BE THAT LAWYER Leah Miller: Run Your Firm Like a CEO
In this episode, Steve Fretzin and Leah Miller discuss:
- Run your law firm like a business, not a hobby
- Use accurate financials to avoid hidden risks and overpayment
- Track key metrics and benchmarks for people, operations, and marketing
- Leverage metrics to make strategic growth decisions
Key Takeaways:
- Long-term growth requires regular attention to financials. Cash in the bank is not a strategy; data should guide hiring, marketing, and operational decisions.
- Bad bookkeeping masks problems and can cost in taxes. Early investment in a bookkeeper or financial team yields high ROI and clarity.
- Monitor payroll, operating costs, and marketing spend as percentages of revenue. Focus on trends over time and adapt to what works for your firm.
- Financial data informs hiring, marketing, and process improvements. Treat new hires as investments, plan for cash gaps, and track time spent on business development for accountability.
"If you're not paying attention to the dollars and you're not operational decisions based on the finances, you are not going to have that long-term, sustained growth that you're looking for as a lawyer in a firm." — Leah Miller
Check out my new show, Be That Lawyer Coaches Corner, and get the strategies I use with my clients to win more business and love your career again.
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About Leah Miller: Leah N. Miller, MBA, is the founder and CEO of Firmly Profits, a firm providing fractional CFO and bookkeeping services to law firms across the United States. Starting her career as a paralegal, Leah rose to become a firm administrator and CFO at a personal injury law firm in Fort Myers, Florida, where she recognized the need for law firm owners to gain confidence in their finances. Passionate about helping attorneys achieve financial clarity and sustainable growth, she now leads a team dedicated to offering expert financial guidance, process improvement, and strategic planning for firms of all sizes. Outside of work, Leah teaches paralegal courses and enjoys spending time with her husband and three daughters in sunny Southwest Florida.
Connect with Leah Miller:
Website: https://firmlyprofits.com/
YouTube: https://www.youtube.com/@LNMFinancialServices/videos
LinkedIn: https://www.linkedin.com/company/firmlyprofits/
Facebook: https://www.facebook.com/people/LNM-Financial-Services/100091343407958/
Instagram: https://www.instagram.com/leah_lnm_financial/
Connect with Steve Fretzin:
LinkedIn: Steve Fretzin
Twitter: @stevefretzin
Instagram: @fretzinsteve
Facebook: Fretzin, Inc.
Website: Fretzin.com
Email: Steve@Fretzin.com
Book: Legal Business Development Isn't Rocket Science and more!
YouTube: Steve Fretzin
Call Steve directly at 847-602-6911
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.