Hey Attorneys!
Did You Know That There Are
7 Financial Mistakes Law Firm Owners
Make That Put Their Licenses at Risk?
And Just One of These Mistakes
Could Sink Your Practice for Good.
T. Jayden Doyé, CPA
Dear Law Firm Owner,
Business has become increasingly challenging for law firms in recent years. Between managing student loan debt, complex trust accounts, and routine admin tasks, it’s no wonder your billable hours are limited. According to Clio's 2019 Legal Trends Report, the average lawyer in the U.S. only manages 2.5 hours of billable work each day.
As a CPA specializing in law firms, I understand the unique financial challenges you face—challenges that most generalist CPAs can’t fully grasp. After years of working closely with law firms, I've identified 7 critical financial mistakes that many attorneys unknowingly make, which can jeopardize their practice. That’s why I wrote my latest book to help you avoid these pitfalls.
Don't Get Disbarred
7 Financial Mistakes Attorneys
Make That Put Their Licenses At Risk
Here's what you'll discover inside:
Understand what's happening in your business at any time in less than 5 minutes by reading your financial statements.
Save five figures annually in Social Security and Medicare taxes by optimizing your business entity structure.
Discover a little-known trust account structure that prevents accidental commingling of funds and protects you during audits.
Set up profit-focused financial systems that allow you to grow your business while paying yourself the salary you deserve.
Learn how to properly classify and pay your staff, including the difference between W-2 employees and 1099 contractors (misclassifying employees can result in hefty tax penalties!).
Find out how you can pay each of your children up to $12,000 per year tax-free under the new tax laws.
Keep up with the nine types of financial records attorneys are required to maintain and learn how to securely store them to avoid cyber-attacks.
Separate your personal and business finances to protect your personal assets in case of financial difficulties.
Determine the optimal amount to pay yourself in salary and profit distributions to ensure cash flow and a stable income.
Plan for your financial future and ensure you're prepared for economic downturns.
And much more!
More than 1000 Lawyers
have found it helpful.
Protect Your Law Practice
Get Your Complimentary Book Today! This book provides actionable strategies to enhance your firm's profitability, reduce your tax burden, and optimize your practice.