On this episode, host Darren Wurz sits down with Charles Harris, an accountant who specializes in helping law firm owners get their books and their business on solid ground. If you’ve ever wondered how to sort out your firm’s finances, pay yourself with confidence, and build an emergency fund that lets you sleep at night, this episode is for you.
Charles and Darren don’t mince words about the real challenges law firm owners face: commingled accounts, unpredictable income, mounting expenses, and the anxiety of being only one mistake away from trouble. They offer practical, straightforward solutions that you can put into action immediately. And yes, it’s the same advice they give their own clients and follow themselves.
Darren and Charles discuss:
* Why you need to separate your business and personal finances.
* Insights from “The Unsexy Entrepreneurship podcast”.
* How to effectively manage IOLTA accounts.
* How law firm owners can weigh short-term tax savings against long-term profit maximization
* The importance of law firm owners paying themselves a reasonable, regular salary.
* How to build business and personal emergency funds.
* Practical advice for law firm owners on hiring executive assistants vs paralegals
Resources:
A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy by Burton G. Malkiel
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Simple Numbers, Straight Talk, Big Profits by Greg Crabtree
Connect with Darren Wurz:
*
Schedule a Call with Darren
*
The Lawyer Millionaire Website
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The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
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LinkedIn: Darren P. Wurz
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Join The Lawyer Millionaire Founders Network and Book Club for Free
Connect with Charles Harris:
* Email: charles@charriscpa.com
* Website:
Charles Harris CPA
* Linkedin:
Charles Harris, CPA
* Podcast (Spotify):
Unsexy Entrepreneurship
* Podcast (Youtube):
Unsexy Entrepreneurship
About Charles Harris:
Charles Harris is a CPA who loves to help people understand the numbers of their business. In both tax and accounting roles he has assisted in helping businesses make good decisions to save money and increase profitability.
His specialty is working with small law firms (1-10 attorneys) all across the US. He understands the unique challenges that come with legal practices from maintaining IOLTA accounts in compliance, trust account issues, optimizing partner draws, and ensuring cash flow despite month to month income variations.
