They Don't Teach This in Law School Financial Planning Basics for Law Firm Owners with Darren Wurz
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Nov 18, 2025 Darren Wurz, founder of Lawyer Millionaire and financial advisor, helps law firm owners tackle their often neglected financial planning. He discusses the common pitfalls of lawyers not learning personal finance in school and highlights the importance of separating personal and business finances. Darren emphasizes the need for liquidity through emergency funds and automated savings, as well as strategies for effective cash flow management. He also warns against underinvesting in growth and provides end-of-year tax strategies to maximize profits.
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High Income, Low Personal Savings
- A high-earning client made $600K–$700K personally but only had $100K invested and was decades from retirement.
- He repeatedly pulled cash from the firm for personal fixes instead of building liquid investments.
Create A Clear Business-Personal Separation
- Separate personal and business finances and build a strict 'wall of China' between them.
- Put yourself on payroll or an automatic draw so personal income is consistent and predictable.
Track Hidden Owner Expenses
- Track owner's total benefits but ensure you personally see hidden expenses so you know your true 'nut.'
- Route recurring personal expenses through one business account and link it to personal budgeting software for clarity.
