Introduction to Ten Golden Rules podcast
• 00:26 - Intro to Leah Miller, Founder and CEO of LNM Finacial Services
• 01:36 - From paralegal, to law firm manager, to CFO; Leah’s journey through the legal industry
• 02:57 - Recognizing a need for fractional CFO services in small businesses
• 03:43 - Common financial mistakes + solutions for law firms
• 05:15 - Top 3 core principles to master your trust account: utilizing QuickBooks, 3-way reconciliation, putting the right people in place
• 06:39 - Three-way-reconciliation: what you need to understand
• 08:15 - The importance of having a bookkeeper for your law firm
• 10:07 - The positive impact of managing and forecasting cash flow 
• 11:54 - Projecting cashflow in a robust Personal Injury Law Practice
• 13:51 - Finding joy in accounting: discovering goals, educating clients, using the KISS method
• 15:46 - Getting to know Leah on a personal level
• 17:33 - Career pivots and lessons learned in the legal field: Paralegal turned CFO
• 20:02 - Jay’s career journey: finding a passion for 
• 22:03 - Leah’s top personal productivity tools: Asana, iPhone Notes app
• 22:53 - Book recommendations: Profit First, Charley Mann’s ‘They Don’t Teach This in Law School’
• 26:29 - Getting in touch with Leah: LinkedIn and lnmfinancial.com

Book + Podcast Recommendations:

• Profit First by Mike Michalowicz
• They Don’t Teach This in Law School: Law Firm Alchemy with Charley Mann

Mentioned Resources:

• Subscribe to Ten Golden Rules on YouTube 
• Schedule a free consultation with Leah
• Connect with Leah Miller on LinkedIn
• Connect with Ten Golden Rules on LinkedIn
• Follow Ten Golden Rules on Facebook
• Connect with Jay Berkowitz on LinkedIn

About Leah Miller:

Leah is the Founder and CFO of LNM Financial Services after 13 years in the legal industry working as a paralegal and law firm manager. After almost a decade of being the firm administrator and CFO of a small law firm, Leah understands the unique challenges that small businesses face when it comes to managing their finances. She uses her experience as a law firm CFO and paralegal to provide fractional CFO services to law firms that are looking to reach growth goals. Leah combines her financial expertise with her real-world law firm perspective to help firm owners make the best strategic decisions for their firm goals. As a fractional CFO for small businesses, Leah helps improve financial operations by providing strategic financial guidance, managing cash flow, and analyzing financial data to identify opportunities for growth and improvement.

About Jay Berkowitz:

Jay Berkowitz is a digital marketing strategist with decades of experience in the industry. As the CEO of Ten Golden Rules, he has helped countless law firms and businesses harness the power of the internet to achieve remarkable growth and visibility. Jay is also a renowned keynote speaker and author, sharing his expertise at various industry events and in publications worldwide.

About the Ten Golden Rules Internet Marketing for Law Firms Podcast

Join host Jay Berkowitz on an innovative journey through the world of digital marketing for the legal industry. With his expertise and passion, and world-class guests, Jay empowers legal professionals to thrive in the digital age. Explore topics like Search Engine Optimization, Google advertising, Artificial intelligence, intake strategies, content marketing, and other law firm growth strategies. Jay’s practical advice and industry expertise equip legal professionals to navigate the online world. This podcast is your invaluable resource for unlocking your law firm’s full potential. Get ready for an extraordinary adventure with Jay Berkowitz as your guide in the ever-changing realm of internet marketing for law firms. Your success story begins here!

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