This candid episode tackles a difficult topic – many law firm owners are using their household income to subsidize their law firm’s business at the expense of their household finances.
RJon in the Studio
During a recording session, Karli asked RJon for clarity about why some law firm owners use household money meant for children’s education or other family expenses to fund their business. RJon calls this practice of paying for business expenses with household money a form of embezzlement. This is a hot-button topic he has spoken about at local bar association events in the past which has gotten him uninvited to future events.
Profit First For Lawyers Testimonial
We hear from lawyer, Nikita Wolf who shares her struggles after opening a new law firm. The challenges of building a client base coupled with using savings and borrowing money from family to pay bills. She talks about how transitioning her business model with How To Manage A Small Law Firm and reading the Profit First for Lawyers book is already starting to transform her business.
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