Profit First: Is Your Law Firm a Cash Cow or a Cash Drain? | Rocky Lalvani

12/31/24 • 36 min

Feeling like your law firm’s financial health is stuck in a never-ending cycle of stress and uncertainty? You’re not alone! As we gear up for the New Year, it’s time to rethink how you manage your profits and set your practice up for success. In this episode of Life Beyond the Briefs, we’re joined by financial expert Rocky Lalvani, who’s here to help you break free from the traditional mindset of treating profit as an afterthought.
Get ready to discover the transformative Profit First method—an approach that ensures your firm isn’t just surviving but thriving. We’ll dive into how prioritizing profit can change everything, from covering your tax obligations to paying yourself first and making smart investments without falling into the overspending trap.
Rocky will tackle the unique financial challenges law firms face, including the unpredictability of cash flow and the pitfalls of aggressive marketing reinvestment. Learn how to create reserve funds, plan for predictable cash flow, and why marketing fees should be performance-based to avoid unnecessary strain on your finances.
But that’s not all! We’ll explore innovative tax strategies that can benefit you and future generations, along with the importance of teaching financial literacy to kids. Plus, Rocky shares insights on building a strong financial team and how our coaching services can simplify your operations.
Ready to kick off the New Year with a fresh perspective on your law firm’s finances? Hit play now and let Rocky Lalvani guide you through actionable strategies that will set you up for a sustainable and profitable future. This episode is packed with insights, inspiration, and the tools you need to thrive beyond the briefs!

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Brian Glass is a nationally recognized personal injury lawyer in Fairfax, Virginia. He is passionate about living a life of his own design and looking for answers to solutions outside of the legal field. This podcast is his effort to share that passion with others.
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We also tackle common missteps that law firms encounter, such as the reluctance to address staff underperformance and the lack of regular accountability meetings, which can derail progress. Learn how redefining our intake processes and empowering our team to make swift decisions enabled us to enhance conversion rates and sharpen our business focus. Finally, explore how our coaching and consulting mastermind company can help you accelerate your business growth, leveraging our experiences to set and achieve ambitious goals. Reach out to me at [email protected], and let's make 2025 a year of significant achievements for your firm.

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Brian’s 2025 Vision Statement

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Life Beyond the Briefs - Profit First: Is Your Law Firm a Cash Cow or a Cash Drain? | Rocky Lalvani

Transcript

Speaker 100:00:00.221

CPAs don't know how to be profitable . They don't know how to work less right . Cpas are going to come to you and go hey , uh-oh . Wait a minute . Brian made a lot of money this year . Oh wait , I didn't put enough aside for taxes . Brian , get the new Benz , get the 7,000 pound one and you can get a massive deduction . But they're not telling you , oh , you got to pay for